Table A2.

Summary statistics (without weight).

	mean	sd	min	max
Number of employees	1.73	2.90	0	28
Number of employees: 0	0.46	0.50	0	1
Number of employees: 1	0.23	0.42	0	1
Number of employees: 2	0.10	0.30	0	1
Number of employees: 3	0.06	0.24	0	1
Number of employees: 4	0.03	0.18	0	1
Number of employees: 5-19	0.12	0.32	0	1
Industry: Business to Consumer service	0.53	0.50	0	1
Industry: Business to Business service	0.20	0.40	0	1
Industry: Non-service	0.27	0.45	0	1
Average age	55.45	9.68	21	89
Manager age: 20s	0.00	0.07	0	1
Manager age: 30s	0.05	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	0.88	0.33	0	1
realized sales growth in Jan 2020 compared to the last year	0.04	24.20	-100	200
realized sales growth in Feb 2020 compared to the last year	3.04	27.95	-100	180
realized sales growth in March 2020 compared to the last year	10.42	38.17	-100	160
realized sales growth in April 2020 compared to the last year	18.63	47.53	-100	160
realized sales growth in 1Q 2020 compared to the last year	4.50	24.97	-100	127
expected sales growth in 2Q 2020 compared to the last year	19.94	46.96	-100	120
expected sales growth in 3Q 2020 compared to the last year	12.21	42.40	-100	180
expected sales growth in 4Q 2020 compared to the last year	8.36	41.49	-100	180
realized investment in Q1 is positive	0.27	0.44	0	1
realized disinvestment in Q1 is positive	0.05	0.21	0	1
expected investment in Q2 is positive	0.24	0.43	0	1
expected disinvestment in Q2 is positive	0.06	0.24	0	1
probability of business survival	81.59	24.81	1	100
probability of receiving the continuation subsidy	36.78	41.82	0	100
probability of receiving the short-time work compensation	14.79	30.10	0	100
probability of receiving the business suspention subsidy	16.27	31.62	0	100
probability of hosting olympic in 2020-2021	41.16	29.74	0	100
Observations	6108