Subsample analyses. 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 | −0.047*** (−3.02) | −0.069*** (−3.75) | −0.065*** (−7.22) | −0.090*** (−3.41) | −0.165*** (−5.34) | −0.014 (−0.66) |
| Age | −0.999*** (−21.15) | −1.006*** (−27.50) | −0.548*** (−27.58) | 0.563*** (7.47) | 1.649*** (26.68) | 1.395*** (34.47) |
| Size | 3.873*** (76.13) | 3.876*** (90.17) | 3.087*** (157.96) | −1.533*** (−23.82) | −1.697*** (−29.66) | −1.624*** (−49.54) |
| Roe | 0.101*** (105.33) | 0.105*** (125.93) | 0.102*** (207.67) | −0.023*** (−19.26) | −0.028*** (−25.87) | −0.025*** (−36.32) |
| Sales | −3.448*** (−47.90) | −3.164*** (−52.21) | −3.041*** (−118.34) | −12.99*** (−127.29) | −12.53*** (−141.31) | −11.50*** (−238.05) |
| Emp | 0.169*** (23.66) | 0.081*** (21.03) | 0.069*** (34.65) | −0.113*** (−10.20) | −0.072*** (−11.62) | −0.041*** (−10.39) |
| Ltd | −0.650*** (−16.03) | −0.704*** (−22.12) | −0.112*** (−6.93) | 18.12*** (228.31) | 19.28*** (288.87) | 18.01*** (426.72) |
| IC | 0.009*** (20.39) | 0.009*** (30.33) | 0.008*** (44.78) | 0.0002 (0.36) | 0.001 (1.49) | −0.001*** (−4.26) |
| 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 | −0.783 (−1.23) | −0.801 (−0.91) | −1.847*** (−11.35) | −18.68*** (−9.97) | −24.65*** (−16.81) | −20.18*** (−54.75) |
| N | 93,126 | 120,399 | 174,101 | 88,863 | 117,648 | 171,897 |
| R2 | 0.452 | 0.426 | 0.524 | 0.719 | 0.699 | 0.757 |
| Adj. R2 | 0.451 | 0.426 | 0.524 | 0.719 | 0.699 | 0.757 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | ||||||
| R_Event | −0.047 | −0.069 | −0.065 | −0.090 | −0.165 | −0.014 (−0.66) |
| Age | −0.999 | −1.006 | −0.548 | 0.563 | 1.649 | 1.395 |
| Size | 3.873 | 3.876 | 3.087 | −1.533 | −1.697 | −1.624 |
| Roe | 0.101 | 0.105 | 0.102 | −0.023 | −0.028 | −0.025 |
| Sales | −3.448 | −3.164 | −3.041 | −12.99 | −12.53 | −11.50 |
| Emp | 0.169 | 0.081 | 0.069 | −0.113 | −0.072 | −0.041 |
| Ltd | −0.650 | −0.704 | −0.112 | 18.12 | 19.28 | 18.01 |
| 0.009 | 0.009 | 0.008 | 0.0002 (0.36) | 0.001 (1.49) | −0.001 | |
| 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 | −0.783 (−1.23) | −0.801 (−0.91) | −1.847 | −18.68 | −24.65 | −20.18 |
| N | 93,126 | 120,399 | 174,101 | 88,863 | 117,648 | 171,897 |
| 0.452 | 0.426 | 0.524 | 0.719 | 0.699 | 0.757 | |
| Adj. | 0.451 | 0.426 | 0.524 | 0.719 | 0.699 | 0.757 |
This table presents the results of the OLS model. See the text and Appendix 1 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 sizes of the samples are not the same because of missing data. Coefficients are obtained after controlling for heteroskedasticity. The t-statistics are in parentheses
***p-value < 0.01
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