Table 4.
The moderating role of CSR_C.
| Hospitality firms |
Casinos |
Hotels |
Restaurants |
|||||
|---|---|---|---|---|---|---|---|---|
| VARIABLES | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
| COVID-19 | −7.738*** | −7.836*** | −9.448*** | −9.599*** | −7.172** | −7.274** | −7.499*** | −7.585*** |
| (1.443) | (1.419) | (3.090) | (2.999) | (3.467) | (3.411) | (1.774) | (1.748) | |
| CSR_C | 0.008 | 0.007 | 0.012 | 0.011 | 0.001 | 0.001 | −0.009 | −0.010 |
| (0.006) | (0.006) | (0.015) | (0.015) | (0.001) | (0.001) | (0.007) | (0.007) | |
| COVID-19XCSR_C | 0.002** | 0.003 | 0.002 | 0.002 | ||||
| (0.001) | (0.002) | (0.0014) | (0.0012) | |||||
| SIZE | −0.099 | −0.099 | −0.035 | −0.035 | 0.010 | 0.010 | 0.038 | 0.038 |
| (0.057) | (0.056) | (0.050) | (0.050) | (0.008) | (0.008) | (0.034) | (0.034) | |
| LEV | 0.050 | 0.0500 | −0.023 | −0.023 | 0.001 | 0.001 | −0.014 | −0.014 |
| (0.026) | (0.026) | (0.035) | (0.035) | (0.004) | (0.004) | (0.010) | (0.009) | |
| ROA | −0.086 | −0.086 | −2.044 | −2.044 | −0.354 | −0.353 | −0.143 | −0.143 |
| (0.161) | (0.161) | (2.759) | (2.750) | (0.282) | (0.280) | (0.167) | (0.167) | |
| MTB | −0.027 | −0.027 | 0.014 | 0.014 | −0.0003 | −0.0003 | 0.007 | 0.007 |
| (0.014) | (0.014) | (0.023) | (0.023) | (0.0008) | (0.0008) | (0.005) | (0.005) | |
| FR | −0.219** | −0.219** | – | – | 0.007 | 0.007 | 0.074 | 0.074 |
| (0.111) | (0.110) | (0.014) | (0.014) | (0.058) | (0.058) | |||
| INT | 1.008 | 1.008 | 0.132 | 0.132 | −0.016 | −0.015 | −0.195 | −0.195 |
| (0.557) | (0.554) | (0.199) | (0.198) | (0.013) | (0.013) | (0.245) | (0.244) | |
| 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) | (3.558) | (7.750) | (7.517) | (8.705) | (8.562) | (4.451) | (4.385) | |
| FISCAL_2 | 12.760*** | 12.760*** | 15.560*** | 15.560*** | 11.930** | 11.940** | 12.330*** | 12.330*** |
| (2.385) | (2.344) | (5.078) | (4.924) | (5.761) | (5.667) | (2.931) | (2.888) | |
| CB_1 | 16.060*** | 16.060*** | 19.620*** | 19.620*** | 14.990** | 14.990** | 15.530*** | 15.530*** |
| (3.036) | (2.984) | (6.493) | (6.298) | (7.304) | (7.184) | (3.732) | (3.677) | |
| CB_2 | 15.090*** | 15.090*** | 18.440*** | 18.440*** | 14.160** | 14.160** | 14.560*** | 14.560*** |
| (2.873) | (2.824) | (6.125) | (5.940) | (6.931) | (6.818) | (3.531) | (3.479) | |
| Constant | 0.281 | 0.315** | −0.159 | −0.108 | −0.134** | −0.102 | 0.152 | 0.181 |
| (0.155) | (0.154) | (0.146) | (0.154) | (0.063) | (0.064) | (0.099) | (0.098) | |
| Wald chi2 | 2135.69*** | 2172.40*** | 1028.74*** | 1075.43*** | 809.28*** | 820.53*** | 1388.16*** | 1409.72*** |
| Observations | 2,736 | 2,736 | 432 | 432 | 574 | 574 | 1,728 | 1,728 |
Notes: Standard errors in parentheses; ***p < 0.01, **p < 0.05.