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 | ||||