Table 1.

Summary statistics.

	mean	sd	min	max
Number of employees	3.23	3.79	0	28
Number of employees: 0	0.24	0.43	0	1
Number of employees: 1	0.22	0.41	0	1
Number of employees: 2	0.13	0.33	0	1
Number of employees: 3	0.09	0.29	0	1
Number of employees: 4	0.07	0.25	0	1
Number of employees: 5-19	0.26	0.44	0	1
Industry: Business to Consumer service	0.52	0.50	0	1
Industry: Business to Business service	0.21	0.41	0	1
Industry: Non-service	0.27	0.44	0	1
Average age	55.68	9.64	21	89
Manager age: 20s	0.00	0.07	0	1
Manager age: 30s	0.04	0.21	0	1
Manager age: 40s	0.21	0.41	0	1
Manager age: 50s	0.40	0.49	0	1
Manager age: 60s	0.26	0.44	0	1
Manager age: 70s	0.08	0.27	0	1
male	0.89	0.31	0	1
realized sales growth in Jan 2020 compared to the last year	0.55	22.95	-100	200
realized sales growth in Feb 2020 compared to the last year	-2.37	26.80	-100	180
realized sales growth in March 2020 compared to the last year	-9.79	37.08	-100	160
realized sales growth in April 2020 compared to the last year	-17.57	46.64	-100	160
realized sales growth in 1Q 2020 compared to the last year	-3.87	24.19	-100	127
expected sales growth in 2Q 2020 compared to the last year	-19.01	46.58	-100	120
expected sales growth in 3Q 2020 compared to the last year	-11.99	42.10	-100	180
expected sales growth in 4Q 2020 compared to the last year	-7.99	41.37	-100	180
realized investment in Q1 is positive	0.30	0.46	0	1
realized disinvestment in Q1 is positive	0.05	0.23	0	1
expected investment in Q2 is positive	0.27	0.45	0	1
expected disinvestment in Q2 is positive	0.07	0.25	0	1
probability of business survival	82.41	24.50	1	100
probability of receiving the continuation subsidy	37.07	41.66	0	100
probability of receiving the short-time work compensation	17.99	32.53	0	100
probability of receiving the business suspention subsidy	18.12	32.91	0	100
probability of hosting olympic in 2020-2021	41.26	29.80	0	100
Observations	6108

Note: The observations are weighted to match the number of firms in the Economic Census.