Financial Innovation

Table 7 Control of other policies’ impacts

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

	NON_FTC		NON_NRC
	NCSKEW_i,T	DUVOL_i,T	NCSKEW_i,T	DUVOL_i,T
	(1)	(2)	(3)	(4)
TREAT_i,T × POST_i,T	− 0.117**	− 0.105***	− 0.110**	− 0.098***
	(− 2.075)	(− 2.740)	(− 2.301)	(− 2.978)
C	0.704	0.942*	− 0.003	0.468
	(0.918)	(1.932)	(− 0.004)	(1.002)
Fixed effect	√	√	√	√
Year trend	√	√	√	√
Controls	√	√	√	√
Psm samples	×	√	×	√
N	3140	3140	3421	3421
ADJ. R²	0.022	0.029	0.022	0.028

In this paper, ***, **, and * represent the significance levels of 1%, 5%, and 10%, respectively. The t-value is in parentheses. NON_FTC refers to the sample that does not include Free Trade Cities. NON_NRC refers to the sample that does not include Northeast Revitalization Cities

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