Table 3.

Alternative IR measures and crisis-period returns. This table presents the results from OLS regressions. In Panel A, the dependent variable is a firm’s cumulative abnormal stock return for the period from February 3, 2020 to March 23, 2020, which is the collapse period as defined in Fahlenbrach et al. (2021). The main independent variable of interest is log(IR Score), which is the natural logarithm of the raw IR score. In Panel B, we use the cumulative abnormal return as the dependent variable and dummy variables for the IR quartiles per country. IR Score Q2 takes the value of one if the firm is in the second IR quartile and zero otherwise, IR Score Q3 takes the value of one if the firm is in the third IR quartile and zero otherwise, and IR Score Q4 takes the value of one if the firm is in the fourth IR quartile and zero otherwise. In Panel C, the dependent variable is the cumulative abnormal return and the main independent variable is IR Residuals, which is the residual from a first stage regression where the dependent variable is the log(IR Score) and the main independent variables are measures for firm performance, firm age, and firm visibility. Across all panels, we control for industry-fixed effects based on the Global Industry Classification Standard’s (GICS) 11 sectors in all regressions. We include country-fixed effects in columns (2) to (4). In columns (3) and (4), we additionally include controls for a variety of firm and board characteristics (not reported but similar to those used in Table 2). All variables are described in detail in Table A.1 in the appendix. Across all panels, we report robust standard errors clustered by country in parentheses, with ${}^{***}$, ${}^{**}$, ${}^{*}$ denoting statistical significance at the $1\%$, $5\%$, and $10\%$ level.

Panel A:
Dependent Variable: Abnormal returns
	(1)	(2)	(3)	(4)
$log$(IR Score)	0.0846${}^{***}$	0.1544${}^{***}$	0.1488${}^{***}$	0.1155${}^{***}$
	(0.0259)	(0.0208)	(0.0222)	(0.0245)
Observations	947	947	710	558
Firm Characteristics	no	no	yes	yes
Board Characteristics	no	no	no	yes
Industry Fixed Effects	yes	yes	yes	yes
Country Fixed Effects	no	yes	yes	yes
Adjusted R-Squared	0.13	0.18	0.29	0.29
Panel B:
Dependent Variable: Abnormal returns
	(1)	(2)	(3)	(4)
IR Score 2	0.0678${}^{*}$	0.0616${}^{*}$	0.0668${}^{***}$	0.0588${}^{**}$
	(0.0350)	(0.0327)	(0.0258)	(0.0275)
IR Score 3	0.1217${}^{***}$	0.1254${}^{***}$	0.1173${}^{***}$	0.0879${}^{**}$
	(0.0329)	(0.0338)	(0.0344)	(0.0407)
IR Score 4	0.1839${}^{***}$	0.1860${}^{***}$	0.1768${}^{***}$	0.1373${}^{***}$
	(0.0371)	(0.0366)	(0.0245)	(0.0367)
Observations	947	947	710	558
Firm Characteristics	no	no	yes	yes
Board Characteristics	no	no	no	yes
Industry Fixed Effects	yes	yes	yes	yes
Country Fixed Effects	no	yes	yes	yes
Adjusted R-Squared	0.15	0.19	0.29	0.28
Panel C:
Dependent Variable: Abnormal returns
	(1)	(2)	(3)	(4)
IR Residuals	0.1345${}^{***}$	0.1345${}^{***}$	0.1303${}^{***}$	0.1278${}^{***}$
	(0.0188)	(0.0188)	(0.0287)	(0.0295)
Observations	900	900	684	535
Firm Characteristics	no	no	yes	yes
Board Characteristics	no	no	no	yes
Industry Fixed Effects	yes	yes	yes	yes
Country Fixed Effects	no	yes	yes	yes
Adjusted R-Squared	0.13	0.16	0.29	0.29