Table 4.

The effect of Covid-19 pandemics on the operation performance.

	(1)	(2)	(3)	(4)
Dependent variable	Operation cycle	Inventory turnover ratio	Inventory turnover days	Accounts receivable turnover ratio
Covid	1.8256***	−0.0065**	1.3140***	0.0576***
	(3.24)	(−2.35)	(2.62)	(2.99)
Age	−0.1090	0.0055	0.0066	−0.0580
	(−0.24)	(1.19)	(0.02)	(−1.57)
Size	−24.0901***	0.0134	−11.9951***	1.2280***
	(−6.95)	(0.40)	(−4.70)	(3.97)
Leverage	115.1576***	−0.0941	57.9466***	−3.2149*
	(5.56)	(−0.57)	(3.76)	(−1.89)
equityshare10	−39.6342**	0.3874**	−9.2220	3.3378*
	(−2.26)	(2.31)	(−0.66)	(1.95)
equitycontrol	−24.4772***	0.2477***	−5.2071	3.8057***
	(−3.90)	(3.80)	(−1.03)	(5.58)
Tobin	7.0275***	−0.0058	8.8979***	0.3126
	(2.74)	(−0.29)	(3.82)	(1.32)
Constant	215.6807***	0.6025	147.2010**	−1.6787
	(2.76)	(1.58)	(2.11)	(−0.40)
FEs	Yes	Yes	Yes	Yes
Observations	4547	4528	4528	4526
R-squared	0.3885	0.3884	0.4327	0.2351

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

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