Table 5.

Estimated results of robustness checks.

	(1)	(2)	(3)	(4)	(5)	(6)
Variables	CS	CS	rCS	CS	CS	CS
RED	−3.7518**	−8.4712***	−1.7100***		−2.4994***	−1.6754***
	(1.5039)	(2.8113)	(0.3975)		(0.9671)	(0.3188)
rRED				−2.1153***
				(0.5544)
RD						0.2303**
						(0.0965)
Individual FE	YES	YES	NO	NO	NO	NO
Year FE	YES	YES	YES	YES	YES	YES
Control variables	YES	YES	YES	YES	YES	YES
Industry FE	NO	NO	YES	YES	YES	YES
Industry $\times$ Covid	NO	NO	YES	YES	YES	YES
Observations	33,015	33,015	33,015	33,015	26,363	33,015
R-squared	0.2053	0.2046	0.1120	0.2033	0.2135	0.2020
N	3613	3613	3613	3508	3613	3613

Note: Standard deviations are in parentheses. *,**, and *** denote statistical significance at the 10%, 5%, and 1% level, respectively.