Panel A: Firms’ Input in Innovation and stock price crash risk―distinguish auditor supervision | |||||||
VARIABLES | NCSKEW | Crash | |||||
Models | (1a) | (1b) | (2a) | (2b) | |||
Groups | Big 4 | Not Big 4 | Big 4 | Not Big 4 | |||
R&D | 0.0020 | −0.0030*** | −0.0310 | −0.0107* | |||
| (0.44) | (−3.16) | (−0.96) | (−1.87) | |||
CV | YES | YES | YES | YES | |||
Constant | −0.0294 | 0.3052* | 4.1147 | −1.1306 | |||
| (−0.05) | (1.90) | (0.79) | (−1.12) | |||
Observations | 593 | 12,022 | 506 | 12,017 | |||
Adj. R2 | 0.0975 | 0.0696 | 0.151 | 0.0591 | |||
Panel B: Firms’ Input in Innovation and stock price crash risk―distinguish legal environment | |||||||
VARIABLES | NCSKEW | Crash | |||||
Models | (1a) | (1b) | (2a) | (2b) | |||
Groups | Good legal environment | Bad legal environment | Good legal environment | Bad legal environment | |||
R&D | 0.0036 | −0.0035*** | −0.0191 | −0.0118** | |||
| (0.97) | (−3.65) | (−0.77) | (−2.05) | |||
CV | YES | YES | YES | YES | |||
Constant | −0.1448 | 0.2727* | −3.5089 | −1.2301 | |||
| (−0.25) | (1.69) | (−0.81) | (−1.22) | |||
Observations | 799 | 11,816 | 626 | 11,811 | |||
Adj. R2 | 0.112 | 0.0690 | 0.123 | 0.0590 | |||