Table A1 Daily ARs for sample firms...

Table A1

Daily ARs for sample firms affected by the RUW

Event day	Mean (%)	t-statistic	Median (%)	Z-statistic	AR < 0 (%)
0	−2.00^***	−3.99	−1.83^***	−6.73	75.75
1	0.84^*	1.67	−0.32^***	−3.45	34.29
2	0.13	0.27	−0.26	−0.89	61.53
3	−0.43	−0.86	−0.18^*	−1.74	49.34
4	−0.23	−0.45	−0.16^**	−2.12	56.99
5	−0.86^*	−1.70	−0.56^***	−4.47	56.99
6	−1.84^***	−3.66	−1.49^***	−6.51	69.41
7	−1.97^***	−3.93	−1.67^***	−7.35	69.18
8	0.81	1.62	−0.60^***	−3.98	63.68
9	0.74	1.48	−0.31^***	−2.56	50.18
10	−0.42	−0.83	−0.45^***	−3.47	50.90
11	−0.09	−0.18	−0.06	−0.07	46.71
12	−1.04^**	−2.07	−0.68^***	−4.03	55.56
13	0.31	0.63	0.09	−1.11	68.10

Event day	Mean (%)	t-statistic	Median (%)	Z-statistic	AR < 0 (%)
0	−2.00^***	−3.99	−1.83^***	−6.73	75.75
1	0.84^*	1.67	−0.32^***	−3.45	34.29
2	0.13	0.27	−0.26	−0.89	61.53
3	−0.43	−0.86	−0.18^*	−1.74	49.34
4	−0.23	−0.45	−0.16^**	−2.12	56.99
5	−0.86^*	−1.70	−0.56^***	−4.47	56.99
6	−1.84^***	−3.66	−1.49^***	−6.51	69.41
7	−1.97^***	−3.93	−1.67^***	−7.35	69.18
8	0.81	1.62	−0.60^***	−3.98	63.68
9	0.74	1.48	−0.31^***	−2.56	50.18
10	−0.42	−0.83	−0.45^***	−3.47	50.90
11	−0.09	−0.18	−0.06	−0.07	46.71
12	−1.04^**	−2.07	−0.68^***	−4.03	55.56
13	0.31	0.63	0.09	−1.11	68.10

Note(s): n = 837; the z-statistics are obtained from Wilcoxon signed rank tests; AR < 0 (%) presents negative abnormal returns; ^*p < 0.10, ^**p < 0.05, ^***p < 0.01

Source(s): Authors’ own creation

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Table A2

Descriptive statistics of customers

Panel A: headquarter countries
Country	%	Country	%
Japan	18.82	Germany	2.75
United States	17.50	France	2.64
China	12.21	United Kingdom	2.24
South Korea	10.38	Indonesia	2.03
India	6.10	Hong Kong	1.73
Taiwan	4.27	Rest of the world	19.33

Panel A: headquarter countries
Country	%	Country	%
Japan	18.82	Germany	2.75
United States	17.50	France	2.64
China	12.21	United Kingdom	2.24
South Korea	10.38	Indonesia	2.03
India	6.10	Hong Kong	1.73
Taiwan	4.27	Rest of the world	19.33

Panel B: industry (GICS) representation
Industry	%	Industry	%
Machinery	19.18	Electrical equipment	4.12
Specialty retail	12.37	Household durables	3.76
Ground transportation	5.73	Distributors	3.41
Trading companies and distributors	5.38	Construction and engineering	3.23
Electronic equipment, instruments and components	4.30	Aerospace and defense	3.05
Electronic equipment, instruments and components	4.30	Others	31.18
Industrial conglomerates	4.30

Panel B: industry (GICS) representation
Industry	%	Industry	%
Machinery	19.18	Electrical equipment	4.12
Specialty retail	12.37	Household durables	3.76
Ground transportation	5.73	Distributors	3.41
Trading companies and distributors	5.38	Construction and engineering	3.23
Electronic equipment, instruments and components	4.30	Aerospace and defense	3.05
Electronic equipment, instruments and components	4.30	Others	31.18
Industrial conglomerates	4.30

Panel C: sample statistics
Variable	Mean	SD	Min	Max
Market value ($M)	2.22E+06	2.10E+07	0.03	5.03E+08
Sales ($M)	1.95E+06	1.27E+07	0.10	2.79E+08
Total assets ($M)	5.94E+06	4.48E+07	6.61	6.63E+08
Net income ($M)	1.84E+05	1.98E+06	−1.63E+06	5.33E+07

Panel C: sample statistics
Variable	Mean	SD	Min	Max
Market value ($M)	2.22E+06	2.10E+07	0.03	5.03E+08
Sales ($M)	1.95E+06	1.27E+07	0.10	2.79E+08
Total assets ($M)	5.94E+06	4.48E+07	6.61	6.63E+08
Net income ($M)	1.84E+05	1.98E+06	−1.63E+06	5.33E+07

Note(s): n = 1,029 publicly traded customer firms

Source(s): Authors’ own creation

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Table A3

Descriptive statistics of supplier

Panel A: headquarter countries
Country	%	Country	%
China	18.87	Germany	4.18
United States	16.96	United Kingdom	4.06
Japan	14.26	Taiwan	3.56
South Korea	9.10	France	3.38
India	5.29	Hong Kong	2.09
Rest of the world	18.25

Panel A: headquarter countries
China	18.87	Germany	4.18
United States	16.96	United Kingdom	4.06
Japan	14.26	Taiwan	3.56
South Korea	9.10	France	3.38
India	5.29	Hong Kong	2.09
Rest of the world	18.25

Panel B: industry (GICS) representation
Industry	%	Industry	%
Machinery	12.17	Electrical Equipment	6.15
Electronic Equipment	9.22	IT Services	4.98
Chemicals	9.04	Semiconductors and Equipment	3.81
Software	8.67	Media	3.32
Metals and Mining	6.21	Construction and Engineering	2.58
Others	33.87

Panel B: industry (GICS) representation
Industry	%	Industry	%
Machinery	12.17	Electrical Equipment	6.15
Electronic Equipment	9.22	IT Services	4.98
Chemicals	9.04	Semiconductors and Equipment	3.81
Software	8.67	Media	3.32
Metals and Mining	6.21	Construction and Engineering	2.58
Others	33.87

Panel C: Sample statistics
Variable	Mean	SD	Min	Max
Market value ($M)	17837.63	1.29E+05	0.02	2.75E+06
Sales ($M)	6538.04	27241.63	−347.01	4.70E+05
Total assets ($M)	16429.58	1.35E+05	0.64	4.31E+06
Net income ($M)	872.45	5859.41	−6823.67	1.09E+05

Panel C: Sample statistics
Variable	Mean	SD	Min	Max
Market value ($M)	17837.63	1.29E+05	0.02	2.75E+06
Sales ($M)	6538.04	27241.63	−347.01	4.70E+05
Total assets ($M)	16429.58	1.35E+05	0.64	4.31E+06
Net income ($M)	872.45	5859.41	−6823.67	1.09E+05

Note(s): n = 1,723 publicly traded supplier firms

Source(s): Authors’ own creation

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