Table 5 Multiple regression results...

Table 5

Multiple regression results

Variables	Model 1 (IMPACT as a dependent variable)			Model 2 (SALESEMPL as a dependent variable)
	Coefficients	Std. error	t-value	Coefficients	Std. error	t-value
Firm-specific
SECTOR	−0.028***	0.006	−4.921	−0.795***	0.170	−4.688
SIZE	3.118E-5*	0.000	1.956	0.003***	0.001	4.921
EXPORTERS	0.056***	0.014	3.918	−0.978**	0.430	−2.275
DEMAND	0.041***	0.008	4.915	3.568***	0.250	14.291
ADJUSTED	0.031***	0.010	3.145	0.381	0.300	1.272
Financial factors
BUFFER	0.001***	0.000	2.952	0.020	0.014	1.407
EQUITY	−0.004***	0.001	−3.099	0.079**	0.040	1.998
LOANS	−0.007	0.017	−0.405	2.229***	0.499	4.472
GOVSUPPORT	−0.009	0.007	−1.373	−0.045	0.205	−0.220
Country-specific
ECONOMY	0.101***	0.010	10.585	2.486***	0.287	8.672
COVID19	−4.081E − 7	0.000	−1.157	−2.977E − 5***	0.000	−2.761
CORPGOV	−0.081***	0.018	−4.565	−4.047***	0.536	−7.551
Constant (model)	1.571***	0.037	42.019	−8.450***	1.120	−7.547
R (model)	0.280			0.329
F-statistics (model)	26.383***			36.847***
Durbin-Watson	1.766			1.834

Variables	Model 1 (IMPACT as a dependent variable)			Model 2 (SALESEMPL as a dependent variable)
	Coefficients	Std. error	t-value	Coefficients	Std. error	t-value
Firm-specific
SECTOR	−0.028***	0.006	−4.921	−0.795***	0.170	−4.688
SIZE	3.118E-5*	0.000	1.956	0.003***	0.001	4.921
EXPORTERS	0.056***	0.014	3.918	−0.978**	0.430	−2.275
DEMAND	0.041***	0.008	4.915	3.568***	0.250	14.291
ADJUSTED	0.031***	0.010	3.145	0.381	0.300	1.272
Financial factors
BUFFER	0.001***	0.000	2.952	0.020	0.014	1.407
EQUITY	−0.004***	0.001	−3.099	0.079**	0.040	1.998
LOANS	−0.007	0.017	−0.405	2.229***	0.499	4.472
GOVSUPPORT	−0.009	0.007	−1.373	−0.045	0.205	−0.220
Country-specific
ECONOMY	0.101***	0.010	10.585	2.486***	0.287	8.672
COVID19	−4.081E − 7	0.000	−1.157	−2.977E − 5***	0.000	−2.761
CORPGOV	−0.081***	0.018	−4.565	−4.047***	0.536	−7.551
Constant (model)	1.571***	0.037	42.019	−8.450***	1.120	−7.547
R (model)	0.280			0.329
F-statistics (model)	26.383***			36.847***
Durbin-Watson	1.766			1.834

Notes:

Model 1 assumes IMPACT to be a dependent variable. Model 2 assumes SALESEMPL to be a dependent variable. Definitions of variables are summarised in Table 2. Statistical significance is indicated as

**; and

*** at the 10%; 5%; and 1% levels, respectively

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