Table 3.
Empirical tests of the epidemic situation, emergency response mechanisms, and effectiveness of the response.
| Variable | (1) FC | (2) NCst+1 | (3) NCst+1 | (4) NCst+1 |
|---|---|---|---|---|
| NCDst−1 | 0.052∗∗∗ (3.31) | 0.437∗∗∗ (20.84) | 0.808∗∗∗ (27.66) | |
| FCt | 0.030∗∗∗ (6.37) | 0.021∗∗∗ (4.70) | ||
| NCDst − 1 ∗ EME | x | 0.206∗∗∗ (12.01) | ||
| EME | −1.568∗∗∗ (−14.47) | |||
| Date | 0.000 (0.88) | −0.004∗∗∗ (−30.16) | −0.002∗∗∗ (−23.16) | –0.008∗∗∗ (−24.42) |
| GDP | 0.762∗∗∗ (14.92) | −0.137∗∗∗ (–4.59) | −0.095∗∗∗ (−3.56) | −1.135∗∗∗ (−8.46) |
| Size | −0.893∗∗∗ (−21.53) | 0.171∗∗∗ (7.16) | 0.132∗∗∗ (6.48) | 1.151∗∗∗ (9.57) |
| Lev | −1.480∗∗∗ (−5.45) | −1.369∗∗∗ (−7.09) | −1.242∗∗∗ (−7.11) | −9.072∗∗∗ (−12.44) |
| Tax | 1.524∗∗∗ (33.48) | −0.007 (−0.24) | −0.025 (−1.02) | −0.145 (−1.12) |
| Annual | Control | Control | Control | Control |
| Constant term | −20.813∗∗∗ (−6.67) | 79.019∗∗∗ (28.32) | 52.836∗∗∗ (22.65) | 177.544∗∗∗ (24.63) |
| Sample size | 11,397 | 11,397 | 11,373 | 11,373 |
| Pseudo R2 | 0.1179 | |||
| R-squared | 0.164 | 0.288 | 0.1520 |
Note: t-statistics in parentheses; ∗∗∗, ∗∗, and ∗ indicate significance at the 1%, 5%, and 10% levels, respectively.