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

Table 2

EDT and stock price crash risks.

	(1)	(2)	(3)	(4)	(5)	(6)
	NCSKEWt+1	NCSKEWt+1	NCSKEWt+1	DUVOLt+1	DUVOLt+1	DUVOLt+1
DCGt	−0.177	−0.172	−0.203	−0.109	−0.101	−0.124
	(0.031)	(0.031)	(0.034)	(0.021)	(0.021)	(0.023)
DCGt×PBt			0.008			0.006
			(0.003)			(0.002)
PBt			0.000			0.000
			(0.001)			(0.001)
NCSKEWt/DUVOLt	−0.139	−0.132	−0.134	−0.141	−0.134	−0.136
	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)
RETt		6.546	6.355		4.589	4.437
		(1.353)	(1.312)		(0.992)	(0.955)
SIGMAt		−1.222	−1.339		−1.301	−1.387
		(0.554)	(0.557)		(0.381)	(0.383)
DTURNt		−0.049	−0.046		−0.039	−0.037
		(0.023)	(0.023)		(0.016)	(0.016)
Tobin_Qt		0.078	−0.031		0.015	−0.079
		(0.106)	(0.118)		(0.075)	(0.085)
BMt		−0.665	−0.699		−0.415	−0.444
		(0.094)	(0.094)		(0.062)	(0.062)
SIZEt		0.121	0.126		0.052	0.055
		(0.032)	(0.032)		(0.022)	(0.022)
ROAt		−0.048	−0.047		−0.050	−0.047
		(0.181)	(0.181)		(0.123)	(0.123)
LEVt		−0.328	−0.318		-0.240	−0.231
		(0.108)	(0.109)		(0.074)	(0.074)
AbsACCt		0.176	0.174		0.141	0.140
		(0.113)	(0.113)		(0.067)	(0.068)
Constant	−0.271	−0.134	−0.106	−0.156	0.063	0.086
	(0.019)	(0.145)	(0.144)	(0.013)	(0.098)	(0.097)
Year, Ind	Yes	Yes	Yes	Yes	Yes	Yes
Obs	10986	10986	10986	10986	10986	10986
Adj-R^2	0.071	0.091	0.092	0.076	0.094	0.095

Note., , and represent the significance levels of 1%, 5%, and 10%, respectively. The numbers in parentheses are robust standard errors. Year represents the time dummy variable, and Ind represents the industry dummy variables.