Table 3 The marginal effects of COVID-19...

Table 3

The marginal effects of COVID-19 and CSCO presence in industries with low, moderate, or high supply risk (2–4) and demand risk (5–7) exposure

Marginal		Supply risk exposure			Demand risk exposure
Effect	Overall	Low	Mid	High	Low	Mid	High
	(1)	(2)	(3)	(4)	(5)	(6)	(7)
Panel A. Sales growth (sg1)
Covid	−0.096***	−0.055***	−0.103***	−0.136***	−0.052**	−0.111***	−0.150***
Covid	(−8.70)	(−3.15)	(−8.67)	(−6.69)	(−2.34)	(−8.99)	(−6.09)
CSCO effect
before Covid-19	−0.017*	−0.018	−0.017	−0.016	−0.009	−0.020*	−0.027
(Hypothesis 1)	(−1.76)	(−1.35)	(−1.59)	(−0.92)	(−0.56)	(−1.90)	(−1.43)
during Covid-19	0.008	−0.077**	0.028	0.098**	−0.118***	0.035	0.134***
(Hypothesis 2)	(0.33)	(−2.28)	(1.03)	(2.03)	(−2.95)	(1.36)	(2.62)
Panel B. Operating return on assets (roa)
Covid	−0.012***	−0.005	−0.013***	−0.018***	−0.008	−0.014***	−0.017**
Covid	(−4.20)	(−0.90)	(−4.50)	(−4.00)	(−1.17)	(−4.27)	(−2.45)
CSCO effect
before Covid-19	0.004	0.010*	0.003	−0.002	0.008	0.004	0.001
(Hypothesis 1)	(1.44)	(1.90)	(0.90)	(−0.31)	(1.40)	(1.14)	(0.19)
during Covid-19	0.009	−0.010	0.013	0.030*	−0.025**	0.015	0.040*
(Hypothesis 2)	(0.91)	(−1.15)	(1.21)	(1.67)	(−1.99)	(1.25)	(1.65)

Marginal		Supply risk exposure			Demand risk exposure
Effect	Overall	Low	Mid	High	Low	Mid	High
	(1)	(2)	(3)	(4)	(5)	(6)	(7)
Panel A. Sales growth (sg1)
Covid	−0.096***	−0.055***	−0.103***	−0.136***	−0.052**	−0.111***	−0.150***
Covid	(−8.70)	(−3.15)	(−8.67)	(−6.69)	(−2.34)	(−8.99)	(−6.09)
CSCO effect
before Covid-19	−0.017*	−0.018	−0.017	−0.016	−0.009	−0.020*	−0.027
(Hypothesis 1)	(−1.76)	(−1.35)	(−1.59)	(−0.92)	(−0.56)	(−1.90)	(−1.43)
during Covid-19	0.008	−0.077**	0.028	0.098**	−0.118***	0.035	0.134***
(Hypothesis 2)	(0.33)	(−2.28)	(1.03)	(2.03)	(−2.95)	(1.36)	(2.62)
Panel B. Operating return on assets (roa)
Covid	−0.012***	−0.005	−0.013***	−0.018***	−0.008	−0.014***	−0.017**
Covid	(−4.20)	(−0.90)	(−4.50)	(−4.00)	(−1.17)	(−4.27)	(−2.45)
CSCO effect
before Covid-19	0.004	0.010*	0.003	−0.002	0.008	0.004	0.001
(Hypothesis 1)	(1.44)	(1.90)	(0.90)	(−0.31)	(1.40)	(1.14)	(0.19)
during Covid-19	0.009	−0.010	0.013	0.030*	−0.025**	0.015	0.040*
(Hypothesis 2)	(0.91)	(−1.15)	(1.21)	(1.67)	(−1.99)	(1.25)	(1.65)

Note(s): Low, Mid, and High refer to estimated marginal effects at the 1st, 50th, and 99th industry exposure percentile, adjusted for other covariates in Equation (1). The t-statistics in parentheses are based on clustered standard errors. See the Appendix variable definitions. Notation: *p < 0.10, **p < 0.05, ***p < 0.01 (two-tailed)

Source(s): Created by authors

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