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Table 3 Spillover outcome of 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

Independent variables

SPC

 

col (1)

col (2)

col (3)

Variables

Predicted sign

\(COUNT\)

\(NSKEW\)

\(DUVOL\)

\({COUNT}_{it}-i\)

 + 

0.346***

(0.741)

  

\({NSKEW}_{it}-i\)

 + 

 

0.925***

(0.920)

 

\({DUVOL}_{it}-i\)

 + 

  

0.090***

(0.095)

\({Size}_{it}\)

 + 

0.698***

(3.287)

0.532**

(0.516)

0.142**

(0.377)

\({LEV}_{it}\)

− 

− 0.209*

(0.667)

− 0.682**

(0.892)

− 0.298*

(0.221)

\({MktTB}_{it}\)

 + 

0.246**

(0.885)

0.989***

(0.988)

0.539***

(0.317)

\({Spread}_{it}\)

 + 

− 0.954

(0.480)

0.869

(0.378)

0.449

(0.216)

\({ROA}_{it}\)

− 

0.046**

(0.833)

0.406***

(0.466)

0.009**

(0.014)

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

 + 

− 0.965**

(0.149)

0.317*

(0.567)

0.183**

(0.182)

\({Returns}_{it}\)

 + 

− 0.670

(0.303)

0.401**

(0.737)

0.260**

(0.233)

\({AbDAcc}_{it}\)

 + 

0.116**

(0.368)

0.448*

(0.350)

0.098**

(0.112)

\({SIGMA}_{it}\)

 

0.931

(0.129)

0.376*

(0.024)

0.064**

(0.543)

F Value

 

14.58***

16.24***

14.18***

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

 

0.1056

0.1205

0.1027

RMSE

 

0.1098

0.1453

0.1232

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