Table 3.

Effects of the suspension requests on sales change from March to April: Heterogeneity by firm type.

	(1)	(2)	(3)	(4)
VARIABLES	Sales change	Sales change	Sales change	Sales change
Suspension request	$-$10.21***	$-$13.78**	$-$10.20***	$-$10.20***
	(2.01)	(5.86)	(3.16)	(3.16)
Infection risk	0.62	0.35	0.63	0.63
	(1.02)	(1.01)	(1.00)	(1.00)
Sales change Feb-to-Mar	0.04*	0.04*	0.04*	0.04*
	(0.02)	(0.02)	(0.02)	(0.02)
No employee $\times$ Suspension request	1.01
	(2.92)
No employee	$-$0.78
	(0.94)
Self-employed $\times$ Suspension request		3.79
		(7.25)
Freelance $\times$ Suspension request		13.51*
		(7.06)
Self-employed		$-$2.10
		(1.38)
Freelance		$-$3.44
		(2.10)
Early emergency state $\times$ Suspension request			0.45
			(3.43)
Suspension subsidy $\times$ Suspension request				0.45
				(3.43)
Observations	3230	3230	3230	3230
Pref FE	YES	YES	YES	YES
Mean (Suspension request)	$-$17.79	$-$17.79	$-$17.79	$-$17.79
Mean (No suspension request)	$-$9.082	$-$9.082	$-$9.082	$-$9.082

Notes: This table uses the sample of firms in B-to-C service industries. ”Sales growth change in March to April” is the change in monthly sales growth (relative to the same month in the last year) from March to April, measured in percentage points. “Suspension request” takes 1 if business suspension was requested of the firm’s industry in April. The infection risk measure is from Benzell et al. (2020). All equations control for the prefecture fixed effects and the sales change from February to March, when the infection cases were increasing but business suspension was not requested, to take into account the firm’s sensitivity to the pandemic. Standard errors clustered at the prefecture level are in parentheses. The observations are weighted to match the number of firms in the Economic Census. ${}^{***}$ for $p<0.01$, ${}^{**}$ for $p<0.05$, and ${}^{*}$ for $p<0.1$.