Table 6.
The moderating role of CSR_En.
| Hospitality firms |
Casinos |
Hotels |
Restaurants |
|||||
|---|---|---|---|---|---|---|---|---|
| VARIABLES | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
| COVID-19 | −7.738*** | −7.779*** | −9.448*** | −9.513*** | −7.172** | −7.148** | −7.499*** | −7.570*** |
| (1.443) | (1.441) | (3.090) | (3.028) | (3.467) | (3.459) | (1.774) | (1.775) | |
| CSR_En | 0.005 | 0.005 | 0.018 | 0.018 | 0.001 | 0.0016 | −0.004 | −0.004 |
| (0.004) | (0.004) | (0.022) | (0.022) | (0.001) | (0.0009) | (0.003) | (0.003) | |
| COVID-19XCSR_En | 0.001** | 0.001 | −0.001 | 0.0015*** | ||||
| (0.0004) | (0.001) | (0.001) | (0.0005) | |||||
| SIZE | −0.117 | −0.117 | 0.031 | 0.031 | −0.002 | −0.001 | 0.028 | 0.028 |
| (0.070) | (0.069) | (0.032) | (0.033) | (0.012) | (0.011) | (0.026) | (0.026) | |
| LEV | 0.057 | 0.057 | −0.212 | −0.212 | 0.003 | 0.003 | −0.008 | −0.008 |
| (0.031) | (0.030) | (0.257) | (0.258) | (0.004) | (0.004) | (0.005) | (0.005) | |
| ROA | −0.154 | −0.154 | −8.289 | −8.289 | −0.220 | −0.223 | −0.082 | −0.082 |
| (0.194) | (0.194) | (10.230) | (10.260) | (0.306) | (0.306) | (0.181) | (0.182) | |
| MTB | −0.031 | −0.031 | 0.107 | 0.107 | −0.001 | −0.001 | 0.004 | 0.004 |
| (0.017) | (0.017) | (0.133) | (0.133) | (0.001) | (0.001) | (0.003) | (0.003) | |
| FR | −0.220** | −0.220** | – | – | 0.005 | 0.005 | 0.023 | 0.023 |
| (0.111) | (0.111) | (0.014) | (0.014) | (0.031) | (0.030) | |||
| INT | 1.218 | 1.218 | −0.827 | −0.827 | −0.017 | −0.017 | −0.142 | −0.142 |
| (0.704) | (0.700) | (0.966) | (0.969) | (0.013) | (0.013) | (0.212) | (0.211) | |
| 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) | (3.616) | (7.750) | (7.593) | (8.705) | (8.680) | (4.451) | (4.453) | |
| FISCAL_2 | 12.760*** | 12.760*** | 15.560*** | 15.560*** | 11.930** | 11.930** | 12.330*** | 12.330*** |
| (2.385) | (2.382) | (5.078) | (4.972) | (5.761) | (5.744) | (2.931) | (2.933) | |
| CB_1 | 16.060*** | 16.060*** | 19.620*** | 19.620*** | 14.990** | 14.990** | 15.530*** | 15.530*** |
| (3.036) | (3.032) | (6.493) | (6.361) | (7.304) | (7.283) | (3.732) | (3.734) | |
| CB_2 | 15.090*** | 15.090*** | 18.440*** | 18.440*** | 14.160** | 14.160** | 14.560*** | 14.560*** |
| (2.873) | (2.870) | (6.125) | (5.998) | (6.931) | (6.910) | (3.531) | (3.533) | |
| Constant | 0.513 | 0.527 | −0.437 | −0.414 | −0.051 | −0.059 | 0.001 | 0.0255 |
| (0.276) | (0.274) | (0.478) | (0.480) | (0.061) | (0.060) | (0.069) | (0.068) | |
| Wald chi2 | 2135.14*** | 2143.60*** | 1028.83*** | 1057.49*** | 809.27*** | 810.38*** | 1388.09*** | 1394.69*** |
| Observations | 2,736 | 2,736 | 432 | 432 | 574 | 574 | 1,728 | 1,728 |
Notes: Standard errors in parentheses; ***p < 0.01, **p < 0.05.