Table 4.
Empirical estimation results with dependent variable Pct_chg of pooled or panel least square with or without AR(1) term with partial theoretical guidance (n = 60,144)
| Model (4–1) (Pooled Least Squares) |
Model (4–2) (Cross-section random effects) |
Model (4–3) (Cross-section weights) |
Model (4–4) (Period weights) |
Model (4− 5) (Period SUR) |
Model (4–6) (Pooled least squares with AR(1)) |
Model (4–7) (Cross-section weights with AR(1)) |
|
|---|---|---|---|---|---|---|---|
| ln(Close) |
0.409*** (21.608) |
0.409*** (22.533) |
0.264*** (17.958) |
0.296*** (17.059) |
0.332*** (21.147) |
0.257*** (13.575) |
0.409*** (21.608) |
| Daily_infection |
7.56E−05*** (3.980) |
7.56E−05*** (4.150) |
0.000*** (14.494) |
− 0.000*** (− 14.692) |
− 8.76E−05*** (− 4.825) |
− 0.000*** (− 40.643) |
7.56E−05*** (3.980) |
| ln(Daily_infection) |
− 1.067*** (− 18.045) |
− 1.067*** (− 18.817) |
− 1.066*** (− 41.924) |
− 0.615*** (− 11.808) |
− 0.905*** (− 17.276) |
0.271*** (4.832) |
− 1.067*** (− 18.045) |
| Suspected_infection |
− 5.67E−05*** (− 4.704) |
− 5.67E−05*** (− 4.906) |
− 6.56E−05*** (− 8.408) |
− 0.000*** (− 17.494) |
− 0.000*** (− 11.284) |
− 0.001*** (− 48.273) |
− 5.67E−05*** (− 4.704) |
| ∆Suspected_infection |
5.51E−05** (2.065) |
5.51E−05** (2.153) |
− 7.81E−05** (− 4.521) |
0.000*** (14.279) |
0.000*** (7.582) |
0.001*** (41.419) |
5.51E−05** (2.065) |
| ICU_patients |
− 0.001*** (− 33.086) |
− 0.001*** (− 34.502) |
− 0.001*** (− 35.557) |
− 0.001*** (− 39.914) |
− 0.001*** (− 32.301) |
− 0.002*** (− 57.220) |
− 0.001*** (− 33.086) |
| ∆ICU_patients |
0.001*** (22.335) |
0.001*** (23.291) |
0.001*** (20.854) |
0.002*** (34.307) |
0.001*** (25.006) |
0.001*** (22.335) |
0.001*** (22.335) |
| Death_cases |
− 0.000 (− 0.106) |
− 0.000 (− 0.111) |
− 0.009*** (− 10.677) |
0.021*** (16.966) |
0.009*** (7.597) |
− 0.000 (− 0.106) |
− 0.000 (− 0.106) |
| ln(∆Death_cases) |
− 2.349*** (− 20.847) |
− 2.349*** (− 21.739) |
− 1.501*** (− 20.568) |
− 1.226*** (− 11.346) |
− 1.586*** (− 15.268) |
− 2.349*** (− 20.847) |
− 2.349*** (− 20.847) |
| Recovery |
− 4.61E−05 (− 0.783) |
− 4.61E−05 (− 0.816) |
0.000*** (5.475) |
− 0.001*** (− 17.720) |
− 0.000*** (− 9.512) |
− 4.61E−05 (− 0.783) |
− 4.61E−05 (− 0.783) |
| ln(∆Recovery) |
3.086*** (35.279) |
3.086*** (36.789) |
3.123*** (55.130) |
1.990*** (23.765) |
2.487*** (31.882) |
3.086*** (35.279) |
3.086*** (35.279) |
| Total_revenue |
− 1.09E−08** (− 2.170) |
− 1.09E−08** (− 2.263) |
− 5.47E−09** (− 2.163) |
− 1.09E−08** (− 2.367) |
− 9.36E−09** (− 2.259) |
− 1.09E−08** (− 2.170) |
− 1.09E−08** (− 2.170) |
| ln(Operating_cost) |
− 0.028** (− 2.555) |
− 0.028*** (− 2.665) |
− 0.026*** (− 3.651) |
− 0.058*** (− 5.881) |
− 0.027*** (− 3.014) |
− 0.028** (− 2.555) |
− 0.028** (− 2.555) |
| Operating_profit |
− 2.09E−08 (− 1.035) |
− 2.09E−08 (− 1.079) |
− 1.58E−08 (− 1.734) |
− 2.22E−08 (− 1.200) |
− 2.16E−08 (− 1.294) |
− 2.09E−08 (− 1.035) |
− 2.09E−08 (− 1.035) |
| ln(Buy_vol) |
0.117*** (14.523) |
0.117*** (15.145) |
0.067*** (11.331) |
0.112*** (15.116) |
0.097*** (14.458) |
0.117*** (14.523) |
0.117*** (14.523) |
| Industry_2 |
− 0.781*** (− 6.769) |
− 0.781*** (− 7.058) |
− 0.582*** (− 6.389) |
− 0.938*** (− 8.857) |
− 0.702*** (− 7.348) |
− 1.168*** (− 10.135) |
− 0.881*** (− 12.056) |
| Industry_7 |
0.309*** (2.764) |
0.309*** (2.882) |
0.308*** (3.766) |
0.483*** (4.703) |
0.342*** (3.693) |
0.436*** (3.892) |
0.462*** (6.415) |
| Industry_9 |
− 0.521*** (− 3.086) |
− 0.521*** (− 3.219) |
− 0.329*** (− 4.384) |
− 0.738*** (− 4.759) |
− 0.543*** (− 3.881) |
− 0.807*** (− 4.782) |
− 0.550*** (− 7.754) |
| Industry_10 |
0.339** (2.312) |
0.339** (2.411) |
0.310** (2.427) |
0.312** (2.315) |
0.308** (2.537) |
0.261* (1.778) |
0.429*** (4.494) |
| Industry_12 |
− 0.552** (− 2.311) |
− 0.409* (− 1.902) |
− 0.548** (− 2.109) |
− 0.397** (− 2.093) |
|||
| Industry_16 |
− 0.484*** (− 4.896) |
− 0.484*** (− 5.105) |
− 0.352*** (− 4.106) |
− 0.678*** (− 7.479) |
− 0.455*** (− 5.562) |
− 0.853*** (− 8.633) |
− 0.716*** (− 10.474) |
| Industry_19 |
− 0.501*** (− 4.721) |
− 0.501*** (− 4.923) |
− 0.286*** (− 2.997) |
− 0.635*** (− 6.524) |
− 0.486*** (− 5.535) |
− 0.839*** (− 7.922) |
− 0.579*** (− 7.429) |
| Industry_20 |
− 1.017*** (− 5.886) |
− 1.017*** (− 6.138) |
− 0.778*** (− 5.705) |
− 1.062*** (− 6.703) |
− 0.970*** (− 6.785) |
− 1.205*** (− 6.982) |
− 0.824*** (− 7.554) |
| Industry_21 |
0.738*** (6.808) |
0.738*** (7.099) |
1.003*** (9.825) |
0.903*** (9.073) |
0.755*** (8.406) |
0.869*** (8.026) |
1.101*** (11.566) |
| Industry_22 |
− 0.544** (− 2.281) |
− 0.544** (− 2.3678) |
− 0.375*** (− 2.929) |
− 0.375*** (− 2.939) |
− 0.456** (− 2.307) |
− 0.478** (− 2.003) |
− 0.289*** (− 3.049) |
| Industry_23 |
0.395*** (3.688) |
0.164* (1.691) |
0.255** (2.189) |
0.167** (2.351) |
|||
| Industry_25 |
− 0.335*** (− 2.920) |
− 0.335*** (− 3.045) |
− 0.217*** (− 3.082) |
− 0.276** (− 2.622) |
− 0.266** (− 2.803) |
− 0.279** (− 2.381) |
− 0.188*** (− 3.258) |
| Industry_27 |
− 0.294*** (− 3.076) |
− 0.294*** (− 3.208) |
− 0.202*** (− 3.759) |
− 0.279*** (− 3.175) |
− 0.268*** (− 3.379) |
− 0.218** (− 2.283) |
− 0.169*** (− 3.803) |
| Industry_28 |
− 0.313*** (− 3.211) |
− 0.313*** (− 3.349) |
− 0.218*** (− 3.773) |
− 0.364*** (− 4.070) |
− 0.257*** (− 3.185) |
− 0.362*** (− 3.708) |
− 0.271*** (− 5.432) |
| Industry_29 |
0.338** (2.308) |
0.339** (2.407) |
0.460*** (3.624) |
0.433*** (3.220) |
0.318** (2.618) |
0.344** (2.348) |
0.491*** (4.934) |
| Industry_32 |
− 0.358*** (− 2.868) |
− 0.358*** (− 2.991) |
− 0.269*** (− 3.625) |
− 0.399*** (− 3.481) |
− 0.394*** (− 3.811) |
− 0.372*** (− 2.983) |
− 0.293*** (− 4.751) |
| Industry_33 |
− 0.551** (− 2.296) |
− 0.551** (− 2.394) |
− 0.327** (− 1.999) |
− 0.591*** (− 2.685) |
− 0.361* (− 1.818) |
− 0.568** (− 2.369) |
− 0.287** (− 1.958) |
| Industry_36 |
− 0.615*** (− 3.800) |
− 0.615*** (− 3.963) |
− 0.419*** (− 5.131) |
− 0.553*** (− 3.724) |
− 0.504*** (− 3.764) |
− 0.568*** (− 3.510) |
− 0.399*** (− 5.762) |
| Industry_37 |
− 0.290* (− 1.929) |
− 0.290** (− 2.012) |
− 0.234*** (− 3.337) |
− 0.356*** (− 2.578) |
− 0.221* (− 1.771) |
− 0.360** (− 2.393) |
− 0.336*** (− 5.274) |
| Industry_38 |
− 0.353** (− 2.535) |
− 0.353** (− 2.644) |
− 0.279*** (− 3.948) |
− 0.429*** (− 3.356) |
− 0.374*** (− 3.239) |
− 0.418** (− 3.003) |
− 0.344*** (− 6.209) |
| Industry_41 |
− 0.652*** (− 4.381) |
− 0.652*** (− 4.569) |
− 0.341** (− 2.370) |
− 0.836*** (− 6.119) |
− 0.691*** (− 5.609) |
− 0.987*** (− 6.629) |
− 0.647*** (− 5.427) |
| Industry_42 |
− 0.351*** (− 3.086) |
− 0.351*** (− 3.218) |
− 0.231*** (− 4.012) |
− 0.441*** (− 4.228) |
− 0.337*** (− 3.576) |
− 0.489*** (− 4.311) |
− 0.377*** (− 7.458) |
| Industry_43 |
0.207* (1.734) |
0.207* (1.808) |
0.432*** (4.660) |
0.374*** (3.410) |
0.325*** (3.280) |
0.322*** (2.695) |
0.523*** (6.985) |
| Industry_46 |
− 0.489* (− 1.958) |
− 0.489** (− 2.042) |
− 0.390** (− 2.736) |
− 0.597*** (− 2.609) |
− 0.465** (− 2.249) |
− 0.617** (2.474) |
− 0.435*** (− 3.432) |
| Industry_50 |
0.722*** (2.897) |
0.722*** (3.021) |
0.462*** (2.302) |
0.741** (3.238) |
0.707*** (3.424) |
0.722*** (2.899) |
0.620*** (3.901) |
| Industry_51 |
0.546*** (6.364) |
0.546*** (6.637) |
0.636*** (9.240) |
0.599*** (7.601) |
0.467*** (6.573) |
0.504*** (5.880) |
0.616*** (10.844) |
| Industry_52 |
0.525*** (3.910) |
0.525*** (4.078) |
0.589*** (4.988) |
0.682*** (5.544) |
0.514*** (4.630) |
0.676*** (5.040) |
0.667*** (7.340) |
| Industry_54 |
− 0.328* (− 1.868) |
− 0.328* (− 1.948) |
− 0.217** (− 2.179) |
− 0.285* (− 1.772) |
− 0.325** (− 2.236) |
− 0.169** (− 2.089) |
|
| Industry_55 |
0.491*** (3.265) |
0.491*** (3.405) |
0.583*** (5.018) |
0.496*** (3.589) |
0.447*** (3.586) |
0.436*** (2.899) |
0.480*** (4.361) |
| Industry_56 |
0.421*** (4.169) |
0.421*** (4.347) |
0.563*** (6.618) |
0.519*** (5.616) |
0.431*** (5.158) |
0.555*** (5.507) |
0.719*** (10.672) |
| Industry_59 |
− 0.568** (− 1.962) |
− 0.568** (− 2.046) |
− 0.572** (− 2.154) |
− 0.419* (− 1.752) |
|||
| Industry_60 |
− 0.469** (− 2.239) |
− 0.469** (− 2.336) |
− 0.321** (− 2.407) |
− 0.438** (− 2.284) |
− 0.434** (− 2.505) |
− 0.463** (− 2.215) |
− 0.316*** (− 3.143) |
| Indusytu_61 |
− 0.281* (− 1.180) |
− 0.281* (− 1.888) |
− 0.193* (− 2.502) |
− 0.422*** (− 2.959) |
− 0.395** (− 2.539) |
− 0.297*** (− 3.860) |
|
| Industry_62 |
− 0.525*** (− 3.179) |
− 0.525*** (− 3.315) |
− 0.359*** (− 4.746) |
− 0.611*** (− 4.028 |
− 0.425*** (− 3.110) |
− 0.736*** (− 4.458) |
− 0.555*** (− 8.023) |
| Industry_63 |
− 0.332*** (− 2.971) |
− 0.332*** (− 3.098) |
− 0.255*** (− 4.087) |
− 0.359*** (− 3.506) |
− 0.347*** (− 3.747) |
− 0.332*** (− 2.977) |
− 0.297*** (− 5.592) |
| Industry_66 |
− 0.754*** (− 5.414) |
− 0.754*** (− 5.645) |
− 0.443*** (− 5.864) |
− 0.734*** (− 5.739) |
− 0.614*** (− 5.322) |
− 0.641*** (− 4.605) |
− 0.423*** (− 6.798) |
| AR(1) |
0.072*** (18.198) |
− 0.005 (− 1.413) |
|||||
| Random effect (Cross) | Yes | ||||||
| Adjusted R2 | 0.113 | 0.113 | 0.198 | 0.154 | 0.129 | 0.186 | 0.333 |
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