Table 1.
Summary statistics.
Panel A presents summary statistics of the sample firm characteristics. SIZE is the log of market capitalization, QUICK is cash and short-term investments and receivables divided by total assets, CAPEX is total capital expenditure divided by total assets, LEVERAGE is total debt divided by total assets and ROE is return on equity as a proxy of firm's profitability. These variables are 5-year average values before the event year, winsorized at the 1% and 99% level. Various measures of international exposure are included in this study. These include Foreign Sales (FSales), Foreign Assets (FAssets), number of COVID-affected economies in the Top 3 geographic segments (COVID T3), the four Hoberg and Moon (2017) offshore activities variables in the Top 5 COVID-affected economies (T5 OUTPUT, T5 INPUT, T5 ININ and T5 EXIN), Multinationality Index based on Aggarwal et al. (2011) (ABHK), proportion of subsidiaries in the Top 5 COVID-19 affected economies (PROP T5) and the proportion of subsidiaries in China (CHINA). Panel B presents the correlation table for these variables.
| Panel A: Summary statistics | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SIZE (USD Bn) | QUICK | CAPEX | LEVERAGE | ROE | FSALES | FASSETS | COVIDT3 | T5 INPUT | T5 OUTPUT | T5 EXIN | T5 ININ | ABHK | PROP T5 | CHINA | |
| Minimum | 0.00038 | 0.00 | 0.00 | 0.00 | −220.46 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 0.00 | 0.00 |
| Mean | 6.93 | 2.10 | 3.91 | 21.11 | −4.88 | 19.15 | 5.29 | 0.23 | 4.71 | 4.81 | 0.50 | 2.62 | 4.20 | 0.12 | 0.07 |
| Median | 0.81 | 1.12 | 2.25 | 15.54 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.00 | 0.08 | 0.03 |
| Maximum | 126.00 | 17.54 | 30.76 | 100.16 | 55.87 | 100.00 | 76.84 | 3.00 | 138.00 | 174.00 | 26.00 | 89.00 | 7.00 | 1.00 | 1.00 |
| Std. dev | 19.00 | 3.05 | 5.28 | 22.64 | 40.20 | 29.17 | 13.69 | 0.48 | 11.54 | 11.22 | 1.87 | 7.05 | 1.99 | 0.15 | 0.12 |
| N | 2836 | 2836 | 2836 | 2836 | 2836 | 2836 | 2836 | 2756 | 2464 | 2464 | 2464 | 2464 | 498 | 498 | 498 |
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| Panel B: Correlation matrix | |||||||||||||||
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | ||
| 1 | SIZE | 1.00 | |||||||||||||
| 2 | QUICK | −0.02 | 1.00 | ||||||||||||
| 3 | CAPEX | 0.18⁎ | 0.09⁎ | 1.00 | |||||||||||
| 4 | LEVERAGE | 0.43⁎ | −0.13⁎ | 0.30⁎ | 1.00 | ||||||||||
| 5 | ROE | 0.48⁎ | 0.06 | 0.14⁎ | 0.22⁎ | 1.00 | |||||||||
| 6 | FSALES | 0.15⁎ | 0.17⁎ | −0.12⁎ | −0.09 | 0.03 | 1.00 | ||||||||
| 7 | FASSETS | 0.05 | 0.01 | 0.04 | 0.01 | −0.04 | 0.59⁎ | 1.00 | |||||||
| 8 | COVID T3 | 0.00 | 0.11⁎ | −0.03 | −0.06 | 0.06 | 0.37⁎ | 0.20⁎ | 1.00 | ||||||
| 9 | T5 INPUT | 0.06 | 0.12⁎ | −0.05 | −0.05 | −0.04 | 0.47⁎ | 0.38⁎ | 0.31⁎ | 1.00 | |||||
| 10 | T5 OUTPUT | 0.15⁎ | 0.13⁎ | −0.09 | −0.02 | 0.00 | 0.43⁎ | 0.28⁎ | 0.23⁎ | 0.73⁎ | 1.00 | ||||
| 11 | T5 EXIN | −0.02 | 0.09⁎ | −0.01 | −0.05 | −0.02 | 0.17⁎ | 0.09⁎ | 0.15⁎ | 0.52⁎ | 0.40⁎ | 1.00 | |||
| 12 | T5 ININ | 0.04 | 0.07 | −0.03 | −0.07 | −0.04 | 0.46⁎ | 0.39⁎ | 0.32⁎ | 0.92⁎ | 0.66⁎ | 0.38⁎ | 1.00 | ||
| 13 | ABHK | 0.19⁎ | −0.05 | −0.15⁎ | 0.07 | 0.06 | 0.39⁎ | 0.31⁎ | 0.14⁎ | 0.36⁎ | 0.36⁎ | 0.12⁎ | 0.36⁎ | 1.00 | |
| 14 | PROP T5 | 0.13⁎ | 0.21⁎ | −0.07 | −0.11⁎ | 0.08 | 0.42⁎ | 0.22⁎ | 0.27⁎ | 0.59⁎ | 0.55⁎ | 0.29⁎ | 0.60⁎ | 0.50⁎ | 1.00 |
| 15 | CHINA | 0.09⁎ | 0.13⁎ | −0.06 | −0.06 | 0.09 | 0.35⁎ | 0.21⁎ | 0.25⁎ | 0.54⁎ | 0.49⁎ | 0.26⁎ | 0.54⁎ | 0.51⁎ | 0.88⁎ |
Indicates significance at the 5% level.