Figure 9.
The line plot shows the cumulative percentage of firms that bounced back to their pre-drop firm value as the number of quarters to recovery increases. The horizontal axis represents quarters to bounce back, while the vertical axis denotes the cumulative percentage of firms. Two lines compare high digital transformation firms and low digital transformation firms. High digital transformation firms display a steeper early recovery, reaching higher cumulative recovery levels within fewer quarters, whereas low digital transformation firms recover more gradually before converging at full recovery.Cumulative % of firms bounced back to pre-drop value