Financial Innovation

Table 14 Heterogeneity test based on corporate management characteristics

From: Carbon emission trading system and stock price crash risk of heavily polluting listed companies in China: based on analyst coverage mechanism

	NCSKEW_i,T					DUVOL_i,T
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
TREAT_i,T × POST_i,T	− 0.164**	− 0.037	− 0.292**	− 0.051	− 0.030	− 0.129***	− 0.051	− 0.250***	− 0.048	− 0.030
	(− 2.275)	(− 0.660)	(− 2.312)	(− 1.004)	(− 0.576)	(− 2.605)	(− 1.273)	(− 2.704)	(− 1.380)	(− 0.786)
SHORT_i,T × TREAT_i,T × POST_i,T					− 0.093*					− 0.073*
					(− 1.712)					(− 1.876)
SHORT_i,T					0.019					0.036**
					(0.797)					(2.001)
CER_,T × TREAT_i,T × POST_i,T					− 0.052					− 0.046
					(− 0.779)					(− 0.972)
CER_i,T					0.042					0.003
					(1.244)					(0.128)
C	− 1.381	0.893	1.322	− 0.580	− 0.059	0.132	0.526	1.153	0.019	0.264
	(− 1.182)	(1.129)	(0.539)	(− 0.834)	(− 0.093)	(0.162)	(0.976)	(0.703)	(0.040)	(0.616)
Fixed effect	√	√	√	√	√	√	√	√	√	√
Year trend	√	√	√	√	√	√	√	√	√	√
Controls	√	√	√	√	√	√	√	√	√	√
Psm samples	√	√	√	√	√	√	√	√	√	√
N	2573	2110	1846	2321	4167	2573	2110	1846	2321	4167
ADJ. R²	0.029	0.058	0.051	0.023	0.034	0.031	0.063	0.059	0.025	0.036

In this paper, ***, **, and * represent the significance levels of 1%, 5%, and 10%, respectively. The t-value is in parentheses. Columns (1) and (6) are the short-sighted management group, columns (2) and (7) are the long-sighted management group, columns (3) and (8) are the actively CSR group, columns (4) and (9) are the passively CSR group, and columns (5) and (10) are all samples

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