Table 12 Robustness Analysis for Table 5 by Adding Additional Controls for Business Risk (Standard deviation of EPS), Profitability (ROA), Ratio of total security investment to total asset and Ratio of Cash and Cash Equivalents to total asset)
From: Does supplier concentration matter to investors during the COVID-19 crisis: evidence from China?
Variables | R[− 1, 1] All | R[− 2, 2] All | R[− 1, 1] Secondary | R[− 2, 2] Secondary |
|---|---|---|---|---|
SC_adjusted | − 3.437** (− 2.14) | − 4.531** (− 2.40) | − 3.044** (− 2.58) | − 4.764** (− 2.21) |
LnAsset | 1.215*** (3.60) | 1.380*** (3.81) | 1.435** (2.89) | 1.660*** (3.79) |
BM | − 4.617*** (− 5.51) | − 5.233*** (− 5.14) | − 4.018*** (− 3.90) | − 4.363*** (− 4.91) |
Leverage | − 4.977* (− 1.89) | − 7.164*** (− 5.94) | − 6.216** (− 2.18) | − 8.592*** (− 5.68) |
EPS_std | 0.887 (1.17) | − 0.535 (0.91) | 1.301 (1.62) | 0.950 (1.48) |
ROA | 0.171*** (5.05) | 0.207*** (3.39) | 0.177*** (4.21) | 0.216*** (3.03) |
Invest/Asset | − 6.341 (− 0.07) | − 13.477 (− 0.12) | 16.668 (0.12) | 17.209 (0.12) |
Cash/Asset | − 0.439 (− 0.24) | − 1.996 (− 0.85) | 0.056 (0.02) | − 1.636 (− 0.56) |
Constant | − 5.324** (− 2.65) | − 2.453 (− 1.24) | − 5.260** (− 2.25) | − 2.768 (− 1.14) |
Location FE | Yes | Yes | Yes | Yes |
Observations | 1965 | 1965 | 1558 | 1558 |
R-squared | 0.142 | 0.124 | 0.159 | 0.139 |
Variables | \({R}^{{{\prime}}{{\prime}}}\)[− 1, 1] All | \({R}^{{{\prime}}{{\prime}}}\)[− 2, 2] All | \({R}^{{{\prime}}{{\prime}}}\)[− 1, 1] Secondary | \({R}^{{{\prime}}{{\prime}}}\)[− 2, 2] Secondary |
|---|---|---|---|---|
SC_adjusted | − 5.578** (− 2.32) | − 6.879** (− 2.21) | − 9.012*** (− 4.24) | − 10.031*** (− 4.15) |
LnAsset | 1.211*** (3.44) | 1.312*** (3.77) | 1.512*** (4.79) | 1.735*** (4.44) |
BM | − 5.133*** (− 4.10) | − 6.015*** (− 3.99) | − 7.324*** (− 3.93) | − 7.995*** (− 3.56) |
Leverage | − 1.897 (− 1.52) | − 2.783** (− 2.37) | − 2.457 (− 1.46) | − 3.587** (− 2.46) |
EPS_std | 0.745 (0.93) | 0.459 (0.78) | 0.690 (1.12) | 0.398 (0.85) |
ROA | 0.192*** (4.11) | 0.241*** (4.26) | 0.189*** (3.97) | 0.297*** (4.01) |
Invest/Asset | 3.845 (1.01) | 5.023 (1.08) | 5.956 (1.09) | 6.586 (1.13) |
Cash/Asset | 0.231 (0.15) | − 1.247 (− 0.65) | − 0.132 (− 0.11) | − 1.785 (− 0.89) |
Constant | 2.341 (0.98) | 2.797 (1.43) | 2.586 (1.03) | 3.213 (1.09) |
Location FE | Yes | Yes | Yes | Yes |
Observations | 1965 | 1965 | 1558 | 1558 |
R-squared | 0.178 | 0.157 | 0.168 | 0.168 |