Table 10.

IR and domestic vs. foreign institutional investor loyalty over the crisis-period. This table shows the results from fractional GLM regressions. The dependent variable of interest in column (1) ((2)) is % Staying Domestic Inst. Investors (% Staying Foreign Inst. Investors) which is the fraction of those incumbent domestic (foreign) institutional investors who stayed loyal to the firm during the crisis period (i.e., the first quarter of 2020). The main independent variables of interest are Public IR and Private IR. To construct the public and private components of IR, we run a regression of the natural logarithm of the IR score on three variables related to a firm’s public IR functions, namely Guidance, Conferences, and US Listing. We employ the fitted values as firms’ Public IR Score and the residuals as firms’ Private IR Score. Across all columns, we then use the dummy variables Public IR and Private IR, which equal one if the respective score is larger than the sample median, and zero otherwise. We report the marginal effects (ME) of the respective coefficients next to each regression specification. Across all columns, we control for country-fixed effects and industry-fixed effects based on the Global Industry Classification Standard’s (GICS) 11 sectors and a variety of firm characteristics. All variables are described in detail in Table A.1 in the appendix. We report robust standard errors clustered by country in parentheses, with ${}^{***}$, ${}^{**}$, ${}^{*}$ denoting statistical significance at the $1\%$, $5\%$, and $10\%$ level.

Dependent Variable:	% Staying Domestic Inst. Investors$\mid$ % Staying Foreign Inst. Investors
	(1)	ME	(2)	ME
Public IR	−0.0742	−0.0027	−0.0826	−0.0033
	(0.1140)	(0.0041)	(0.0898)	(0.00364)
Private IR	0.1530${}^{*}$	0.0055${}^{*}$	0.1070${}^{*}$	0.0044${}^{*}$
	(0.0817)	(0.0029)	(0.0649)	(0.0026)
Size	0.0327	0.0012	0.0119	0.0005
	(0.0361)	(0.0013)	(0.0204)	(0.0008)
ROE	−0.0866	−0.0031	−0.0898	−0.0036
	(0.4720)	(0.0170)	(0.3110)	(0.0126)
Tobin’s Q	0.0466	0.0017	0.0738${}^{*}$	0.0030${}^{*}$
	(0.0566)	(0.0020)	(0.0399)	(0.0016)
Market-to-Book	−0.0071	−0.0003	−0.0060	−0.0002
	(0.0141)	(0.0005)	(0.0154)	(0.0006)
Historical Volatility	−0.4410	−0.0158	−0.4910	−0.0199
	(0.4590)	(0.0165)	(0.3410)	(0.0138)
Cash / Assets	0.1440	0.0052	0.4800${}^{***}$	0.0194${}^{***}$
	(0.5080)	(0.0182)	(0.1690)	(0.0069)
Short-term Debt / Assets	2.3800${}^{**}$	0.0855${}^{**}$	−0.760	−0.0308
	(1.0020)	(0.0360)	(0.5400)	(0.0218)
Long-term Debt / Assets	−0.2320	−0.0083	−0.0485	−0.0020
	(0.1800)	(0.0064)	(0.1550)	(0.0063)
Momentum	0.1350${}^{**}$	0.0048${}^{**}$	0.2320${}^{***}$	0.0094${}^{***}$
	(0.0604)	(0.0022)	(0.0488)	(0.0020)
Analyst Following	−0.0912	−0.00327	0.110	0.00445
	(0.0705)	(0.0025)	(0.0688)	(0.0028)
Blockholder	−0.0877	−0.0032	$-0.{2010}^{**}$	$-0.{0081}^{**}$
	(0.1660)	(0.0060)	(0.1010)	(0.0041)
Institutional Ownership	0.3380	0.0121	0.2350${}^{**}$	0.0095${}^{**}$
	(0.2770)	(0.0099)	(0.1130)	(0.0046)
US Listing	0.0076	0.0003	−0.0521	−0.0021
	(0.2110)	(0.0076)	(0.1660)	(0.0067)
Observations	710	710	708	708
Industry Fixed Effects	yes	yes	yes	yes
Country Fixed Effects	yes	yes	yes	yes
R-Squared	0.03	0.03	0.01	0.01