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Financial Innovation

Table 11 Channel test

From: Corporate pledgeable asset ownership and stock price crash risk

 

OPAQUEt

LOG_BOGt

(1)

(2)

CPAOt−1

− 0.162***

− 0.045***

(0.000)

(0.000)

SIZEt−1

− 0.042***

0.008***

(0.000)

(0.000)

MBt−1

0.018***

− 0.000*

(0.000)

(0.094)

LEVt−1

0.016

0.021***

(0.411)

(0.000)

ROAt−1

− 0.216***

− 0.005***

(0.000)

(0.000)

R&Dt−1

0.388***

0.053***

(0.000)

(0.000)

R&D_MISSINGt−1

0.018**

− 0.009***

(0.048)

(0.000)

GWt−1

− 0.161***

0.017***

(0.000)

(0.004)

LOG_FIRM_AGEt−1

− 0.039***

− 0.016***

(0.000)

(0.000)

Constant

0.462***

4.363***

(0.000)

(0.000)

Year FE

Yes

Yes

Industry FE

Yes

Yes

Observations

84,103

67,175

Adj. R2

0.163

0.450

  1. This table reports the empirical results of the effect of corporate pledgeable asset ownership on information transparency. Column (1) shows the results for opacity measure, and Column (2) presents the regression results for the 10-K’s readability. All models include control variables, year, and industry fixed effects. Reported in parentheses are p values based on standard errors clustered by firm. *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively. All variables are defined in “Appendix B”
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