Table A5 Robustness test results Capital...

Table A5

Robustness test results

	Capital expenditure					Asset turnover
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
High remote working × COVID-19	0.163***					0.015***
High remote working × COVID-19	(0.029)					(0.002)
High remote working wage × COVID-19		0.136***					0.014***
High remote working wage × COVID-19		(0.029)					(0.002)
High team interaction × COVID-19			0.152***					0.015***
High team interaction × COVID-19			(0.030)					(0.002)
High customer interaction × COVID-19				−0.118***					−0.010***
High customer interaction × COVID-19				(0.029)					(0.002)
High Face2Face interaction × COVID-19					−0.062**					−0.009***
High Face2Face interaction × COVID-19					(0.029)					(0.002)
Liquidity	0.434***	0.432***	0.420***	0.407***	0.417***	−0.085***	−0.085***	−0.086***	−0.087***	−0.086***
Liquidity	(0.114)	(0.114)	(0.115)	(0.115)	(0.114)	(0.009)	(0.009)	(0.009)	(0.009)	(0.009)
Leverage	−0.023***	−0.023***	−0.024***	−0.023***	−0.023***	−0.002**	−0.002**	−0.002**	−0.002**	−0.002**
Leverage	(0.007)	(0.007)	(0.007)	(0.007)	(0.007)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
Profitability	1.108***	1.123***	1.143***	1.200***	1.205***	0.129***	0.129***	0.136***	0.140***	0.136***
Profitability	(0.388)	(0.388)	(0.391)	(0.391)	(0.388)	(0.028)	(0.028)	(0.028)	(0.028)	(0.028)
Size	0.013	0.013	0.012	0.013	0.013	−0.003***	−0.003***	−0.003***	−0.003***	−0.003***
Size	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Constant	0.929***	0.933***	0.944***	0.957***	0.947***	0.314***	0.314***	0.313***	0.315***	0.317***
Constant	(0.134)	(0.134)	(0.135)	(0.135)	(0.134)	(0.006)	(0.006)	(0.006)	(0.006)	(0.006)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Country-year-quarter fixed effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	53,407	53,407	53,137	53,137	53,407	79,201	79,201	78,876	78,876	79,201
Adjusted R²	0.522	0.522	0.522	0.521	0.522	0.915	0.915	0.916	0.915	0.915

	Capital expenditure					Asset turnover
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
High remote working × COVID-19	0.163***					0.015***
High remote working × COVID-19	(0.029)					(0.002)
High remote working wage × COVID-19		0.136***					0.014***
High remote working wage × COVID-19		(0.029)					(0.002)
High team interaction × COVID-19			0.152***					0.015***
High team interaction × COVID-19			(0.030)					(0.002)
High customer interaction × COVID-19				−0.118***					−0.010***
High customer interaction × COVID-19				(0.029)					(0.002)
High Face2Face interaction × COVID-19					−0.062**					−0.009***
High Face2Face interaction × COVID-19					(0.029)					(0.002)
Liquidity	0.434***	0.432***	0.420***	0.407***	0.417***	−0.085***	−0.085***	−0.086***	−0.087***	−0.086***
Liquidity	(0.114)	(0.114)	(0.115)	(0.115)	(0.114)	(0.009)	(0.009)	(0.009)	(0.009)	(0.009)
Leverage	−0.023***	−0.023***	−0.024***	−0.023***	−0.023***	−0.002**	−0.002**	−0.002**	−0.002**	−0.002**
Leverage	(0.007)	(0.007)	(0.007)	(0.007)	(0.007)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
Profitability	1.108***	1.123***	1.143***	1.200***	1.205***	0.129***	0.129***	0.136***	0.140***	0.136***
Profitability	(0.388)	(0.388)	(0.391)	(0.391)	(0.388)	(0.028)	(0.028)	(0.028)	(0.028)	(0.028)
Size	0.013	0.013	0.012	0.013	0.013	−0.003***	−0.003***	−0.003***	−0.003***	−0.003***
Size	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Constant	0.929***	0.933***	0.944***	0.957***	0.947***	0.314***	0.314***	0.313***	0.315***	0.317***
Constant	(0.134)	(0.134)	(0.135)	(0.135)	(0.134)	(0.006)	(0.006)	(0.006)	(0.006)	(0.006)
Firm fixed effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Country-year-quarter fixed effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	53,407	53,407	53,137	53,137	53,407	79,201	79,201	78,876	78,876	79,201
Adjusted R²	0.522	0.522	0.522	0.521	0.522	0.915	0.915	0.916	0.915	0.915

Note(s): The dependent variable in columns (1)-(5) is Capital expenditure and that in columns (6)-(10) is Asset turnover. Here, COVID-19 equals 1 for Q1’2020 - 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 firm level. ***, ** and *denotes significance level at 1, 5 and 10% respectively

Source(s): Authors’ computations

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