From: COVID-19 financial support to small businesses in Switzerland: evaluation and outlook
Independent variables: | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|
Closed de jure | 0.27*** | 0.25*** | 0.32*** | 0.29*** | 0.31*** | 0.28*** |
(0.05) | (0.05) | (0.04) | (0.04) | (0.04) | (0.04) | |
Closed de facto | 0.19*** | 0.18*** | 0.21*** | 0.19*** | 0.21*** | 0.18*** |
(0.04) | (0.04) | (0.04) | (0.04) | (0.04) | (0.04) | |
Expected share of April turnover lost | 0.06 | 0.06 | 0.07* | 0.07* | 0.08** | 0.07** |
(0.04) | (0.04) | (0.04) | (0.04) | (0.04) | (0.04) | |
Physical closeness important: workers | 0.19*** | 0.18*** | 0.09*** | 0.10*** | 0.09*** | 0.10*** |
(0.03) | (0.03) | (0.03) | (0.03) | (0.03) | (0.03) | |
Physical closeness important: clients | − 0.03 | − 0.02 | − 0.02 | − 0.04 | − 0.02 | − 0.04 |
(0.04) | (0.04) | (0.03) | (0.03) | (0.03) | (0.03) | |
Employment: 2–9 FTE | 0.23*** | 0.22*** | 0.23*** | 0.23*** | ||
(0.03) | (0.03) | (0.03) | (0.03) | |||
Employment: > 10 FTE | 0.32*** | 0.31*** | 0.32*** | 0.31*** | ||
(0.05) | (0.05) | (0.05) | (0.05) | |||
Debt ratio 2019: [0.01–0.25] | 0.12*** | 0.12*** | 0.12*** | 0.13*** | ||
(0.04) | (0.04) | (0.04) | (0.04) | |||
Debt ratio 2019: [0.26–1] | 0.06 | 0.09 | 0.05 | 0.08 | ||
(0.05) | (0.06) | (0.05) | (0.06) | |||
Profit to sales ratio 2019: [0–0.25] | − 0.05 | − 0.04 | − 0.04 | − 0.03 | ||
(0.10) | (0.10) | (0.10) | (0.10) | |||
Profit to sales ratio 2019: > 0.25 | − 0.13 | − 0.12 | − 0.12 | − 0.11 | ||
(0.10) | (0.11) | (0.10) | (0.10) | |||
Owner private wealth 2019: [50k–500k CHF] | 0.06 | 0.07* | 0.07* | 0.08** | ||
(0.04) | (0.04) | (0.04) | (0.04) | |||
Owner private wealth 2019: > 500k CHF | 0.01 | 0.00 | 0.03 | 0.03 | ||
(0.04) | (0.04) | (0.04) | (0.04) | |||
Labour cost share 2019: < 0.33 | − 0.04 | − 0.04 | − 0.04 | − 0.04 | ||
(0.04) | (0.04) | (0.04) | (0.04) | |||
Labour cost share 2019: [0.33–0.66] | 0.14*** | 0.13*** | 0.13*** | 0.13*** | ||
(0.04) | (0.04) | (0.04) | (0.04) | |||
German-speaking Switzerland | 0.01 | − 0.00 | ||||
(0.03) | (0.03) | |||||
Italian-speaking Switzerland | 0.06 | 0.04 | ||||
(0.05) | (0.05) | |||||
45 ≤ age ≤ 65 | − 0.05 | − 0.06 | ||||
(0.04) | (0.04) | |||||
Age > 65 | − 0.10* | − 0.11** | ||||
(0.05) | (0.05) | |||||
Education: vocational qualifications | 0.08 | 0.04 | ||||
(0.12) | (0.12) | |||||
Education: academic qualifications | 0.07 | 0.03 | ||||
(0.12) | (0.12) | |||||
Female | − 0.03 | − 0.02 | ||||
(0.03) | (0.03) | |||||
Swiss national | − 0.11*** | − 0.10*** | ||||
(0.04) | (0.04) | |||||
Observations | 822 | 822 | 822 | 822 | 822 | 822 |
Adjusted R2 | 0.12 | 0.16 | 0.28 | 0.29 | 0.28 | 0.30 |
Industry FE | No | Yes | No | Yes | No | Yes |