Table 4.

The effect of managerial ability on stock price crash risk (H1)

Dependent variables
VariablesDUVOLt+1NCSKEWt+1
Model (1)Model (2)
Constant−0.402 (−0.001)−2.988 (−0.036)
MAS−0.829***(−4.742)−1.414*** (−5.786)
SIGMA0.900 (0.101)52.754***(3.791)
RET−16.087 (−1.011)−82.922** (−3.425)
SIZE−0.040** (−2.037)0.030 (1.043)
ROA0.353***(2.850)−0.002 (−0.011)
LEV0.943***(4.434)0.208 (0.667)
MTB−0.008 (−0.419)−0.010 (−0.384)
Observation480 corrected total 479480 (479)
Adjusted R20.2850.238
Robust standard errorsYesYes
Year fixed effectYesYes
Industry fixed effectYesYes

Notes:

The significance levels are denoted as *, ** and ***at 10, 5 and 1%, respectively. t-Statistics in parentheses

Source: Authors’ own work
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