Table 4.
Estimation results of the binary logit models.
| Variable | Model D | Model E | Model F | |||
|---|---|---|---|---|---|---|
| Measures | −0.0462 | ** | ||||
| [0.0182] | ||||||
| Disclosure | −0.0068 | |||||
| [0.0201] | ||||||
| Measures-Only | −0.0494 | *** | ||||
| [0.0182] | ||||||
| Disclosure-Only | −0.0792 | |||||
| [0.0657] | ||||||
| Disclosure & Measures | −0.0414 | |||||
| [0.0233] | ||||||
| Sales | −0.0234 | *** | −0.0244 | *** | −0.0234 | *** |
| [0.0053] | [0.0054] | [0.0054] | ||||
| Labor | −0.0008 | −0.0007 | 0.0012 | |||
| [0.0327] | [0.0327] | [0.0328] | ||||
| Credit-Constrained | 0.0181 | 0.0219 | 0.0191 | |||
| [0.0242] | [0.0244] | [0.0243] | ||||
| SME | −0.0465 | ** | −0.0474 | ** | −0.0464 | ** |
| [0.0232] | [0.0233] | [0.0233] | ||||
| Age | 0.0254 | ** | 0.0252 | ** | 0.0256 | ** |
| [0.0108] | [0.0108] | [0.0108] | ||||
| Cases | 0.0001 | 0.0001 | 0.0001 | |||
| [0.0001] | [0.0001] | [0.0001] | ||||
| Location-Small | −0.0438 | * | −0.0427 | −0.0431 | ||
| [0.0273] | [0.0273] | [0.0273] | ||||
| Location-Medium | −0.016 | −0.0147 | −0.0153 | |||
| [0.0265] | [0.0266] | [0.0266] | ||||
| Location-Large | −0.0316 | −0.0277 | −0.0311 | |||
| [0.0287] | [0.0289] | [0.0287] | ||||
| Country effects | Yes | Yes | Yes | |||
| Sector effects | Yes | Yes | Yes | |||
| Pseudo R2 | 0.0744 | 0.0734 | 0.0747 | |||
| Observations | 4,888 | 4,888 | 4,888 | |||
Notes: *** p < 0.01, ** p < 0.05, and * p < 0.1. Standard errors are in brackets. Dependent variable is a dummy, Impact, which equals 1 for ‘Moderate’ or ‘Severe’, and 0 for ‘No impact’ or ‘Minor’.