Table 4 Regression result of AM and... | Emerald Publishing

Table 4

Regression result of AM and NCSKEW/CRASH

Variables	(1)	(2)	(3)	(4)
Variables	${NCSKEW}_{i, t + 1}$	${CRASH}_{i, t + 1}$	${NCSKEW}_{i, t + 1}$	${CRASH}_{i, t + 1}$
${AM}_{Accurual i, t}$	0.0337*** (0.011)	0.0097** (0.004)	0.0354*** (0.011)	0.0098** (0.004)
${NCSKEW}_{i, t} / {RASH}_{i, t}$	0.0525*** (0.011)	0.0008 (0.004)	0.0498*** (0.011)	0.0001 (0.004)
MB_i,t	0.0167*** (0.002)	0.0033*** (0.001)	0.0139*** (0.002)	0.0026*** (0.001)
SIGMA_i,t	1.890*** (0.535)	−0.932*** (0.198)	2.476*** (0.632)	−1.077*** (0.234)
LEV_i,t (10^–3)	0.0003 (0.350)	0.0002 (0.129)	0.0001 (0.349)	0.0002* (0.129)
ROA_i,t (10^–3) (10^–3)	−0.29** (0.113)	0.0021 (0.042)	−0.30*** (0.112)	0.0023 (0.042)
RETURN_i,t	0.317*** (0.032)	0.0297** (0.012)	0.353*** (0.033)	0.0244** (0.012)
DTURN_i,t (10^–4) (10^–4)	0.157 (0.216)	−0.0745 (0.080)	−0.468 (0.302)	0.0704 (0.112)
SIZE_i,t	0.0139** (0.007)	0.0031 (0.002)	0.0172** (0.007)	0.0019 (0.002)
Year dummy	No	No	Yes	Yes
Constant	−0.532*** (0.113)	0.0828** (0.042)	−0.779*** (0.121)	0.103** (0.045)
Observations	11,030	11,030	11,030	11,030
R-squared	0.024	0.006	0.039	0.009

Variables	(1)	(2)	(3)	(4)
Variables	${NCSKEW}_{i, t + 1}$	${CRASH}_{i, t + 1}$	${NCSKEW}_{i, t + 1}$	${CRASH}_{i, t + 1}$
${AM}_{Accurual i, t}$	0.0337*** (0.011)	0.0097** (0.004)	0.0354*** (0.011)	0.0098** (0.004)
${NCSKEW}_{i, t} / {RASH}_{i, t}$	0.0525*** (0.011)	0.0008 (0.004)	0.0498*** (0.011)	0.0001 (0.004)
MB_i,t	0.0167*** (0.002)	0.0033*** (0.001)	0.0139*** (0.002)	0.0026*** (0.001)
SIGMA_i,t	1.890*** (0.535)	−0.932*** (0.198)	2.476*** (0.632)	−1.077*** (0.234)
LEV_i,t (10^–3)	0.0003 (0.350)	0.0002 (0.129)	0.0001 (0.349)	0.0002* (0.129)
ROA_i,t (10^–3) (10^–3)	−0.29** (0.113)	0.0021 (0.042)	−0.30*** (0.112)	0.0023 (0.042)
RETURN_i,t	0.317*** (0.032)	0.0297** (0.012)	0.353*** (0.033)	0.0244** (0.012)
DTURN_i,t (10^–4) (10^–4)	0.157 (0.216)	−0.0745 (0.080)	−0.468 (0.302)	0.0704 (0.112)
SIZE_i,t	0.0139** (0.007)	0.0031 (0.002)	0.0172** (0.007)	0.0019 (0.002)
Year dummy	No	No	Yes	Yes
Constant	−0.532*** (0.113)	0.0828** (0.042)	−0.779*** (0.121)	0.103** (0.045)
Observations	11,030	11,030	11,030	11,030
R-squared	0.024	0.006	0.039	0.009

Note(s): Standard errors in parentheses; ***p < 0.01, **p < 0.05, *p < 0.1