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Table 9 Matched sample comparison for high SC vs low SC

From: Does supplier concentration matter to investors during the COVID-19 crisis: evidence from China?

 

(1)

(2)

Dif. (2) - (1)

High supplier concentration

Low supplier concentration

Three-day cumulative raw returns

(N = 504)

− 12.962%

(N = 504)

− 11.703%

− 1.259% (− 2.23)**

Five-day cumulative raw returns

(N = 504)

− 10.355%

(N = 504)

− 8.379%

− 1.976% (− 2.93)***

  1. Two sample t-Test results: Three-day cumulative raw returns over the three-trading day window (Jan 23 – Feb 4 2020) and the five-trading day window (Jan 22 – Feb 5 2020) after Wuhan lockdown. The sample returns are computed based on industry neutral high vs low supplier concentration groups after controlling for size and market-to-book. High SC is the top 25% and low SC is the bottom 25% of the SC values. The matching criteria of size and market-to-book are ± 30%. There is no repeating use of the matching firms so each matched pair of high and low SC firms is a unique pair