Table 7 COVID 19 outbreak and CSR...

Table 7

COVID 19 outbreak and CSR disclosure – the role of pandemic life-cycle

Explanatory variables	Dependent variable: CSR disclosure
	(1)	(2)	(3)
	Incubation	Outbreak	Recovery
$C O V I D_{N Z, t}$	0.450 (0.391)	1.156*** (0.210)	0.874*** (0.045)
$R A N G E_{i, t}$	0.049 (0.103)	0.019 (0.087)	−0.425*** (0.161)
$I L L I Q_{i, t}$	−0.093 (0.057)	−0.286*** (0.065)	−0.481*** (0.105)
$P R O F_{i, t}$	−0.315*** (0.116)	−0.352*** (0.116)	−0.048 (0.175)
$L E V_{i, t}$	−0.039 (0.042)	−0.002 (0.046)	0.064 (0.074)
$S I Z E_{i, t}$	0.424** (0.193)	0.664*** (0.200)	1.395*** (0.346)
$A G E_{j, t}$	−0.007 (0.064)	0.194*** (0.066)	0.736*** (0.129)
$B E T A_{N Z, t}^{M K T}$	−0.037 (0.039)	−0.044 (0.043)	−0.079 (0.074)
$B E T A_{N Z, t}^{S M B}$	−0.143* (0.078)	−0.334*** (0.104)	−0.387* (0.200)
$B E T A_{N Z, t}^{H M L}$	0.000 (0.062)	0.153** (0.066)	0.172 (0.106)
$B E T A_{N Z, t}^{M O M}$	−0.052 (0.039)	−0.091** (0.041)	−0.064 (0.077)
$C O N S T A N T_{i, t}$	7.733*** (0.936)	7.796*** (0.790)	−17.998*** (2.492)
$I n d u s t r y e f f e c t$	Yes	Yes	Yes
$O b s e r v a t i o n s$	310	1,062	1,095
$F - s t a t (p - v a l u e)$	0.000	0.000	0.000
$A d j R^{2}$	0.249	0.303	0.182

Explanatory variables	Dependent variable: CSR disclosure
	(1)	(2)	(3)
	Incubation	Outbreak	Recovery
$C O V I D_{N Z, t}$	0.450 (0.391)	1.156*** (0.210)	0.874*** (0.045)
$R A N G E_{i, t}$	0.049 (0.103)	0.019 (0.087)	−0.425*** (0.161)
$I L L I Q_{i, t}$	−0.093 (0.057)	−0.286*** (0.065)	−0.481*** (0.105)
$P R O F_{i, t}$	−0.315*** (0.116)	−0.352*** (0.116)	−0.048 (0.175)
$L E V_{i, t}$	−0.039 (0.042)	−0.002 (0.046)	0.064 (0.074)
$S I Z E_{i, t}$	0.424** (0.193)	0.664*** (0.200)	1.395*** (0.346)
$A G E_{j, t}$	−0.007 (0.064)	0.194*** (0.066)	0.736*** (0.129)
$B E T A_{N Z, t}^{M K T}$	−0.037 (0.039)	−0.044 (0.043)	−0.079 (0.074)
$B E T A_{N Z, t}^{S M B}$	−0.143* (0.078)	−0.334*** (0.104)	−0.387* (0.200)
$B E T A_{N Z, t}^{H M L}$	0.000 (0.062)	0.153** (0.066)	0.172 (0.106)
$B E T A_{N Z, t}^{M O M}$	−0.052 (0.039)	−0.091** (0.041)	−0.064 (0.077)
$C O N S T A N T_{i, t}$	7.733*** (0.936)	7.796*** (0.790)	−17.998*** (2.492)
$I n d u s t r y e f f e c t$	Yes	Yes	Yes
$O b s e r v a t i o n s$	310	1,062	1,095
$F - s t a t (p - v a l u e)$	0.000	0.000	0.000
$A d j R^{2}$	0.249	0.303	0.182

Note(s): Table 7 reports the results across three different pandemics stages in New Zealand such as incubation, outbreak and recovery in columns (1), (2) and (3), respectively. We describe the timeline of events characterising each of these periods in Section 4.6.1. The robust standard errors are reported in the parentheses. And “***”, “**” and “*”, represent the significance at 1, 5 and 10% levels, respectively. The variables are defined as in Appendix

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