Table 2.

Description of variables.

Variable	Description	Type and value	Mean	Stdev
$\mathit{FBR}$	Business reduction in first quarter	Ordinal variable (5 levels):	2.53	1.36
		Smallest (=1) to Largest (=5).
$\mathit{REC}$	Expected recovery by end of June	Ordinal variable (5 levels):	3.99	1.24
		Smallest (=1) to Largest (=5).
$\mathit{REV}$	Adjustment of 2020 revenue target	Ordinal variable (6 levels):	2.60	1.50
		Large downward (=1)
		to Medium/large upward (=6).
$\mathit{SOE}$	Firm ownership (SOE vs. NSOE)	Dummy variable:	0.10	0.29
		$\mathit{SOE}=1$ for SOEs;
		$\mathit{SOE}=0$ for NSOEs.
$\mathit{SIZ}$	Firm size (number of employees)	Ordinal variable (7 levels):	3.78	1.41
		Smallest (=1) to Largest (=7).
$\mathit{CLT}$	Firm's client type	Dummy variable:
		$\mathit{CLT}=1$ if B2B only;	0.55	0.50
		$\mathit{CLT}=0$ otherwise.
$\mathit{GI}$	Government support to industry	Ordinal variable (10 levels):	5.72	2.63
		Lowest (=0) to Highest (=10).
$\mathit{HR}$	HR measures taken in first quarter	Ordinal variable (7 levels):	3.60	1.43
	(in descending order of harshness)	Laid off workers (=1)
		Sizable increase in hiring (=7).
$\mathit{MCH}$	Share of 2019 revenue from China	Ordinal variable (5 levels):	2.33	1.48
		Highest (=1) to Lowest (=5).