Table 3.

The effect of Covid-19 pandemics on the operation performance with subsample of manufacturing sector.

	(1)	(2)	(3)	(4)
Dependent variable	Operation cycle	Inventory turnover ratio	Inventory turnover days	Accounts receivable turnover ratio
Covid	2.2897***	−0.0057***	1.5765***	0.0154
	(3.49)	(−2.86)	(2.76)	(0.80)
Age	−0.2536	0.0065*	−0.2960	−0.0431
	(−0.49)	(1.75)	(−0.79)	(−0.99)
Size	−25.1237***	−0.0286	−8.6343***	1.3915***
	(−6.23)	(−0.86)	(−3.26)	(3.82)
Leverage	114.9515***	−0.0517	46.2138***	−4.1436**
	(5.29)	(−0.35)	(3.09)	(−2.19)
equityshare10	−44.9638**	0.2902**	−10.3516	4.5125**
	(−2.36)	(2.15)	(−0.69)	(2.36)
equitycontrol	−23.5533***	0.2508***	−5.2352	3.9003***
	(−3.43)	(4.21)	(−0.99)	(4.93)
Tobin	9.0184***	−0.0241	10.0877***	0.3874
	(3.19)	(−1.59)	(3.98)	(1.59)
Constant	574.8537***	0.5317*	433.9497**	−15.0842***
	(3.49)	(1.86)	(2.55)	(−4.24)
FEs	Yes	Yes	Yes	Yes
Observations	3743	3754	3747	3704
R-squared	0.2740	0.1992	0.2927	0.2171

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

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