Table 4. Effects of DT on withstanding...

Table 4.

Effects of DT on withstanding revenue, profitability and firm value drop

$DROP$	A. $R E V_D R O P$	B. $M A R G I N_D R O P$	C. $S . P R I C E_D R O P$
$F D T_{i t}$	−0.013
${D R O P_P R D}_{t}$	0.443****
${F {D T}_{i t} \times D R O P_P R D}_{t}$ ^a	−0.152*
$B {D T}_{i t}$		0.002
${D R O P_P R D}_{i t}$		0.080*
${B {D T}_{i t} \times D R O P_P R D}_{t}$ ^b		−0.114**
${D T}_{i t}$			0.007
${D R O P_P R D}_{i t}$			0.378****
${{D T}_{i t} \times D R O P_P R D}_{t}$ ^c			−0.102*
${L I M I T E D}_{i}$	0.001	−0.000
${D E B T}_{i t - 1}$	0.007*	−0.002	0.011
${C A S H F L O W}_{i t - 1}$	0.009*	−0.002
${D Q}_{i t - 1}$	−0.023	0.001
${M K T_S H A R E}_{i t - 1}$		−0.001
${D_D I V I D E N D}_{i t - 1}$			0.022
${R E P}_{i t - 1}$			−0.003
${A S S E T}_{i t - 1}$	0.000	−0.001	−0.001
$C o n s t a n t$	−0.180	0.009	0.184
N	1,173	1,112	479
Cluster	43	42	19
$R^{2}$	0.149	0.145	0.341

Note(s):

*p < 0.10, **p < 0.05, ***p < 0.01, ****p < 0.001. ^aSE = 0.091, p-value = 0.096, 95% CI = [−0.036, 0.010]. ^bSE = 0.053, p-value = 0.032, 95% CI = [−0.218, −0.009]. ^cSE = 0.061, p-value = 0.097, 95% CI = [−0.222, 0.018]

Source(s): Developed by authors

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