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

Table 4

Analysis of heterogeneity: based on industry categories.

	Manufacturing industries		Nonmanufacturing industries
	(1)	(2)	(3)	(4)
	NCSKEWt+1	DUVOLt+1	NCSKEWt+1	DUVOLt+1
DCGt	−0.235	−0.137	−0.139	−0.087
	(0.052)	(0.036)	(0.038)	(0.025)
NCSKEWt/DUVOLt	−0.142	−0.140	−0.124	−0.128
	(0.014)	(0.014)	(0.018)	(0.018)
Controls, Year	Yes	Yes	Yes	Yes
Obs	6834	6834	4152	4152
Adj-R^2	0.108	0.117	0.073	0.067