Table 1 Descriptive statistics Full...

Table 1

Descriptive statistics

	Full sample			PreCOVID			COVID
	N	Mean	SD	N	Mean	SD	N	Mean	SD	Diff
EBIT/TA	45213	−0.002	0.062	12597	−0.006	0.067	11259	−0.003	0.060	−0.003**
M2B	45213	2.373	1.942	12597	2.263	1.883	11259	2.715	2.394	−0.452***
Depreciation	45213	0.011	0.007	12597	0.011	0.007	11259	0.009	0.007	0.001*
Size	45213	7.268	1.894	12597	7.209	1.932	11259	7.294	1.959	−0.085***
Tangibility	45213	0.254	0.243	12597	0.262	0.246	11259	0.240	0.225	0.022***
R&D/TA	45213	0.014	0.028	12597	0.015	0.030	11259	0.014	0.027	0.001
R&D Dummy	45213	0.449	0.497	12597	0.461	0.498	11259	0.477	0.499	−0.016**
Ind Median Book Lev	45213	0.284	0.133	12597	0.281	0.133	11259	0.274	0.132	0.007**
Ind Median Market Lev	45213	0.212	0.153	12597	0.210	0.152	11259	0.198	0.148	0.011**
Book Lev	45213	0.332	0.243	12597	0.347	0.242	11259	0.239	0.141	0.108***
Book Dev	45213	0.202	0.361	12597	0.202	0.354	11259	0.225	0.340	−0.023***
Book Target	45213	0.530	0.275	12597	0.537	0.267	11259	0.579	0.256	−0.042***
Market Lev	45213	0.259	0.230	12597	0.289	0.248	11259	0.157	0.230	0.132***
Market Dev	45213	0.296	0.369	12597	0.290	0.376	11259	0.292	0.377	−0.002*
Market Target	45213	0.552	0.352	12597	0.559	0.356	11259	0.568	0.368	−0.009**
NPND	45213	0.293	0.455	12597	0.266	0.442	11259	0.309	0.462	−0.043**
Dividend payout	45213	0.944	0.230	12597	0.947	0.224	11259	0.934	0.248	0.0128***
ITC	45213	0.716	0.451	12597	0.711	0.453	11259	0.693	0.461	0.018***
Covid Exposure	45213	0.339	0.858	12597	0.060	0.289	11259	1.296	1.282	−1.236***
Covid Risk	45213	0.0236	0.097	12597	0.002	0.028	11259	0.089	0.173	−0.086***
Ln(RISK)	45213	3.586	1.337	12597	3.471	1.399	11259	3.998	1.121	−0.527***

	Full sample			PreCOVID			COVID
	N	Mean	SD	N	Mean	SD	N	Mean	SD	Diff
EBIT/TA	45213	−0.002	0.062	12597	−0.006	0.067	11259	−0.003	0.060	−0.003**
M2B	45213	2.373	1.942	12597	2.263	1.883	11259	2.715	2.394	−0.452***
Depreciation	45213	0.011	0.007	12597	0.011	0.007	11259	0.009	0.007	0.001*
Size	45213	7.268	1.894	12597	7.209	1.932	11259	7.294	1.959	−0.085***
Tangibility	45213	0.254	0.243	12597	0.262	0.246	11259	0.240	0.225	0.022***
R&D/TA	45213	0.014	0.028	12597	0.015	0.030	11259	0.014	0.027	0.001
R&D Dummy	45213	0.449	0.497	12597	0.461	0.498	11259	0.477	0.499	−0.016**
Ind Median Book Lev	45213	0.284	0.133	12597	0.281	0.133	11259	0.274	0.132	0.007**
Ind Median Market Lev	45213	0.212	0.153	12597	0.210	0.152	11259	0.198	0.148	0.011**
Book Lev	45213	0.332	0.243	12597	0.347	0.242	11259	0.239	0.141	0.108***
Book Dev	45213	0.202	0.361	12597	0.202	0.354	11259	0.225	0.340	−0.023***
Book Target	45213	0.530	0.275	12597	0.537	0.267	11259	0.579	0.256	−0.042***
Market Lev	45213	0.259	0.230	12597	0.289	0.248	11259	0.157	0.230	0.132***
Market Dev	45213	0.296	0.369	12597	0.290	0.376	11259	0.292	0.377	−0.002*
Market Target	45213	0.552	0.352	12597	0.559	0.356	11259	0.568	0.368	−0.009**
NPND	45213	0.293	0.455	12597	0.266	0.442	11259	0.309	0.462	−0.043**
Dividend payout	45213	0.944	0.230	12597	0.947	0.224	11259	0.934	0.248	0.0128***
ITC	45213	0.716	0.451	12597	0.711	0.453	11259	0.693	0.461	0.018***
Covid Exposure	45213	0.339	0.858	12597	0.060	0.289	11259	1.296	1.282	−1.236***
Covid Risk	45213	0.0236	0.097	12597	0.002	0.028	11259	0.089	0.173	−0.086***
Ln(RISK)	45213	3.586	1.337	12597	3.471	1.399	11259	3.998	1.121	−0.527***

Note(s): The table reports the descriptive statistics of all the variables. The variables are defined in Appendix Table A1

PreCOVID and COVID samples range between 2018Q3-2020Q1 and 2020Q2-2021Q4 respectively, while the full sample is for the period 2015Q1-2021Q4. ***p < 0.01, **p < 0.05, *p < 0.1 signifies significance at 1%, 5%, and 10% respectively

Source(s): Table by authors

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