Table 5.

Expected firm performance by survey week.

(a) B-to-C service industries
	(1)	(2)	(3)	(4)	(5)	(6)
	Expected		Expected		Expected
	sales		employment		investment
	growth Q2		growth Q2		Q2
Later group	2.97		-0.25		0.003
	(1.97)		(1.33)		(0.019)
Later group $\times$ Suspension request		4.78		$-$0.78		$-$0.060
		(5.27)		(3.89)		(0.044)
Later group $\times$ No suspension request		2.57		$-$0.04		0.019
		(2.07)		(1.31)		(0.021)
Suspension request		$-$9.00**		$-$9.16***		0.098***
		(3.93)		(2.93)		(0.035)
Constant	$-$23.91***	$-$22.10***	$-$7.61***	$-$5.77***	0.257***	0.237***
	(1.37)	(1.45)	(0.92)	(0.90)	(0.013)	(0.014)
Observations	3156	3156	3230	3230	3217	3217
(b) Other industries (B-to-B service and non-service industries)
	(1)	(2)	(3)
	Expected	Expected	Expected
	sales	employment	investment
	growth	growth	Q2
	Q2	Q2
Later group	0.001	0.04	0.044**
	(1.98)	(1.35)	(0.020)
Constant	$-$15.27***	$-$6.29***	0.269***
	(1.38)	(0.95)	(0.014)
Observations	2815	2878	2869

Notes: Panel (a) shows the results from the sample of firms in B-to-C service industries, and panel (b) shows the results from the other industries (business to business service and non-service industries). “Later group” takes 1 if the firm was surveyed during May 15–17, and 0 if during May 8–9. “Suspension request” takes 1 if the firm is in industry-prefectures that were subject to business suspension requests in April or May, and 0 otherwise. “No suspension request” is defined by 1- “Suspension request.” “Expected sales growth Q2” is the most likely expected sales growth in the Q2 (April–June) of 2020 relative to the same quarter in 2019, measured in percentage term. “Expected employment growth Q2” is measured by the log difference in the expected employment at the end of June 2020 and employment at the end of December 2019. “Expected investment Q2” is an indicator variable that takes a value of 1 if the firm plans to invest more than JPY 10,000, including investment already made, during Q2 2020, and 0 otherwise. The observations are weighted to match the number of firms in the Economic Census. Robust standard errors are in parentheses. ${}^{***}$ for $p<0.01$, ${}^{**}$ for $p<0.05$, and ${}^{*}$ for $p<0.1$.