Table 5.
The moderating role of CSR_Em.
| Hospitality firms |
Casinos |
Hotels |
Restaurants |
|||||
|---|---|---|---|---|---|---|---|---|
| VARIABLES | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
| COVID-19 | −7.738*** | −7.769*** | −9.448*** | −9.575*** | −7.172** | −7.150** | −7.499*** | −7.547*** |
| (1.443) | (1.440) | (3.090) | (3.111) | (3.467) | (3.478) | (1.774) | (1.764) | |
| CSR_Em | −0.002 | −0.003 | 0.013 | 0.012 | −0.004 | −0.004 | −0.014 | −0.014 |
| (0.002) | (0.002) | (0.015) | (0.015) | (0.0023) | (0.0022) | (0.010) | (0.010) | |
| COVID-19XCSR_Em | 0.0007 | 0.003 | −0.0004 | 0.001 | ||||
| (0.0005) | (0.002) | (0.0007) | (0.0009) | |||||
| SIZE | −0.024 | −0.024 | 0.036 | 0.036 | 0.010 | 0.001 | 0.024 | 0.024 |
| (0.025) | (0.025) | (0.038) | (0.038) | (0.008) | (0.008) | (0.024) | (0.024) | |
| LEV | 0.013 | 0.013 | −0.097 | −0.097 | −0.006 | −0.006 | −0.020 | −0.020 |
| (0.018) | (0.018) | (0.119) | (0.119) | (0.005) | (0.005) | (0.014) | (0.014) | |
| ROA | −0.038 | −0.038 | −3.383 | −3.383 | 0.376 | 0.367 | 0.319 | 0.319 |
| (0.145) | (0.145) | (4.335) | (4.337) | (0.562) | (0.559) | (0.407) | (0.407) | |
| MTB | −0.007 | −0.007 | 0.042 | 0.042 | 0.0008 | 0.0008 | 0.010 | 0.010 |
| (0.009) | (0.009) | (0.055) | (0.055) | (0.001) | (0.001) | (0.007) | (0.007) | |
| FR | −0.068 | −0.068 | – | – | 0.0005 | 0.0006 | −0.006 | −0.006 |
| (0.073) | (0.073) | (0.015) | (0.015) | (0.028) | (0.028) | |||
| INT | 0.413 | 0.413 | −0.188 | −0.188 | −0.006 | −0.007 | 0.275 | 0.275 |
| (0.290) | (0.290) | (0.196) | (0.197) | (0.014) | (0.014) | (0.180) | (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) | (3.613) | (7.750) | (7.798) | (8.705) | (8.734) | (4.451) | (4.426) | |
| FISCAL_2 | 12.760*** | 12.760*** | 15.560*** | 15.560*** | 11.930** | 11.930** | 12.330*** | 12.330*** |
| (2.385) | (2.380) | (5.078) | (5.108) | (5.761) | (5.780) | (2.931) | (2.915) | |
| CB_1 | 16.060*** | 16.060*** | 19.620*** | 19.620*** | 14.990** | 14.990** | 15.530*** | 15.530*** |
| (3.036) | (3.029) | (6.493) | (6.533) | (7.304) | (7.328) | (3.732) | (3.711) | |
| CB_2 | 15.090*** | 15.090*** | 18.440*** | 18.440*** | 14.160** | 14.160** | 14.560*** | 14.560*** |
| (2.873) | (2.867) | (6.125) | (6.162) | (6.931) | (6.954) | (3.531) | (3.512) | |
| Constant | 0.255 | 0.266 | −0.639 | −0.596 | 0.107 | 0.097 | 0.436 | 0.453 |
| (0.150) | (0.150) | (0.722) | (0.720) | (0.131) | (0.129) | (0.294) | (0.294) | |
| Wald chi2 | 2135.40*** | 2142.73*** | 1028.90*** | 1026.36*** | 809.25*** | 838.37*** | 1388.27*** | 1397.63*** |
| Observations | 2,736 | 2,736 | 432 | 432 | 574 | 574 | 1,728 | 1,728 |
Notes: Standard errors in parentheses; ***p < 0.01, **p < 0.05.