Influence of heavy rain events on firms’ financial conditions and productivity with other proxies
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
|---|---|---|---|---|---|---|---|---|
| Variables | CF | CF | CF | CF | PROD | PROD | PROD | PROD |
| Damages | −0.091*** (−2.61) | −0.758*** (−12.35) | ||||||
| Injured | −0.066** (−2.31) | −0.428*** (−8.62) | ||||||
| Killed | −0.116*** (−2.69) | −1.805*** (−23.34) | ||||||
| People | −0.093*** (−3.23) | −0.633*** (−12.74) | ||||||
| Age | −0.852*** (−29.49) | −0.854*** (−29.53) | −0.856*** (−29.55) | −0.855*** (−29.56) | 1.410*** (28.79) | 1.396*** (28.51) | 1.350*** (27.56) | 1.390*** (28.38) |
| Size | 3.312*** (96.57) | 3.312*** (96.58) | 3.312*** (96.55) | 3.312*** (96.58) | −1.755*** (−39.12) | −1.760*** (−39.23) | −1.747*** (−38.93) | −1.758*** (−39.20) |
| Roe | 0.103*** (153.39) | 0.103*** (153.39) | 0.103*** (153.37) | 0.103*** (153.39) | −0.029*** (−32.65) | −0.029*** (−32.75) | −0.029*** (−32.45) | −0.029*** (−32.74) |
| Sales | −2.858*** (−59.46) | −2.858*** (−59.47) | −2.859*** (−59.45) | −2.858*** (−59.47) | −11.27*** (−160.23) | −11.26*** (−160.15) | −11.30*** (−160.38) | −11.27*** (−160.22) |
| Emp | −0.566*** (−21.54) | −0.565*** (−21.51) | −0.564*** (−21.44) | −0.565*** (−21.50) | 17.80*** (326.23) | 17.81*** (326.30) | 17.84*** (326.49) | 17.81*** (326.45) |
| Ltd | 0.076*** (25.52) | 0.076*** (25.55) | 0.076*** (25.54) | 0.076*** (25.55) | −0.060*** (−12.34) | −0.059*** (−12.21) | −0.060*** (−12.50) | −0.060*** (−12.26) |
| IC | 0.009*** (37.92) | 0.009*** (37.94) | 0.009*** (37.95) | 0.009*** (37.94) | 0.0002 (0.56) | 0.0003 (0.63) | 0.0003 (0.80) | 0.0003 (0.65) |
| Year F.E. | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Country F.E. | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry F.E. | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Intercept | −0.776 (−1.24) | −0.848 (−1.36) | −0.868 (−1.39) | −0.838 (−1.35) | −19.17*** (−10.66) | −19.82*** (−10.79) | −19.94*** (−11.12) | −19.74*** (−10.64) |
| N | 184,768 | 184,768 | 184,768 | 184,768 | 180,718 | 180,718 | 180,718 | 180,718 |
| R2 | 0.412 | 0.412 | 0.412 | 0.412 | 0.695 | 0.695 | 0.696 | 0.695 |
| Adj. R2 | 0.412 | 0.412 | 0.412 | 0.412 | 0.695 | 0.695 | 0.695 | 0.695 |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
|---|---|---|---|---|---|---|---|---|
| Variables | ||||||||
| Damages | −0.091 | −0.758 | ||||||
| Injured | −0.066 | −0.428 | ||||||
| Killed | −0.116 | −1.805 | ||||||
| People | −0.093 | −0.633 | ||||||
| Age | −0.852 | −0.854 | −0.856 | −0.855 | 1.410 | 1.396 | 1.350 | 1.390 |
| Size | 3.312 | 3.312 | 3.312 | 3.312 | −1.755 | −1.760 | −1.747 | −1.758 |
| Roe | 0.103 | 0.103 | 0.103 | 0.103 | −0.029 | −0.029 | −0.029 | −0.029 |
| Sales | −2.858 | −2.858 | −2.859 | −2.858 | −11.27 | −11.26 | −11.30 | −11.27 |
| Emp | −0.566 | −0.565 | −0.564 | −0.565 | 17.80 | 17.81 | 17.84 | 17.81 |
| Ltd | 0.076 | 0.076 | 0.076 | 0.076 | −0.060 | −0.059 | −0.060 | −0.060 |
| 0.009 | 0.009 | 0.009 | 0.009 | 0.0002 (0.56) | 0.0003 (0.63) | 0.0003 (0.80) | 0.0003 (0.65) | |
| Year F.E. | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Country F.E. | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry F.E. | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Intercept | −0.776 (−1.24) | −0.848 (−1.36) | −0.868 (−1.39) | −0.838 (−1.35) | −19.17 | −19.82 | −19.94 | −19.74 |
| N | 184,768 | 184,768 | 184,768 | 184,768 | 180,718 | 180,718 | 180,718 | 180,718 |
| 0.412 | 0.412 | 0.412 | 0.412 | 0.695 | 0.695 | 0.696 | 0.695 | |
| Adj. | 0.412 | 0.412 | 0.412 | 0.412 | 0.695 | 0.695 | 0.695 | 0.695 |
In Columns 1–4 the dependent variable is cash flow ratio; in Columns 5–8 the dependent variable is productivity ratio. All models include year, industry, country fixed effects. See the text and Appendix 1 for details on the definitions of the variables. 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; **p-value < 0.05
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