Table 4 Estimated marginal effects of a...

Table 4

Estimated marginal effects of a CSCO on the performance components in industries with high supply risk exposure (Panel A) and high demand risk exposure (Panel B)

	Profitability components			Efficiency and vertical integration
	ato	ros	cos	ccc	slack	Intg
	(1)	(2)	(3)	(4)	(5)	(7)
Panel A. High supply risk exposure
covid	−0.164***	−0.007	0.011	0.031***	0.029***	−0.010
covid	(−6.73)	(−1.27)	(1.26)	(3.59)	(2.82)	(−1.53)
csco	0.023	−0.004	−0.072*	−0.006	0.010	−0.005
csco	(0.83)	(−0.74)	(−1.92)	(−0.77)	(0.79)	(−0.80)
covid × csco	0.086*	0.008	−0.118***	−0.068***	−0.044**	0.004
covid × csco	(1.94)	(1.03)	(−2.71)	(−3.83)	(−2.30)	(0.32)
Panel B. High demand risk exposure
covid	−0.191***	−0.011*	0.009	0.029***	0.015	−0.017**
covid	(−8.32)	(−1.66)	(0.73)	(2.80)	(1.29)	(−2.08)
csco	0.035	−0.006	−0.090***	−0.002	0.008	−0.004
csco	(1.50)	(−0.98)	(−2.39)	(−0.29)	(0.62)	(−0.62)
covid × csco	0.070	0.011*	−0.137***	−0.068***	−0.045***	0.015
covid × csco	(1.60)	(1.71)	(−3.32)	(−3.38)	(−3.29)	(1.43)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Observations	1,663	1,663	1,663	1,663	1,663	1,663
Firms	477	477	477	477	477	477
Adjusted R²	0.19	0.03	0.72	0.07	0.05	0.08
F-statistic	21.45***	1.53	105.29***	8.10***	3.72***	8.43***

	Profitability components			Efficiency and vertical integration
	ato	ros	cos	ccc	slack	Intg
	(1)	(2)	(3)	(4)	(5)	(7)
Panel A. High supply risk exposure
covid	−0.164***	−0.007	0.011	0.031***	0.029***	−0.010
covid	(−6.73)	(−1.27)	(1.26)	(3.59)	(2.82)	(−1.53)
csco	0.023	−0.004	−0.072*	−0.006	0.010	−0.005
csco	(0.83)	(−0.74)	(−1.92)	(−0.77)	(0.79)	(−0.80)
covid × csco	0.086*	0.008	−0.118***	−0.068***	−0.044**	0.004
covid × csco	(1.94)	(1.03)	(−2.71)	(−3.83)	(−2.30)	(0.32)
Panel B. High demand risk exposure
covid	−0.191***	−0.011*	0.009	0.029***	0.015	−0.017**
covid	(−8.32)	(−1.66)	(0.73)	(2.80)	(1.29)	(−2.08)
csco	0.035	−0.006	−0.090***	−0.002	0.008	−0.004
csco	(1.50)	(−0.98)	(−2.39)	(−0.29)	(0.62)	(−0.62)
covid × csco	0.070	0.011*	−0.137***	−0.068***	−0.045***	0.015
covid × csco	(1.60)	(1.71)	(−3.32)	(−3.38)	(−3.29)	(1.43)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Observations	1,663	1,663	1,663	1,663	1,663	1,663
Firms	477	477	477	477	477	477
Adjusted R²	0.19	0.03	0.72	0.07	0.05	0.08
F-statistic	21.45***	1.53	105.29***	8.10***	3.72***	8.43***

Note(s): Reported are the estimated marginal effects of CSCO for industries with high risk exposure, adjusted for other covariates in Equation (1). The t-statistics in parentheses are based on clustered standard errors obtained by the delta method. See the Appendix for variable definitions. Notation: *p < 0.10, **p < 0.05, ***p < 0.01 (two-tailed)

Source(s): Created by authors

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