Table A9.
Robustness Checks for the Effects of Stabilization Policies.
|
Panel A. Effects of social security policies | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Cash <1 Month |
Reopen |
Reopen <1 Month |
|||||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
| Social Security Deferral | −0.051* | −0.050* | −0.053* | 0.057* | 0.087*** | 0.075** | 0.092*** | 0.078* | 0.102*** |
| (0.028) | (0.027) | (0.030) | (0.030) | (0.032) | (0.034) | (0.030) | (0.041) | (0.036) | |
| Observations | 1466 | 1433 | 1466 | 1861 | 1806 | 1861 | 1504 | 1460 | 1504 |
| R-Squared | 0.032 | 0.022 | 0.019 | 0.044 | 0.052 | 0.040 | 0.077 | 0.074 | 0.074 |
| Additional Controls | Wuhan + Hubei | Economic | Policy Intensity | Wuhan + Hubei | Economic | Policy Intensity | Wuhan + Hubei | Economic | Policy Intensity |
| Panel B. Effects of credit guarantee policies | |||||||||
| Cash <1 Month | Reopen | Reopen <1 Month | |||||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
| Credit Guarantee | 0.024 | 0.012 | 0.030 | 0.026 | 0.004 | 0.018 | 0.038 | 0.020 | 0.023 |
| (0.023) | (0.024) | (0.020) | (0.040) | (0.040) | (0.043) | (0.041) | (0.045) | (0.043) | |
| Observations | 1466 | 1433 | 1466 | 1861 | 1806 | 1861 | 1504 | 1460 | 1504 |
| R-Squared | 0.029 | 0.020 | 0.020 | 0.040 | 0.020 | 0.033 | 0.070 | 0.070 | 0.068 |
| Additional Controls | Wuhan + Hubei | Economic | Policy Intensity | Wuhan + Hubei | Economic | Policy Intensity | Wuhan + Hubei | Economic | Policy Intensity |
| Panel C. Effects of rent reduction policies | |||||||||
| Cash <1 Month | Reopen | Reopen <1 Month | |||||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
| Rent Reduction | −0.135** | −0.135** | −0.164*** | 0.018 | −0.020 | −0.045 | −0.007 | −0.047 | −0.104 |
| (0.054) | (0.058) | (0.061) | (0.074) | (0.075) | (0.069) | (0.060) | (0.097) | (0.073) | |
| Observations | 255 | 251 | 255 | 305 | 301 | 305 | 244 | 240 | 244 |
| R-Squared | 0.118 | 0.109 | 0.112 | 0.074 | 0.114 | 0.088 | 0.173 | 0.157 | 0.163 |
| Additional Controls | Wuhan + Hubei | Economic | Policy Intensity | Wuhan + Hubei | Economic | Policy Intensity | Wuhan + Hubei | Economic | Policy Intensity |
| Panel D. Effects of loan support policies | |||||||||
| Cash <1 Month | Reopen | Reopen <1 Month | |||||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
| Loan Support | −0.034 | −0.019 | −0.018 | −0.021 | −0.004 | −0.049 | 0.014 | −0.020 | −0.029 |
| (0.029) | (0.036) | (0.030) | (0.037) | (0.037) | (0.044) | (0.035) | (0.034) | (0.039) | |
| Observations | 1433 | 1466 | 1466 | 1806 | 1861 | 1861 | 1504 | 1460 | 1504 |
| R-Squared | 0.030 | 0.020 | 0.017 | 0.040 | 0.044 | 0.036 | 0.069 | 0.070 | 0.070 |
| Additional Controls | Wuhan + Hubei | Economic | Policy Intensity | Wuhan + Hubei | Economic | Policy Intensity | Wuhan + Hubei | Economic | Policy Intensity |
Notes: This table reports robustness checks of the effects of stabilization policies on firms' short-term cash flow, reopening decision and expectations to reopen within one month. Columns 1, 4 and 7 include geographical distance to Wuhan and industry dependence on Hubei Province. Columns 2, 5 and 8 include city level GDP per capita and ratio of fiscal expenditure to fiscal revenue. Columns 3, 6 and 9 include the number of of other stabilization policies enacted at the city level. All regressions control for SMEs' basic characteristics (sales, employment, age) interacted with year fixed effects, service-sector fixed effect, and city-level infection rates of COVID-19. Robust standard errors are clustered at city level. *** p < 0.01, ** p < 0.05, * p < 0.1.