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

Table 9

Robustness test: longer forecast windows.

	(1)	(2)	(3)	(4)	(5)	(6)
	NCSKEWt+1	DUVOLt+1	NCSKEWt+1	DUVOLt+1	NCSKEWt+1	DUVOLt+1
L.DCGt	−0.215	−0.141
	(0.040)	(0.027)
DCGt			−0.219	−0.153	−0.234	−0.152
			(0.047)	(0.033)	(0.071)	(0.050)
Controls, Year, Ind	Yes	Yes	Yes	Yes	Yes	Yes
Obs	7985	7985	6283	6283	4698	4698
Adj-R^2	0.11	0.114	0.095	0.098	0.087	0.095