Table 3.
Empirical estimation results with dependent variable Pct_chg of pooled or panel least square with or without AR(1) term (n = 60,144)
| Model (3–1) (Pooled least squares) |
Model (3–2) (Cross-section random effects) |
Model (3–3) (Cross-section weights) |
Model (3–4) (Period weights) |
Model (3–5) (Period SUR) |
Model (3–6) (Pooled least squares with AR(1)) |
Model (3–7) (Cross-section weights with AR(1)) |
|
|---|---|---|---|---|---|---|---|
| ln(Daily_infection) |
− 0.881*** (− 4.536) |
− 0.881*** (− 4.490) |
− 1.749*** (− 13.043) |
− 3.073*** (− 17.921) |
− 1.599*** (− 10.288) |
− 3.559*** (− 18.671) |
− 3.844*** (− 31.033) |
| ln(Suspected_infection) |
0.941*** (18.893) |
0.941*** (18.705) |
1.039*** (30.261) |
0.294*** (5.996) |
0.714*** (15.472) |
− 0.386*** (− 6.726) |
− 0.118*** (− 3.177) |
| ln(ICU_patients) |
− 3.282*** (− 19.063) |
− 3.282*** (− 18.874) |
− 1.445*** (− 12.163) |
− 1.612*** (− 10.461) |
− 2.283*** (− 15.709) |
− 1.835*** (− 11.289) |
− 0.390*** (− 3.637) |
| ln(Death_cases) |
− 3.379*** (− 44.406) |
− 3.379*** (− 43.964) |
− 2.895*** (− 55.124) |
− 2.682*** (− 39.619) |
− 2.847*** (− 44.881) |
− 2.098*** (− 28.328) |
− 1.885*** (− 36.972) |
| ln(Recovery) |
3.882*** (53.032) |
3.882*** (52.504) |
3.400*** (67.299) |
3.248*** (47.551) |
3.411*** (53.808) |
2.656*** (36.069) |
2.379*** (48.062) |
| Total_revenue |
− 1.09E−08** (− 2.129) |
− 1.09E−08** (− 2.108) |
− 5.85E−09** (− 2.124) |
− 1.08E−08** (− 2.281) |
− 9.53E−09** (− 2.350) |
− 1.14E−08** (− 2.179) |
− 6.22E−09** (− 2.347) |
| Operating_cost |
− 0.051*** (− 3.011) |
− 0.051*** (− 2.981) |
− 0.032*** (− 2.734) |
− 0.049*** (− 3.182) |
− 0.039*** (− 2.999) |
− 0.039** (− 2.323) |
− 0.035*** (− 3.387) |
| Operating_profit |
− 3.45E−08* (− 1.649) |
− 3.45E−08* (− 1.633) |
− 1.79E−08* (− 1.819) |
− 2.34E−08 (− 1.210) |
− 3.16E−08* (− 1.909) |
− 1.56E−08 (− 0.728) |
− 6.57E−09 (− 0.702) |
| ln(Price_to_Book_Ratio) |
0.212*** (8.256) |
0.212*** (8.174) |
0.134*** (6.989) |
0.199*** (8.399) |
0.198*** (9.737) |
0.195*** (7.411) |
0.121*** (7.061) |
| ln(Buy_vol) |
0.046*** (6.480) |
0.046*** (6.416) |
0.019*** (3.479) |
0.059*** (8.986) |
0.039*** (6.977) |
0.072*** (9.813) |
0.039*** (7.940) |
| ln (Total_market_capitalization) |
0.158*** (7.043) |
0.158*** (6.973) |
0.084*** (5.289) |
0.077*** (3.735) |
0.123*** (6.923) |
0.015 (0.643) |
− 0.006 (− 0.455) |
| Industry_2 |
− 0.761*** (− 6.444) |
− 0.761*** (− 6.379) |
− 0.561*** (− 5.913) |
− 0.949*** (− 8.678) |
− 0.696*** (− 7.443) |
− 1.145*** (− 9.481) |
− 0.885*** (− 10.626) |
| Industry_7 |
0.325*** (3.689) |
0.416*** (3.890) |
0.299*** (3.277) |
0.419*** (3.547) |
0.452*** (5.727) |
||
| Industry_9 |
− 0.679*** (− 3.891) |
− 0.679*** (− 3.852) |
− 0.438*** (− 5.168) |
− 0.762*** (− 4.712) |
− 0.626*** (− 4.522) |
− 0.815*** (− 4.559) |
− 0.602*** (− 7.364) |
| Industry_10 |
0.375** (2.465) |
0.375** (2.440) |
0.384*** (2.709) |
0.375*** (2.661) |
0.297** (2.462) |
0.297* (1.906) |
0.426*** (3.941) |
| Industry_16 |
− 0.472*** (− 4.648) |
− 0.472*** (− 4.601) |
− 0.336*** (− 3.771) |
− 0.654*** (− 6.952) |
− 0.476*** (− 5.909) |
− 0.831*** (− 7.993) |
− 0.714*** (− 9.303) |
| Industry_19 |
− 0.471*** (− 4.329) |
− 0.471*** (− 4.287) |
− 0.298*** (− 2.985) |
− 0.657*** (− 6.517) |
− 0.525*** (− 6.092) |
− 0.793*** (− 7.114) |
− 0.589*** (− 6.457) |
| Industry_20 |
− 0.863*** (− 4.874) |
− 0.863*** (− 4.826) |
− 0.669*** (− 4.612) |
− 0.997*** (− 6.077) |
− 0.868*** (− 6.185) |
− 1.156*** (− 6.382) |
− 0.864*** (− 6.526) |
| Industry_21 |
0.791*** (7.055) |
0.791*** (6.984) |
1.048*** (10.079) |
0.976*** (9.391) |
0.755*** (8.501) |
0.933*** (8.131) |
1.108*** (11.187) |
| Industry_22 |
− 0.619** (− 2.528) |
− 0.619** (− 2.503) |
− 0.413*** (− 2.809) |
− 0.513** (− 2.259) |
− 0.482** (− 2.479) |
− 0.434* (− 1.728) |
− 0.269** (− 2.103) |
| Industry_25 |
− 0.305** (− 2.569) |
− 0.305** (− 2.543) |
− 0.194** (− 2.479) |
− 0.274** (− 2.492) |
− 0.225** (− 2.387) |
− 0.258** (− 2.122) |
− 0.197** (− 2.793) |
| Industry_27 |
− 0.334*** (− 3.406) |
− 0.334*** (− 3.372) |
− 0.212*** (− 3.581) |
− 0.309*** (− 3.400) |
− 0.277*** (− 3.562) |
− 0.266*** (− 2.652) |
− 0.203*** (− 3.839) |
| Industry_28 |
− 0.436*** (− 4.345) |
− 0.436*** (− 4.302) |
− 0.288*** (− 4.605) |
− 0.398*** (− 4.286) |
− 0.310*** (− 3.902) |
− 0.403*** (− 3.924) |
− 0.316*** (− 5.528) |
| Industry_29 |
0.289* (1.923) |
0.289* (1.904) |
0.437*** (3.356) |
0.419*** (3.011) |
0.265** (2.231) |
0.330** (2.149) |
0.441*** (3.891) |
| Industry_32 |
− 0.385*** (− 3.012) |
− 0.385*** (− 2.982) |
− 0.274*** (− 3.286) |
− 0.421*** (− 3.556) |
− 0.411*** (− 4.062) |
− 0.398*** (− 3.042) |
− 0.339*** (− 4.579) |
| Industry_33 |
− 0.600** (− 2.444) |
− 0.600** (− 2.419) |
− 0.325* (− 1.832) |
− 0.581** (− 2.552) |
− 0.349* (− 1.795) |
− 0.532** (− 2.114) |
− 0.311* (− 1.823) |
| Industry_36 |
− 0.838*** (− 5.051) |
− 0.838*** (− 5.000) |
− 0.544*** (− 5.867) |
− 0.703*** (− 4.573) |
− 0.635*** (− 4.832) |
− 0.649*** (− 3.827) |
− 0.447*** (− 5.341) |
| Industry_37 |
− 0.367** (− 2.384) |
− 0.367** (− 2.360) |
− 0.261*** (− 3.324) |
− 0.388*** (− 2.715) |
− 0.243** (− 1.989) |
− 0.395** (− 2.503) |
− 0.353*** (− 4.611) |
| Industry_38 |
− 0.423** (− 2.969) |
− 0.423*** (− 2.940) |
− 0.326** (− 4.071) |
− 0.468*** (− 3.542) |
− 0.405*** (− 3.585) |
− 0.446*** (− 3.053) |
− 0.385*** (− 5.547) |
| Industry_39 |
− 0.284*** (− 1.998) |
− 0.284** (− 1.978) |
− 0.197* (− 1.924) |
− 0.265** (− 2.013) |
|||
| Industry_41 |
− 0.670** (− 4.331) |
− 0.670*** (− 4.288) |
− 0.296* (− 1.959) |
− 0.799*** (− 5.574) |
− 0.748*** (− 6.104) |
− 0.957*** (− 6.034) |
− 0.644*** (− 4.785) |
| Industry_42 |
− 0.512*** (− 4.394) |
− 0.512*** (− 4.350) |
− 0.321*** (− 5.095) |
− 0.531*** (− 4.919) |
− 0.445*** (− 4.819) |
− 0.559*** (− 4.687) |
− 0.437*** (− 7.288) |
| Industry_43 |
0.254** (2.053) |
0.254** (2.033) |
0.489*** (5.095) |
0.319*** (2.788) |
0.338*** (3.450) |
0.360*** (2.844) |
0.522*** (6.279) |
| Industry_46 |
− 0.566** (− 2.213) |
− 0.566** (− 2.191) |
− 0.431*** (− 2.704) |
− 0.606** (− 2.558) |
− 0.488** (− 2.409) |
− 0.606** (− 2.315) |
− 0.455*** (− 3.207) |
| Industry_49 |
− 0.362** (− 2.032) |
− 0.362** (− 2.012) |
− 0.305** (− 2.566) |
− 0.472*** (− 2.859) |
− 0.356** (− 2.522) |
− 0.385** (− 2.315) |
− 0.240** (− 2.313) |
| Industry_50 |
0.618** (2.424) |
0.618** (2.399) |
0.404* (1.914) |
0.651*** (2.756) |
0.620*** (3.071) |
0.621** (2.381) |
0.524*** (2.933) |
| Industry_51 |
0.575*** (6.464) |
0.575*** (6.399) |
0.687*** (9.381) |
0.633*** (7.676) |
0.448*** (6.356) |
0.555*** (6.097) |
0.655*** (10.012) |
| Industry_52 |
0.498*** (3.619) |
0.498*** (3.583) |
0.595*** (4.881) |
0.687*** (5.391) |
0.467*** (4.288) |
0.684*** (4.863) |
0.679*** (6.771) |
| Industry_53 |
0.453*** (2.908) |
0.235** (2.115) |
|||||
| Industry_54 |
− 0.462** (− 2.508) |
− 0.462** (− 2.483) |
− 0.291** (− 2.529) |
− 0.449*** (− 2.627) |
− 0.441*** (− 3.019) |
− 0.434** (− 2.302) |
− 0.307*** (− 2.957) |
| Industry_55 |
0.495*** (3.171) |
0.495*** (3.139) |
0.529*** (4.026) |
0.452*** (3.126) |
0.431*** (3.481) |
0.476*** (2.981) |
0.490*** (3.830) |
| Industry_56 |
0.473*** (4.527) |
0.473*** (4.482) |
0.594*** (6.744) |
0.521*** (5.383) |
0.442*** (5.346) |
0.607*** (5.681) |
0.728*** (9.998) |
| Industry_59 |
− 0.810*** (− 2.739) |
− 0.810*** (− 2.711) |
− 0.476* (− 1.852) |
− 0.764*** (− 2.788) |
− 0.594** (− 2.534) |
− 0.642** (− 2.119) |
|
| Industry_60 |
− 0.693*** (− 3.242) |
− 0.693*** (− 3.209) |
− 0.477*** (− 3.324) |
− 0.589** (− 2.978) |
− 0.613*** (− 3.622) |
− 0.613*** (− 2.801) |
− 0.413*** (− 3.214) |
| Industry_61 |
− 0.401** (− 2.528) |
− 0.401** (− 2.502) |
− 0.266*** (− 3.110) |
− 0.508*** (− 3.452) |
− 0.216*** (− 1.716) |
− 0.476*** (− 2.930) |
− 0.350*** (− 4.214) |
| Industry_62 |
− 0.651*** (− 3.784) |
− 0.651*** (− 3.746) |
− 0.326*** (− 4.898) |
− 0.680*** (− 4.267) |
− 0.492*** (− 3.606) |
− 0.693*** (− 3.932) |
− 0.542*** (− 6.326) |
| Industry_63 |
− 0.390*** (− 3.399) |
− 0.390*** (− 3.746) |
− 0.272*** (− 3.932) |
− 0.424*** (− 3.986) |
− 0.376*** (− 4.133) |
− 0.384*** (− 3.268) |
− 0.343*** (− 5.374) |
| Industry_66 |
− 0.762*** (− 5.339) |
− 0.762*** (− 5.286) |
− 0.451*** (− 5.425) |
− 0.728*** (− 5.505) |
− 0.594*** (− 5.249) |
− 0.609*** (− 4.169) |
− 0.438*** (− 5.944) |
| AR(1) |
0.068*** (16.825) |
− 0.002 (− 0.566) |
|||||
| Random effect (Cross) | Yes | ||||||
| Adjusted R2 | 0.076 | 0.076 | 0.108 | 0.095 | 0.086 | 0.103 | 0.143 |
The values of the constant terms are not reported. t statistics in parentheses. For industrial variables, only those who are statistically significant are reported in the table
***p ≤ 0.01, ** 0.01 < p < 0.05, *0.05 < p < 0.1