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Future Business Journal

Table 2 REM and SPC

From: Is there any association between real earnings management and crash risk of stock price during uncertainty? An evidence from family-owned firms in an emerging economy

Variables

SPC

Predicted sign

\(COUNT\)

\(NSKEW\)

\(DUVOL\)

 

col (1)

col (2)

col (3)

col (4)

col (5)

col (6)

col (7)

col (8)

col (9)

\({RDIS}_{it}\)

 + 

0.610*

(0.437)

  

0.0549***

(0.0376)

  

0.0205***

(0.1210)

  

\({RPROD}_{it}\)

 + 

 

0.0639***

(0.1077)

  

0.319***

(0.0575)

  

0.0085***

(0.0096)

 

\({RCFO}_{i,t}\)

 + 

  

0.102***

(0.1821)

  

0.860***

(0.1746)

  

0.0043***

(0.4105)

\({Size}_{it}\)

 + 

3.8742***

(5.231)

3.812***

(0.933)

3.442***

(0.521)

1.805***

(1.0785)

0.580***

(0.586)

0.405***

(0.885)

0.5981***

(0.3069)

0.681***

(0.869)

0.983***

(0.345)

\({LEV}_{it}\)

–

− 0.1520***

(0.3758)

− 0.203***

(0.3758)

− 0.718***

(0.778)

− 0.1128***

(0.0777)

− 0.312***

(0.576)

− 0.828***

(0.787)

− 0.477***

(0.0222)

− 0.567***

(0.034)

− 0.467***

(0.052)

\({MktTB}_{it}\)

 +

0.1572***

(0.5179)

0.523***

(0.919)

0517***

(0.789)

0.2074***

(0.1034)

0.204***

(0.735)

0.289***

(0.673)

0.0563***

(0.3041)

0.756***

(0.541)

0.0653***

(0.345)

\({C\_Score}_{it}\)

–

− 0.0215***

(0.1897)

0.415***

(0.897)

0.525***

(0.634)

0 0850***

(0.0381)

0.986***

(0.681)

0.058***

(0.076)

0.0312***

(0.0407)

0.781***

(0.577)

0.674***

(0.347)

\({ROA}_{it}\)

–

0 0280***

(0.0227)

0.0801***

(0.322)

0 0281***

(0.074)

0.0005***

(0.0046)

0.565***

(0.066)

0.675***

(0.057)

− .0003***

(0 0049)

− .037***

(0.056)

− .023***

(0.567)

\({\mathrm{PVolatility}}_{it}\)

 

− 0.1744***

(0.2367)

− 0.544***

(0.237)

− 0.143***

(0.215)

0.0582***

(0.0444)

0.0243***

(0.0674)

0.782***

(0.894)

0.0055***

(0.0182)

0.065***

(0.821)

0.674***

(0.562)

\({Returns}_{it}\)

 + 

0.340***

(0.967)

0.356***

(0.457)

0.330***

(0.596)

0.0085***

(0.0169)

0.785***

(0.709)

0.0895***

(0.069)

0.1257***

(0.0510)

0.175***

(0.561)

0.146***

(0.450)

\({AbDAcc}_{it}\)

 + 

0.1231***

(0.1704)

0.101***

(0.173)

0.137***

(0.874)

0.0444***

(0.0349)

0.064***

(0.879)

0.0478***

(0.075)

0.0089***

(0.0363)

0.067***

(0.672)

0.049***

(0.876)

\({SIGMA}_{i,t}\)

 

0.0251 (0.0697)

0.000 (0.0509)

0.093 (0.0291)

0.007 (0.054)

(0.838) (0.911)

0.004 (0.003)

0.088 (0.029)

0.087 (0.031)

0.002 (0.004)

F Value

 

12.80***

13.94***

13.28***

15.15***

10.84***

11.80***

12.85***

10.34***

11.10***

Adjusted \({R}^{2}\)

 

0.1911

0.1315

0.1067

0.1455

0.1522

0.2998

0.2334

0.1377

0.3467

RMSE

 

0.3112

0.2333

0.1035

0.1033

0.1034

0.1023

0.1014

0.1015

0.1023

  1. ***significance for 0.01,**significance for 0.05, *significance for 0.1. parentheses show standard errors
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