Table 12.
Alternative Independent Variable and Sample
| (1) | (2) | |
|---|---|---|
| Don_Dum | Don_Amt | |
| Panel A: Replacing Confirmed[−3,−1] with Death[− 3,1] | ||
| Death[−3,−1] | − 0.001* | − 0.007* |
| (− 1.82) | (− 1.91) | |
| Constant | 0.006*** | 0.035*** |
| (28.87) | (28.25) | |
| Firm fixed effects | Yes | Yes |
| Date fixed effects | Yes | Yes |
| Obs | 176,645 | 176,645 |
| Adj. R2 | 0.010 | 0.011 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Excluding Hubei Province | Excluding Wuhan City | |||
| Don_Dum | Don_Amt | Don_Dum | Don_Amt | |
| Panel B: Excluding Firms Headquartered in Hubei Province/Wuhan City | ||||
| Confirmed[−3,−1] | − 0.000* | − 0.003** | − 0.001** | − 0.004** |
| (− 1.65) | (− 1.97) | (− 2.12) | (− 2.37) | |
| Constant | 0.006*** | 0.040*** | 0.007*** | 0.042*** |
| (10.49) | (10.66) | (10.57) | (10.77) | |
| Firm fixed effects | Yes | Yes | Yes | Yes |
| Date fixed effects | Yes | Yes | Yes | Yes |
| Obs | 172,039 | 172,039 | 173,754 | 173,754 |
| Adj. R2 | 0.010 | 0.011 | 0.010 | 0.011 |
| (1) | (2) | |
|---|---|---|
| Panel C: Results Using a Cross-sectional Sample | ||
| Don_Dum | Don_Amt | |
| Confirm | − 0.020*** | − 0.048*** |
| (− 3.19) | (− 2.91) | |
| Size | 0.033*** | 0.098*** |
| (6.11) | (6.82) | |
| Lev | − 0.004 | − 0.018 |
| (− 0.13) | (− 0.24) | |
| Cash | 0.046 | 0.082 |
| (0.80) | (0.58) | |
| ROA | 0.004** | 0.010*** |
| (2.40) | (2.58) | |
| Growth | 0.000** | 0.001** |
| (2.48) | (2.24) | |
| Age | 0.002** | 0.006** |
| (2.13) | (2.56) | |
| SOE | − 0.050*** | − 0.134*** |
| (− 3.52) | (− 3.65) | |
| Constant | − 0.059 | 3.409*** |
| (− 1.02) | (22.34) | |
| Industry fixed effects | Yes | Yes |
| Province fixed effects | Yes | Yes |
| Obs | 3,496 | 3,496 |
| Adj. R2 | 0.049 | 0.056 |
The t-values (in parentheses) are based on heteroskedasticity-consistent standard errors clustered by firm
***, **, and * indicate significance at the 1%, 5%, and 10% levels, respectively (two-tailed)
Variables of interest are marked in bold