Table 2.

The effect of Covid-19 pandemics on profit: subsample of manufacturing.

	(1)	(2)	(3)
Dependent variable	Operating income growth rate	Return on equity	Net profit margin on sales
Covid	−0.3459**	−0.0161	−0.1119***
	(−2.10)	(−0.79)	(−2.87)
Age	−0.3179***	−0.0369	−0.1046**
	(−2.72)	(−1.64)	(−2.35)
Size	1.8634***	0.8659***	2.2881***
	(2.96)	(8.73)	(8.34)
Leverage	10.3645***	−5.1583***	−25.9875***
	(2.66)	(−6.68)	(−13.27)
equityshare10	8.0461*	3.5960***	12.5695***
	(1.89)	(6.32)	(6.55)
equitycontrol	−1.4573	−0.1541	−1.4645**
	(−1.02)	(−0.82)	(−2.45)
Tobin	2.5954***	0.4567***	1.4898***
	(4.13)	(6.65)	(6.63)
Constant	10.9034	−5.8419**	−4.6980
	(0.55)	(−2.54)	(−1.11)
FEs	Yes	Yes	Yes
Observations	4538	4528	4449
R-squared	0.0805	0.1314	0.1706

Note: Robust t-statistics in parentheses. ***p $<$ 0.01, **p $<$ 0.05, *p $<$ 0.1.

The FEs contain industry, province, and timely fixed effects.

The Operating income growth rate is compared with the same period of last year.