Managerial Ownership and Stock Price Volatility: The Moderating Role of Corporate Transparency in China
Table 6
The robustness tests of our main hypothesis is using the multiple linear regression model.
Variables
(1)
(2)
Volatility
Volatility
OC
−0.029
−0.276
(−0.58)
(−1.89)
Company opacity
−0.203
(−3.35)
X2
−0.129
(−1.99)
Controlling
0.012
0.025
(0.33)
(0.65)
Size
−0.028
−0.019
(−1.96)
(−1.32)
Turnover
0.488
0.502
(5.86)
(6.04)
Leverage
−0.002
−0.004
(−0.42)
(−0.77)
Age
−0.168
−0.175
(−2.82)
(−2.96)
Big4
0.009
0.038
(0.13)
(0.55)
PB
0.092
0.092
(4.15)
(4.17)
ROA
−0.044
−0.052
(−0.35)
(−0.41)
Growth rate
−0.009
−0.009
(−2.16)
(−2.14)
Constant
−2.086
−2.509
(−9.51)
(−9.94)
Observations
2,786
2,785
R-squared
0.029
0.036
1We also consider the hysteresis effect of managerial ownership and transparency, but the results using lag variables are insignificant. t-statistics in parentheses. ,, and .
