Table 5.

The effect of Covid-19 pandemics on profit: Accelerator of environmental tax.

	(1)	(2)	(3)	(4)
Dependent variable	Operation cycle	Inventory turnover ratio	Inventory turnover days	Accounts receivable turnover ratio
Covid	−0.7172	−0.0128**	−0.7517	0.0639***
	(−0.81)	(−2.05)	(−0.91)	(2.93)
covid $\ast$ environ tax	−830.6038***	5.8690**	−459.7956***	105.6974**
	(−4.19)	(2.40)	(−2.98)	(2.24)
Age	0.1710	−0.0015	0.2880	−0.0888**
	(0.37)	(−0.35)	(0.81)	(−2.54)
Size	−28.4465***	0.0907***	−16.0023***	1.6765***
	(−7.62)	(3.21)	(−5.98)	(5.75)
Leverage	123.9591***	−0.2977**	67.3348***	−4.8565***
	(5.80)	(−2.09)	(4.24)	(−3.28)
equityshare10	−46.2205***	0.5527***	−16.3884	3.9240**
	(−2.61)	(3.44)	(−1.17)	(2.32)
equitycontrol	−24.3607***	0.2017***	−5.1694	3.7041***
	(−3.82)	(3.32)	(−1.01)	(5.36)
Tobin	8.1316***	−0.0646***	9.9163***	0.1328
	(2.98)	(−4.00)	(3.95)	(0.58)
Constant	482.9631***	1.0858	361.7746***	−4.1891
	(4.95)	(1.62)	(4.09)	(−0.97)
FEs	Yes	Yes	Yes	Yes
Observations	4425	4404	4403	4405
R-squared	0.3789	0.4068	0.4199	0.2543

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

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