Variables

Symbols

Variable Definition

Dependent

Variable

NCSKEWi,t+1

Indicator of the company’s stock price crash risk, calculated by the formula (3)

DUVOLi,t+1

Indicator of the company’s stock price crash risk, calculated by the formula (4)

Independent Variable

Lnggi,t

Government subsidy, calculated by the natural logarithm of the amount of government subsidy for company i in year t

Acci,t

Information opacity, calculated by the formula (5) (6)

Control Variables

Pbi,t

Firm i’s market to book rate in year t

Dai,t

Asset-liability ratio of firm i in year t

Sizei,t

Firm size, calculated by the natural logarithm of the amount of total assets of firm i in year t

Roai,t

Firm i’s operating profit divided by total assets in year t

Reti,t

The average of firm i’s specific weekly return rate

Sigmai,t

The standard deviation of firm i’s specific weekly return rate in year t

Fundi,t

Firm i’s fund shareholding ratio in year t

Yturni,t

Abnormal turnover rate, calculated by the difference between annual turnover rate in year t and annual turnover rate in year t − 1