[Retracted] Enterprise Digital Transformation and Stock Price Crash Risk: Evidences from China

Table 10

Robustness test: change the calculation method of stock price crash risk.

	(1)	(2)	(3)	(4)
	NCSKEW_CAPt+1	DUVOL_CAPt+1	NCSKEW_Nt+1	DUVOL_Nt+1
DCGt	−0.102	−0.046	−0.141	−0.083
	(0.044)	(0.028)	(0.045)	(0.027)
NCSKEWt/DUVOLt	−0.184	−0.191	−0.170	−0.185
	(0.014)	(0.013)	(0.014)	(0.014)
Controls, Year, Ind	Yes	Yes	Yes	Yes
Observations	7660	7660	7660	7660
Adj-R^2	0.110	0.118	0.130	0.144

Note. Among control variables, NCSKEW_t/DUVOL_t corresponds to the calculation method of the explained variables.