Table 3.
The moderating role of CSR_Total.
| Hospitality firms |
Casinos |
Hotels |
Restaurants |
|||||
|---|---|---|---|---|---|---|---|---|
| VARIABLES | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
| COVID-19 | −7.738*** | −7.814*** | −9.448*** | −9.576*** | −7.172** | −7.150** | −7.499*** | −7.597*** |
| (1.443) | (1.433) | (3.090) | (3.033) | (3.467) | (3.474) | (1.774) | (1.758) | |
| CSR_Total | −0.032 | −0.033 | 0.014 | 0.013 | 0.003 | 0.003 | −0.007 | −0.007 |
| (0.025) | (0.025) | (0.017) | (0.017) | (0.002) | (0.002) | (0.005) | (0.005) | |
| COVID-19XCSR_Total | 0.002*** | 0.003 | −0.001 | 0.002*** | ||||
| (0.0006) | (0.002) | (0.001) | (0.001) | |||||
| SIZE | 0.278 | 0.278 | 0.008 | 0.007 | 0.003 | 0.003 | 0.029 | 0.029 |
| (0.247) | (0.246) | (0.011) | (0.011) | (0.011) | (0.011) | (0.027) | (0.027) | |
| LEV | −0.132 | −0.132 | −0.098 | −0.098 | 0.003 | 0.003 | −0.011 | −0.013 |
| (0.124) | (0123) | (0.120) | (0.121) | (0.005) | (0.005) | (0.008) | (0.008) | |
| ROA | 0.278 | -.278 | −4.120 | −4.120 | −0.445 | −0.445 | −0.032 | −0.032 |
| (0.246) | (0.245) | (5.125) | (5.23) | (0.279) | (0.280) | (0.199) | (0.199) | |
| MTB | 0.071 | 0.071 | 0.048 | 0.048 | −0.001 | −0.001 | 0.007 | 0.007 |
| (0.066) | (0.066) | (0.062) | (0.062) | (0.001) | (0.001) | (0.005) | (0.005) | |
| FR | 0.463 | 0.463 | – | – | 0.007 | 0.007 | 0.031 | 0.031 |
| (0.453) | (0.452) | (0.014) | (0.014) | (0.033) | (0.033) | |||
| INT | −2.139 | −2.139 | −0.228 | −0.228 | −0.018 | −0.018 | −0.088 | −0.088 |
| (2.023) | (2.013) | (0.245) | (0.246) | (0.013) | (0.013) | (0.181) | (0.180) | |
| TIME | −0.006*** | −0.006*** | −0.009*** | −0.009*** | −0.0002 | −0.0002 | −0.008*** | −0.008*** |
| (0.002) | (0.002) | (0.003) | (0.003) | (0.004) | (0.004) | (0.002) | (0.002) | |
| SINDEX | 0.015*** | 0.015*** | 0.019*** | 0.019*** | 0.010** | 0.010** | 0.015*** | 0.015*** |
| (0.002) | (0.002) | (0.005) | (0.005) | (0.005) | (0.005) | (0.003) | (0.003) | |
| FISCAL_1 | 19.280*** | 19.280*** | 23.520*** | 23.520*** | 17.910** | 17.910** | 18.680*** | 18.680*** |
| (3.620) | (3.600) | (7.750) | (7.585) | (8.705) | (8.717) | (4.451) | (4.423) | |
| FISCAL_2 | 12.760*** | 12.760*** | 15.560*** | 15.560*** | 11.930** | 11.930** | 12.330*** | 12.330*** |
| (2.385) | (2.372) | (5.078) | (4.967) | (5.761) | (5.769) | (2.931) | (2.913) | |
| CB_1 | 16.060*** | 16.060*** | 19.620*** | 19.620*** | 14.990** | 14.990** | 15.530*** | 15.530*** |
| (3.036) | (3.019) | (6.493) | (6.355) | (7.304) | (7.314) | (3.732) | (3.709) | |
| CB_2 | 15.090*** | 15.090*** | 18.440*** | 18.440*** | 14.160** | 14.160** | 14.560*** | 14.560*** |
| (2.873) | (2.857) | (6.125) | (5.993) | (6.931) | (6.940) | (3.531) | (3.509) | |
| Constant | −0.342 | −0.317 | −0.405 | −0.361 | −0.141** | −0.148** | 0.107 | 0.141 |
| (0.464) | (0.461) | (0.439) | (0.441) | (0.064) | (0.065) | (0.075) | (0.074) | |
| Wald chi2 | 2135.30*** | 2150.89*** | 1028.92*** | 1055.92*** | 809.34*** | 821.33*** | 1387.91*** | 1404.74*** |
| Observations | 2,736 | 2,736 | 432 | 432 | 574 | 574 | 1,728 | 1,728 |
Notes: Standard errors in parentheses; ***p < 0.01, **p < 0.05.