Panel A Firms’ Input in Innovation and stock price crash risk―distinguish property rights

VARIABLES

NCSKEW

Crash

Models

(1a)

(1b)

(2a)

(2b)

Groups

State-owned

Non State-owned

State-owned

Non State-owned

R&D

−0.0020

−0.0043***

−0.0108

−0.0154*

(−1.54)

(−3.17)

(−1.34)

(−1.94)

CV

YES

YES

YES

YES

Constant

0.7756***

−0.2930

0.2877

−2.4772*

(3.50)

(−1.35)

(0.21)

(−1.75)

Observations

5777

6838

5744

6730

Adj. R2(r2_p)

0.0928

0.0567

0.0611

0.0671

Panel BFirms’ Input in Innovation and stock price crash risk―distinguish size

VARIABLES

NCSKEW

Crash

Models

(1a)

(1b)

(2a)

(2b)

Groups

Big Size

Small Size

Big Size

Small Size

R&D

0.0001

−0.0045***

−0.0050

−0.0145*

[0.08]

[−3.20]

[−0.66]

[−1.67]

CV

YES

YES

YES

YES

Constant

−0.0296

0.8841***

0.4286

4.5655**

[−0.12]

[2.58]

[0.26]

[2.13]

Observations

6483

6132

6405

6125

Adj. R2

0.078

0.090

0.0685

0.0641