Discrete Dynamics in Nature and Society

Research Article

Analysis on Relationship between Accurate Poverty Alleviation and Stock Price Collapse Risk from the Perspective of Information Disclosure

Table 6

Endogeneity test results.


	Stage 1			Stage 2
	(1) APA₁	(2) APA₂	(3) Ncskew	(4) Duvol	(5) Ncskew	(6) Duvol

SAPA	0.906 (0.034)	11.067 (0.475)
APA₁			−0.289 (0.026)	−0.168 (0.019)
APA₂					−0.017 (0.002)	−0.011 (0.001)
Control_Variable	Controlled	Controlled	Controlled	Controlled	Controlled	Controlled
Year	Controlled	Controlled	Controlled	Controlled	Controlled	Controlled
Industry	Controlled	Controlled	Controlled	Controlled	Controlled	Controlled
C	−1.568	−30.008	0.008	0.172	−0.049	0.106
Adj R²	0.345	0.318	0.094	0.072	0.074	0.064
J-statistic	-	-	0.946	2.488	1.724	1.644

Note. The numbers in the parentheses are the standard error of regression coefficients; , , and are the significance levels of 1%, 5%, and 10%, respectively.