Table 7 Models – robustness by new...

Table 7

Models – robustness by new variable definition

	Economic performance		Social performance
	Operating margin (op margin)		Death rate (deaths/occupied beds)
	(1)	(2)	(3)	(4)
COMP	−0.0088***	0.0688***	0.0381***	0.0405***
COMP	(0.0013)	(0.0025)	(0.0097)	(0.0141)
COMP*PUBF		−0.1902***		−0.0067
COMP*PUBF		(0.0052)		(0.0290)
PUBF	0.0376***	0.0585***	0.0122	0.0128
PUBF	(0.0018)	(0.0018)	(0.0081)	(0.0085)
Covid	−0.0225***	−0.0233***	–	–
Covid	(0.0012)	(0.0012)	–	–
Financial leverage	−0.0023***	−0.0022***	0.0000	0.0000
Financial leverage	(0.0001)	(0.0001)	(0.0001)	(0.0001)
Solvency level	0.0617***	0.0580***	0.0117	0.0118
Solvency level	(0.002)	(0.0019)	(0.0102)	(0.0102)
Penalties	0.0743***	0.0733***	0.2404***	0.2396***
Penalties	(0.0037)	(0.0036)	(0.0335)	(0.0336)
Location	0.0242***	0.0200***	0.0169**	0.0168**
Location	(0.0012)	(0.0012)	(0.0067)	(0.0067)
F-Prob	0.0000	0.0000	0.0000	0.0000
R-squared	0.4996	0.5310	00.2350	0.2350

	Economic performance		Social performance
	Operating margin (op margin)		Death rate (deaths/occupied beds)
	(1)	(2)	(3)	(4)
COMP	−0.0088***	0.0688***	0.0381***	0.0405***
COMP	(0.0013)	(0.0025)	(0.0097)	(0.0141)
COMP*PUBF		−0.1902***		−0.0067
COMP*PUBF		(0.0052)		(0.0290)
PUBF	0.0376***	0.0585***	0.0122	0.0128
PUBF	(0.0018)	(0.0018)	(0.0081)	(0.0085)
Covid	−0.0225***	−0.0233***	–	–
Covid	(0.0012)	(0.0012)	–	–
Financial leverage	−0.0023***	−0.0022***	0.0000	0.0000
Financial leverage	(0.0001)	(0.0001)	(0.0001)	(0.0001)
Solvency level	0.0617***	0.0580***	0.0117	0.0118
Solvency level	(0.002)	(0.0019)	(0.0102)	(0.0102)
Penalties	0.0743***	0.0733***	0.2404***	0.2396***
Penalties	(0.0037)	(0.0036)	(0.0335)	(0.0336)
Location	0.0242***	0.0200***	0.0169**	0.0168**
Location	(0.0012)	(0.0012)	(0.0067)	(0.0067)
F-Prob	0.0000	0.0000	0.0000	0.0000
R-squared	0.4996	0.5310	00.2350	0.2350

Note(s): Regressions of Social Dimension consider the ratio of deaths during the first wave of COVID-19 (data as of August 2020). For this reason, the control variable Covid has not been considered

Standard errors are in parentheses

***p < 0.01, **p < 0.05, *p < 0.10

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