Robustness checks
| DV | Δ in-degree centrality | Δ out-degree centrality | Δ ego network density | |||
|---|---|---|---|---|---|---|
| Year | 2011 | 2013 | 2011 | 2013 | 2011 | 2013 |
| Model 7 | Model 8 | Model 9 | Model 10 | Model 11 | Model 12 | |
| Earthquake | −3.303** (1.256) | −8.734*** (2.203) | −2.719** (0.904) | −4.182** (1.436) | −0.983* (0.400) | −0.155 (0.389) |
| In-degree centrality | 1.105*** (0.096) | 0.586** (0.188) | 0.156* (0.073) | 0.042 (0.104) | −0.022 (0.016) | −0.013 (0.015) |
| Out-degree centrality | −0.050 (0.099) | −0.583* (0.234) | −0.274** (0.089) | −0.209 (0.145) | 0.046 (0.028) | 0.006 (0.023) |
| Ego network density | 0.071 (0.197) | 0.126 (0.347) | 0.201 (0.158) | 0.262 (0.291) | −0.682** (0.213) | −0.428* (0.193) |
| Log assets | 4.389* (1.793) | 2.474 (2.370) | −0.336 (0.969) | 3.671* (1.753) | 0.601 (0.643) | −0.087 (0.424) |
| Log employees | −0.350 (0.905) | 2.154 (1.459) | 0.383 (0.629) | −0.078 (0.964) | 0.791* (0.312) | 0.491 (0.298) |
| Log inventory | −0.373 (1.138) | 1.047 (1.505) | 0.308 (0.789) | 1.059 (1.526) | −1.510 (0.725) | −0.497 (0.261) |
| Return-on-assets | 0.091 (0.130) | 0.268 (0.275) | −0.299* (0.122) | −0.529 (0.227) | −0.004 (0.051) | −0.019 (0.047) |
| COGS-to-sales | −3.071 (3.510) | 6.673 (6.159) | −16.431*** (3.080) | −15.637** (4.526) | 3.766* (1.831) | 3.298* (1.297) |
| Cash-to-assets | 5.322 (7.048) | −1.220 (10.208) | 2.491 (5.081) | 0.083 (0.718) | −2.119 (1.543) | 0.970 (02.187) |
| Leverage | 1.822 (1.400) | 1.664 (1.516) | 2.077* (1.029) | −0.349 (0.240) | −0.133 (0.136) | −0.322* (0.131) |
| Sector dummy | Included | Included | Included | Included | Included | Included |
| Constant | −80.790** (25.629) | −88.106* (39.513) | −7.049 (17.353) | −50.924† (29.400) | 1.319 (6.049) | 6.780 (6.322) |
| R-squared | 0.920 | 0.610 | 0.444 | 0.211 | 0.459 | 0.255 |
| Observations | 152 | 152 | 152 | 152 | 152 | 152 |
| DV | ||||||
|---|---|---|---|---|---|---|
| Year | 2011 | 2013 | 2011 | 2013 | 2011 | 2013 |
| Model 7 | Model 8 | Model 9 | Model 10 | Model 11 | Model 12 | |
| Earthquake | −3.303** (1.256) | −8.734*** (2.203) | −2.719** (0.904) | −4.182** (1.436) | −0.983* (0.400) | −0.155 (0.389) |
| In-degree centrality | 1.105*** (0.096) | 0.586** (0.188) | 0.156* (0.073) | 0.042 (0.104) | −0.022 (0.016) | −0.013 (0.015) |
| Out-degree centrality | −0.050 (0.099) | −0.583* (0.234) | −0.274** (0.089) | −0.209 (0.145) | 0.046 (0.028) | 0.006 (0.023) |
| Ego network density | 0.071 (0.197) | 0.126 (0.347) | 0.201 (0.158) | 0.262 (0.291) | −0.682** (0.213) | −0.428* (0.193) |
| Log assets | 4.389* (1.793) | 2.474 (2.370) | −0.336 (0.969) | 3.671* (1.753) | 0.601 (0.643) | −0.087 (0.424) |
| Log employees | −0.350 (0.905) | 2.154 (1.459) | 0.383 (0.629) | −0.078 (0.964) | 0.791* (0.312) | 0.491 (0.298) |
| Log inventory | −0.373 (1.138) | 1.047 (1.505) | 0.308 (0.789) | 1.059 (1.526) | −1.510 (0.725) | −0.497 (0.261) |
| Return-on-assets | 0.091 (0.130) | 0.268 (0.275) | −0.299* (0.122) | −0.529 (0.227) | −0.004 (0.051) | −0.019 (0.047) |
| COGS-to-sales | −3.071 (3.510) | 6.673 (6.159) | −16.431*** (3.080) | −15.637** (4.526) | 3.766* (1.831) | 3.298* (1.297) |
| Cash-to-assets | 5.322 (7.048) | −1.220 (10.208) | 2.491 (5.081) | 0.083 (0.718) | −2.119 (1.543) | 0.970 (02.187) |
| Leverage | 1.822 (1.400) | 1.664 (1.516) | 2.077* (1.029) | −0.349 (0.240) | −0.133 (0.136) | −0.322* (0.131) |
| Sector dummy | Included | Included | Included | Included | Included | Included |
| Constant | −80.790** (25.629) | −88.106* (39.513) | −7.049 (17.353) | −50.924† (29.400) | 1.319 (6.049) | 6.780 (6.322) |
| 0.920 | 0.610 | 0.444 | 0.211 | 0.459 | 0.255 | |
| Observations | 152 | 152 | 152 | 152 | 152 | 152 |
Note(s): Robust standard errors in parenthesis. †p < 0.1, *p < 0.05, **p < 0.01, ***p < 0.001