Table 2.
Descriptive statistics and correlation matrix.
| Variable | Mean | S.D. | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) | (14) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Panel A: Full period | ||||||||||||||||
| AIG | −0.051 | 0.292 | 1.000 | |||||||||||||
| ΔROS | −0.019 | 0.276 | −0.022 | 1.000 | ||||||||||||
| Supplier diversification | −0.046 | 0.070 | −0.025* | 0.082*** | 1.000 | |||||||||||
| Customer diversification | −0.047 | 0.077 | −0.000 | 0.043*** | 0.142*** | 1.000 | ||||||||||
| Firm Size | 22.003 | 1.091 | −0.025* | 0.029** | 0.064*** | 0.044*** | 1.000 | |||||||||
| Debt pressure | 0.249 | 0.166 | −0.121*** | 0.035** | 0.033** | 0.014 | 0.609*** | 1.000 | ||||||||
| Firm age | 2.963 | 0.265 | −0.015 | −0.001 | −0.042*** | 0.019 | 0.095*** | 0.062*** | 1.000 | |||||||
| R&D | 0.047 | 0.042 | 0.025* | 0.044*** | 0.073*** | −0.069*** | −0.244*** | −0.302*** | −0.121*** | 1.000 | ||||||
| Production efficiency | −0.023 | 0.964 | −0.022 | 0.002 | −0.094*** | −0.014 | 0.016 | −0.028* | 0.017 | −0.078*** | 1.000 | |||||
| Marketing efficiency | 0.004 | 0.988 | 0.037** | 0.009 | −0.133*** | −0.126*** | 0.249*** | 0.206*** | 0.013 | −0.274*** | 0.220*** | 1.000 | ||||
| Market share | 0.010 | 0.023 | 0.056*** | 0.001 | 0.028* | 0.073*** | 0.466*** | 0.263*** | 0.055*** | −0.211*** | 0.123*** | 0.178*** | 1.000 | |||
| Board size | 2.081 | 0.189 | 0.023 | 0.013 | 0.057*** | 0.017 | 0.231*** | 0.139*** | 0.100*** | −0.092*** | −0.001 | 0.095*** | 0.076*** | 1.000 | ||
| Ind. directors | 0.380 | 0.055 | −0.023 | −0.003 | −0.019 | 0.011 | −0.025* | 0.010 | −0.003 | 0.034** | −0.038** | −0.064*** | 0.028* | −0.624*** | 1.000 | |
| Institutional ownership (%) | 35.512 | 23.727 | 0.035** | −0.007 | −0.027* | −0.023 | 0.348*** | 0.102*** | 0.108*** | −0.139*** | 0.027* | 0.133*** | 0.230*** | 0.164*** | −0.049*** | 1.000 |
| Geographical diversification | −0.965 | 0.107 | 0.019 | 0.048*** | 0.046*** | 0.009 | 0.001 | −0.008 | −0.019 | 0.084*** | 0.035** | −0.010 | −0.042*** | −0.042*** | 0.056*** | 0.010 |
| Panel B: Disruption period | ||||||||||||||||
| AIG | 0.007 | 0.297 | 1.000 | |||||||||||||
| ΔROS | −0.063 | 0.290 | 0.000 | 1.000 | ||||||||||||
| Supplier diversification | −0.046 | 0.069 | −0.045* | 0.080*** | 1.000 | |||||||||||
| Customer diversification | −0.048 | 0.079 | 0.019 | 0.051* | 0.141*** | 1.000 | ||||||||||
| Firm Size | 21.985 | 1.087 | 0.045* | 0.035 | 0.062** | 0.053** | 1.000 | |||||||||
| Debt pressure | 0.238 | 0.160 | −0.061** | 0.014 | 0.017 | 0.019 | 0.612*** | 1.000 | ||||||||
| Firm age | 2.963 | 0.265 | 0.022 | −0.014 | −0.027 | 0.023 | 0.099*** | 0.063** | 1.000 | |||||||
| R&D | 0.046 | 0.043 | −0.008 | −0.043 | 0.058** | −0.077*** | −0.266*** | −0.296*** | −0.140*** | 1.000 | ||||||
| Production efficiency | −0.092 | 0.903 | −0.003 | 0.034 | −0.091*** | 0.002 | 0.026 | −0.045* | 0.031 | −0.090*** | 1.000 | |||||
| Marketing efficiency | −0.015 | 0.975 | 0.062** | 0.064** | −0.137*** | −0.110*** | 0.239*** | 0.172*** | 0.036 | −0.300*** | 0.243*** | 1.000 | ||||
| Market share | 0.010 | 0.023 | 0.118*** | 0.026 | 0.026 | 0.074*** | 0.462*** | 0.251*** | 0.055** | −0.207*** | 0.137*** | 0.188*** | 1.000 | |||
| Board size | 2.081 | 0.190 | 0.037 | 0.022 | 0.060** | 0.012 | 0.227*** | 0.130*** | 0.102*** | −0.110*** | 0.016 | 0.105*** | 0.081*** | 1.000 | ||
| Ind. directors | 0.380 | 0.055 | −0.031 | −0.018 | −0.021 | 0.012 | −0.024 | 0.013 | −0.008 | 0.052** | −0.052* | −0.075*** | 0.025 | −0.625*** | 1.000 | |
| Institutional ownership (%) | 35.421 | 23.771 | 0.060** | 0.017 | −0.029 | −0.024 | 0.329*** | 0.098*** | 0.107*** | −0.146*** | 0.046* | 0.128*** | 0.224*** | 0.158*** | −0.045* | 1.000 |
| Geographical diversification | −0.966 | 0.106 | 0.023 | 0.064** | 0.048* | 0.007 | 0.002 | −0.006 | −0.019 | 0.068** | 0.044 | −0.025 | −0.044 | −0.045* | 0.058** | 0.020 |
| Panel C: Recovery period | ||||||||||||||||
| AIG | −0.078 | 0.285 | 1.000 | |||||||||||||
| ΔROS | 0.002 | 0.268 | −0.011 | 1.000 | ||||||||||||
| Supplier diversification | −0.046 | 0.070 | −0.016 | 0.084*** | 1.000 | |||||||||||
| Customer diversification | −0.047 | 0.077 | −0.008 | 0.039** | 0.143*** | 1.000 | ||||||||||
| Firm Size | 22.011 | 1.093 | −0.056*** | 0.025 | 0.065*** | 0.040** | 1.000 | |||||||||
| Debt pressure | 0.254 | 0.168 | −0.141*** | 0.037** | 0.040** | 0.011 | 0.608*** | 1.000 | ||||||||
| Firm age | 2.963 | 0.265 | −0.032* | 0.005 | −0.049*** | 0.018 | 0.094*** | 0.061*** | 1.000 | |||||||
| R&D | 0.048 | 0.041 | 0.048*** | 0.085*** | 0.081*** | −0.065*** | −0.234*** | −0.308*** | −0.112*** | 1.000 | ||||||
| Production efficiency | 0.009 | 0.989 | −0.021 | −0.020 | −0.095*** | −0.022 | 0.011 | −0.025 | 0.011 | −0.075*** | 1.000 | |||||
| Marketing efficiency | 0.012 | 0.993 | 0.029 | −0.020 | −0.132*** | −0.134*** | 0.253*** | 0.220*** | 0.003 | −0.263*** | 0.210*** | 1.000 | ||||
| Market share | 0.010 | 0.023 | 0.027 | −0.012 | 0.028 | 0.073*** | 0.467*** | 0.269*** | 0.055*** | −0.213*** | 0.117*** | 0.173*** | 1.000 | |||
| Board size | 2.081 | 0.188 | 0.016 | 0.009 | 0.055*** | 0.020 | 0.233*** | 0.144*** | 0.098*** | −0.084*** | −0.009 | 0.091*** | 0.074*** | 1.000 | ||
| Ind. directors | 0.380 | 0.055 | −0.020 | 0.004 | −0.018 | 0.011 | −0.026 | 0.008 | −0.001 | 0.026 | −0.032* | −0.059*** | 0.029 | −0.624*** | 1.000 | |
| Institutional ownership (%) | 35.554 | 23.711 | 0.024 | −0.019 | −0.027 | −0.023 | 0.356*** | 0.103*** | 0.109*** | −0.135*** | 0.019 | 0.135*** | 0.233*** | 0.167*** | −0.050*** | 1.000 |
| Geographical diversification | −0.965 | 0.107 | 0.018 | 0.040** | 0.045** | 0.010 | 0.001 | −0.009 | −0.019 | 0.091*** | 0.031* | −0.003 | −0.041** | −0.040** | 0.055*** | 0.005 |
Notes: ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively.