Table 7.

Effect of the probability of receiving the business continuation subsidy on firm behaviors.

(a) Passive measures
	(1)	(2)	(3)	(4)	(5)
	Business suspension	Employee suspension	Establishment closure	Underperforming Section closure	Cutting suppliers and buyers
Subsidy probability	$-$0.334*	0.0562	$-$0.0708**	$-$0.118**	0.270
	(0.190)	(0.180)	(0.0292)	(0.0559)	(0.186)
Observations	6108	6108	6108	6108	6108
(b) Active measures
	(1)	(2)	(3)	(4)
	Facilitate IT	Work from home	Online sales	Develop new product and service
Subsidy probability	0.0155	$-$0.231*	$-$0.0549	0.0324
	(0.124)	(0.137)	(0.148)	(0.144)
Observations	6108	6108	6108	6108

Notes: Standard errors are in parentheses. ${}^{***}$ for $p<0.01$, ${}^{**}$ for $p<0.05$, and ${}^{*}$ for $p<0.1$. Subsidy probability is the probability of receiving the business continuation subsidy (measured in %). The bias is corrected and the standard errors are robust to heteroskedasticity.