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

Table 3

Analysis of heterogeneity: based on the nature of business ownership.

	State-owned companies		Non-state-owned companies
	(1)	(2)	(3)	(4)
	NCSKEWt+1	DUVOLt+1	NCSKEWt+1	DUVOLt+1
DCGt	−0.175	−0.083	−0.155	−0.093
	(0.083)	(0.054)	(0.034)	(0.023)
NCSKEWt/DUVOLt	−0.119	−0.120	−0.149	−0.151
	(0.018)	(0.018)	(0.014)	(0.014)
Controls, Year, Ind	Yes	Yes	Yes	Yes
Obs	4084	4084	6902	6902
Adj-R^2	0.076	0.077	0.105	0.113