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 |
| PMd | −5.992*** (−3.61) | 8.225*** (3.23) | ||||||
| COe | −2.339*** (−2.87) | −0.763 (−0.66) | ||||||
| CHA | −0.161*** (−3.50) | 0.737*** (9.44) | ||||||
| NOx | −0.040 (−0.28) | 1.361*** (5.98) | ||||||
| Age | −0.860*** (−30.52) | −0.859*** (−30.50) | −0.859*** (−30.51) | −0.859*** (−30.50) | 1.351*** (28.67) | 1.350*** (28.66) | 1.351*** (28.69) | 1.349*** (28.65) |
| Size | 3.331*** (100.04) | 3.330*** (100.01) | 3.330*** (100.02) | 3.330*** (100.01) | −1.716*** (−39.71) | −1.716*** (−39.70) | −1.717*** (−39.75) | −1.717*** (−39.72) |
| Roe | 0.104*** (158.27) | 0.104*** (158.26) | 0.104*** (158.21) | 0.104*** (158.25) | −0.029*** (−34.22) | −0.030*** (−34.25) | −0.029*** (−34.09) | −0.029*** (−34.16) |
| Sales | −2.863*** (−61.43) | −2.864*** (−61.46) | −2.865*** (−61.46) | −2.865*** (−61.47) | −11.38*** (−167.78) | −11.38*** (−167.77) | −11.38*** (−167.81) | −11.38*** (−167.78) |
| Empl | −0.561*** (−21.89) | −0.561*** (−21.90) | −0.562*** (−21.91) | −0.562*** (−21.91) | 17.79*** (337.63) | 17.79*** (337.63) | 17.79*** (337.69) | 17.79*** (337.62) |
| Ltd | 0.078*** (26.33) | 0.078*** (26.44) | 0.078*** (26.36) | 0.078*** (26.40) | −0.059*** (−12.23) | −0.059*** (−12.32) | −0.058*** (−12.16) | −0.058*** (−12.15) |
| IC | 0.009*** (38.50) | 0.009*** (38.49) | 0.009*** (38.49) | 0.009*** (38.50) | 0.0003 (0.63) | 0.0003 (0.62) | 0.0003 (0.65) | 0.003 (0.63) |
| 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 | −0.675 (−1.07) | −0.442 (−0.69) | −0.948 (−1.51) | −0.864 (−1.38) | −20.07*** (−11.09) | −19.65*** (−10.81) | −19.45*** (−10.77) | −20.17*** (−11.08) |
| N | 196,304 | 196,304 | 196,304 | 196,304 | 192,264 | 192,264 | 192,264 | 192,264 |
| R2 | 0.413 | 0.413 | 0.413 | 0.413 | 0.698 | 0.697 | 0.698 | 0.698 |
| Adj. R2 | 0.413 | 0.413 | 0.413 | 0.413 | 0.697 | 0.697 | 0.698 | 0.697 |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
|---|---|---|---|---|---|---|---|---|
| Variables | ||||||||
| PMd | −5.992 | 8.225 | ||||||
| COe | −2.339 | −0.763 (−0.66) | ||||||
| −0.161 | 0.737 | |||||||
| NOx | −0.040 (−0.28) | 1.361 | ||||||
| Age | −0.860 | −0.859 | −0.859 | −0.859 | 1.351 | 1.350 | 1.351 | 1.349 |
| Size | 3.331 | 3.330 | 3.330 | 3.330 | −1.716 | −1.716 | −1.717 | −1.717 |
| Roe | 0.104 | 0.104 | 0.104 | 0.104 | −0.029 | −0.030 | −0.029 | −0.029 |
| Sales | −2.863 | −2.864 | −2.865 | −2.865 | −11.38 | −11.38 | −11.38 | −11.38 |
| Empl | −0.561 | −0.561 | −0.562 | −0.562 | 17.79 | 17.79 | 17.79 | 17.79 |
| Ltd | 0.078 | 0.078 | 0.078 | 0.078 | −0.059 | −0.059 | −0.058 | −0.058 |
| 0.009 | 0.009 | 0.009 | 0.009 | 0.0003 (0.63) | 0.0003 (0.62) | 0.0003 (0.65) | 0.003 (0.63) | |
| 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 | −0.675 (−1.07) | −0.442 (−0.69) | −0.948 (−1.51) | −0.864 (−1.38) | −20.07 | −19.65 | −19.45 | −20.17 |
| N | 196,304 | 196,304 | 196,304 | 196,304 | 192,264 | 192,264 | 192,264 | 192,264 |
| 0.413 | 0.413 | 0.413 | 0.413 | 0.698 | 0.697 | 0.698 | 0.698 | |
| Adj. | 0.413 | 0.413 | 0.413 | 0.413 | 0.697 | 0.697 | 0.698 | 0.697 |
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
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