Table A8

Industry-wise clustering

Capital expenditureAsset turnover
(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)
High remote working × COVID-190.176***    0.013*    
(0.055)    (0.007)    
High remote working wage × COVID-19 0.147**    0.012   
 (0.053)    (0.007)   
High team interaction × COVID-19  0.144**    0.013*  
  (0.058)    (0.007)  
High customer interaction × COVID-19   −0.124*    −0.015* 
   (0.063)    (0.008) 
High Face2Face interaction × COVID-19    −0.072    −0.011
    (0.071)    (0.007)
Firm-level controlsYesYesYesYesYesYesYesYesYesYes
Firm fixed effectsYesYesYesYesYesYesYesYesYesYes
Country-year-quarter fixed effectsYesYesYesYesYesYesYesYesYesYes
Observations53,40753,40753,13753,13753,40779,20179,20178,87678,87679,201
Adjusted R20.5220.5220.5220.5210.5220.9150.9150.9160.9150.915

Note(s): The dependent variable in columns (1)-(5) is Capital expenditure and that in columns (6)-(10) is Asset turnover. 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 that are clustered at the industry level. ***, ** and *denotes significance level at 1, 5 and 10%, respectively

Source(s): Authors’ computations

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