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 |