Table 3

WFH amenability and activity: Estimations with continuous measure of amenability

(1)(2)(3)(4)(5)
Panel A – capital expenditure
Remote working × COVID-190.316*** (0.070)    
Remote working wage × COVID-19 0.332*** (0.068)   
Team interaction × COVID-19  0.005*** (0.002)  
Customer interaction × COVID-19   −0.005*** (0.001) 
Face2Face interaction × COVID-19    −0.539*** (0.075)
Firm-level controlsYesYesYesYesYes
Firm fixed effectsYesYesYesYesYes
Country-year-quarter fixed effectsYesYesYesYesYes
Observations53,40753,40753,13753,13753,407
Adjusted R20.5220.5220.5220.5220.522
Panel B – asset turnover
Remote working × COVID-190.038***    
(0.005)    
Remote working wage × COVID-19 0.038***   
 (0.005)   
Team interaction × COVID-19  0.001***  
  (0.000)  
Customer interaction × COVID-19   −0.001*** 
   (0.000) 
Face2Face interaction × COVID-19    −0.080***
    (0.007)
Firm-level controlsYesYesYesYesYes
Firm fixed effectsYesYesYesYesYes
Country-year-quarter fixed effectsYesYesYesYesYes
Observations79,20179,20178,87678,87679,201
Adjusted R20.9150.9150.9150.9150.915

Note(s): The dependent variable in Panel A is Capital expenditure and that in Panel B is Asset turnover. The description of all variables is presented in Table 1. The standard errors are shown in parenthesis, which are clustered at the firm level. ***, **, *denotes significance level at 1, 5 and 10% respectively

Source(s): Authors’ computations

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