Partners quality, stock price crash risk and the effect of state ownership
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| NCSKEW | DUVOL | COUNT | CRASH | |
| Panel A. High SOE concentration | ||||
| LP_QUALITY | −0.177** (0.077) | −0.324** (0.135) | −1.065*** (0.355) | −0.259* (0.144) |
| RP_QUALITY | −0.144** (0.065) | −0.258* (0.143) | −0.942*** (0.304) | −0.053* (0.031) |
| C and control variables | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes |
| N | 1449 | 1449 | 1449 | 1449 |
| R2 | 0.287 | 0.063 | 0.122 | |
| Adj_R2 | 0.259 | 0.026 | 0.088 | |
| Pseudo R2 | 0.132 | |||
| F | 10.190*** | 2.698*** | 3.528*** | |
| LR Chi2 | 210.130*** | |||
| Panel B. Low SOE concentration | ||||
| LP_QUALITY | −0.114 (0.084) | −0.050 (0.038) | −0.364 (0.260) | −0.851* (0.486) |
| RP_QUALITY | −0.075 (0.058) | −0.160 (0.119) | −0.312 (0.223) | −0.714* (0.397) |
| C and control variables | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes |
| N | 1,449 | 1,449 | 1,449 | 1,449 |
| R2 | 0.213 | 0.039 | 0.112 | |
| Adj_R2 | 0.180 | 0.029 | 0.074 | |
| Pseudo R2 | 0.120 | |||
| F | 6.465*** | 1.961*** | 3.014*** | |
| LR Chi2 | 202.120*** | |||
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Yes | Yes | Yes | Yes | |
| Year | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes |
| 1449 | 1449 | 1449 | 1449 | |
| 0.287 | 0.063 | 0.122 | ||
| Adj_ | 0.259 | 0.026 | 0.088 | |
| Pseudo | 0.132 | |||
| F | 10.190 | 2.698 | 3.528 | |
| 210.130 | ||||
| Yes | Yes | Yes | Yes | |
| Year | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes |
| 1,449 | 1,449 | 1,449 | 1,449 | |
| 0.213 | 0.039 | 0.112 | ||
| Adj_ | 0.180 | 0.029 | 0.074 | |
| Pseudo | 0.120 | |||
| F | 6.465 | 1.961 | 3.014 | |
| 202.120 | ||||
This table reports results for subsamples of high- and low-concentration state-owned enterprises (SOEs) to examine the moderating role of ownership structure. Coefficients for LP_QUALITY and RP_QUALITY are emphasized. All models include control variables, year and industry fixed effects and robust standard errors in parentheses. Statistically significant coefficients are shown in italics for ease of reference. *, ** and *** denote significance at the 10, 5 and 1% levels, respectively
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