Moderating role of financial constraints on MAS–crash risk nexus (H2)
| Managerial ability and financial constraints interactions | ||
|---|---|---|
| Dependent variables | ||
| Variables | DUVOLt+1 | NCSKEWt+1 |
| Constant | −0.572 (−0.064) | −3.294 (−1.689) |
| MAS | −0.829*** (−5.017) | −1.584*** (−6.117) |
| FC | 0.002 (0.157) | 0.043** (2.120) |
| MAS×FC | 0.509*** (8.204) | 0.422*** (4.714) |
| SIGMA | −1.647 (−0.190) | 49.174* (3.467) |
| RET | −20.104 (−1.318) | −90.404*** (−3.711) |
| SIZE | −0.032 (−1.636) | 0.044 (1.474) |
| ROA | 0.328*** (2.721) | −0.095 (−0.491) |
| LEV | 0.898*** (4.642) | 0.192 (0.618) |
| MTB | 0.013 (0.699) | 0.007 (0.240) |
| Adjusted R2 | 0.409 | 0.287 |
| Observation | 480 | 480 |
| Robust standard errors | Yes | Yes |
| Year fixed effect | Yes | Yes |
| Industry fixed effect | Yes | Yes |
| Managerial ability and financial constraints interactions | ||
|---|---|---|
| Dependent variables | ||
| Variables | DUVOLt+1 | NCSKEWt+1 |
| Constant | −0.572 (−0.064) | −3.294 (−1.689) |
| MAS | −0.829 | −1.584 |
| FC | 0.002 (0.157) | 0.043 |
| MAS×FC | 0.509 | 0.422 |
| SIGMA | −1.647 (−0.190) | 49.174 |
| RET | −20.104 (−1.318) | −90.404 |
| SIZE | −0.032 (−1.636) | 0.044 (1.474) |
| ROA | 0.328 | −0.095 (−0.491) |
| LEV | 0.898 | 0.192 (0.618) |
| MTB | 0.013 (0.699) | 0.007 (0.240) |
| Adjusted | 0.409 | 0.287 |
| Observation | 480 | 480 |
| Robust standard errors | Yes | Yes |
| Year fixed effect | Yes | Yes |
| Industry fixed effect | Yes | Yes |
Notes:
The significance levels are denoted as *, ** and ***at 10, 5 and 1%, respectively. t-Statistics in parentheses
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