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

Table 7

Endogenous problems: 2SLS.

	First stage	Second stage
	(1)	(2)	(3)
	DCGt	NCSKEWt+1	DUVOLt+1
DCGt		−0.453	−0.301
		(−6.615)	(−6.402)
DCG_IVt	0.355
	(0.052)
L.DCGt	0.510
	(0.039)
Controls	Yes	Yes	Yes
Obs	7738	7738	7738
Adj-R^2	0.439	0.076	0.080
F-value	172.06
Underidentification test (Kleibergen-Paap rk LM statistic)		137.542	137.49
Weak instrumental variable test (Kleibergen-Paap rk Wald F statistic)		172.06	171.921
Overidentification test (Hansen J statistic P-value)		0.0657	0.0517

Note. Weak instrumental variable test indicates that Kleibergen-Paap rk Wald F statistic exceeds all critical values, including 15% and 25%.