Robustness check. Influence of heavy rain events on firms’ financial conditions and productivity
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | CF | CF | CF | PROD | PROD | PROD |
| R_Event | −0.099*** (−3.58) | −0.040*** (−5.10) | −0.076*** (−2.83) | −0.101* (−1.69) | 0.037* (1.86) | −0.117** (−2.17) |
| Age | −0.745*** (−13.20) | −0.385*** (−23.09) | −0.852*** (−15.42) | 2.094*** (17.46) | 1.362*** (32.78) | 1.406*** (13.12) |
| Size | 2.536*** (46.98) | 2.426*** (207.54) | 3.308*** (53.46) | −1.402*** (−16.41) | −1.404*** (−48.09) | −1.766*** (−19.64) |
| Roe | 0.091*** (107.96) | 0.093*** (364.17) | 0.103*** (112.22) | −0.029*** (−42.89) | −0.022*** (−35.31) | −0.029*** (−25.67) |
| Sales | −1.310*** (−17.68) | −2.564*** (−170.37) | −2.853*** (−35.16) | −8.270*** (−65.61) | −11.24*** (−297.28) | −11.25*** (−84.27) |
| Emp | 0.033*** (9.45) | 0.059*** (35.95) | 0.076*** (15.20) | −0.017*** (−3.47) | −0.036*** (−8.79) | −0.058*** (−6.58) |
| Ltd | −0.954*** (−20.61) | 0.091*** (6.96) | −0.566*** (−11.61) | 10.65*** (90.15) | 17.39*** (525.47) | 17.81*** (154.36) |
| IC | 0.009*** (32.59) | 0.006*** (46.87) | 0.009*** (26.91) | −0.003*** (−8.63) | −0.0001 (−0.40) | 0.0003 (0.41) |
| Year F.E. | Yes | Yes | Yes | Yes | Yes | Yes |
| Country F.E. | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry F.E. | Yes | Yes | Yes | Yes | Yes | Yes |
| Intercept | 0.989 (0.93) | −2.877*** (−3.53) | 0.952*** (9.10) | −14.89*** (−4.95) | −20.05*** (−9.97) | 5.992*** (28.68) |
| N | 184,768 | 184,768 | 184,768 | 180,718 | 180,718 | 180,718 |
| R2 | 0.560 | 0.412 | 0.743 | 0.695 | ||
| Adj. R2 | 0.560 | 0.412 | 0.743 | 0.695 | ||
| R2 (overall) | 0.3998 | 0.6520 | ||||
| R2 (between) | 0.4384 | 0.6883 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | ||||||
| R_Event | −0.099 | −0.040 | −0.076 | −0.101 | 0.037 | −0.117 |
| Age | −0.745 | −0.385 | −0.852 | 2.094 | 1.362 | 1.406 |
| Size | 2.536 | 2.426 | 3.308 | −1.402 | −1.404 | −1.766 |
| Roe | 0.091 | 0.093 | 0.103 | −0.029 | −0.022 | −0.029 |
| Sales | −1.310 | −2.564 | −2.853 | −8.270 | −11.24 | −11.25 |
| Emp | 0.033 | 0.059 | 0.076 | −0.017 | −0.036 | −0.058 |
| Ltd | −0.954 | 0.091 | −0.566 | 10.65 | 17.39 | 17.81 |
| 0.009 | 0.006 | 0.009 | −0.003 | −0.0001 (−0.40) | 0.0003 (0.41) | |
| Year F.E. | Yes | Yes | Yes | Yes | Yes | Yes |
| Country F.E. | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry F.E. | Yes | Yes | Yes | Yes | Yes | Yes |
| Intercept | 0.989 (0.93) | −2.877 | 0.952 | −14.89 | −20.05 | 5.992 |
| N | 184,768 | 184,768 | 184,768 | 180,718 | 180,718 | 180,718 |
| 0.560 | 0.412 | 0.743 | 0.695 | |||
| Adj. | 0.560 | 0.412 | 0.743 | 0.695 | ||
| 0.3998 | 0.6520 | |||||
| 0.4384 | 0.6883 |
This table presents the results of the GLS model (Column 1 and 4), robust regression (Column 2 and 5) and high-dimensional fixed effects (Column 3 and 6). See the text and Appendix for details on the definitions of the variables. In Columns 1–3 the dependent variable is cash flow ratio and in Columns 4–6 the dependent variable is productivity ratio. All models include year, industry, country fixed effects. The t-statistics are in parentheses
***p-value < 0.01; **p-value < 0.05 and *p-value < 0.1
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