Table A3

Debt and WFH amenability

(1)(2)(3)(4)(5)
High remote working × COVID-190.003***    
(0.001)    
High remote working wage × COVID-19 0.004***   
 (0.001)   
High team interaction × COVID-19  0.001  
  (0.001)  
High customer interaction × COVID-19   0.001 
   (0.001) 
High Face2Face interaction × COVID-19    −0.003**
    (0.001)
Liquidity−0.024***−0.023***−0.025***−0.025***−0.024***
(0.005)(0.005)(0.005)(0.005)(0.005)
Profitability−0.049***−0.049***−0.046***−0.045***−0.048***
(0.017)(0.017)(0.017)(0.017)(0.017)
Size0.027***0.027***0.027***0.027***0.027***
(0.002)(0.002)(0.002)(0.002)(0.002)
Constant−0.349***−0.349***−0.349***−0.349***−0.350***
(0.023)(0.023)(0.023)(0.023)(0.023)
Firm fixed effectsYesYesYesYesYes
Country-year-quarter fixed effectsYesYesYesYesYes
Observations75,87775,87775,55975,55975,877
Adjusted R20.0550.0550.0550.0550.055

Note(s): The dependent variable is Δ debt. COVID-19 equals 1 for Q2’2020 - Q4’2020 and 0 otherwise. The description of all variables is presented in Table 1. The standard errors are shown in parenthesis, which are clustered at the industry level. ***, ** and *denotes significance level at 1, 5 and 10%, respectively

Source(s): Authors’ computations

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