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Swiss Journal of Economics and Statistics

Table 3 Results: Lockdown and virus intensity variables

From: Firms’ participation in the Swiss COVID-19 loan programme

 

(1) Part.(y/n)

(2) Part.(y/n)

(3) Part.(y/n)

(4) Part.(y/n)

(5) Part.(y/n)

(6) Part.(y/n)

Lockdown index (sectors within cantons)

1.75***

     

Home office index (sectors within cantons)

 

− 1.54***

    

Short-time work (sectors within cantons)

  

3.00***

   

Retail payments (sectors within cantons)

   

− 0.08

  

Virus cases (in canton)

    

0.73***

 

Fatality cases (in canton)

     

0.01***

Headcount dummies

Yes

Yes

Yes

Yes

Yes

Yes

Age dummies

Yes

Yes

Yes

Yes

Yes

Yes

Other demand determinants

Yes

Yes

Yes

Yes

Yes

Yes

Constant

Yes

Yes

Yes

Yes

Yes

Yes

Observations

471211

471211

470274

247969

471211

471211

Log-likelihood

− 212285.10

− 210736.48

− 206940.47

− 119304.33

− 212285.10

− 212051.60

  1. Logit model. The dependent variable is a firm-level binary variable that indicates firm participation in the loan programme. The other demand determinants comprise the Table 2 variables (lockdown index, virus cases, liquidity ratio, debt ratio) excluding the demand determinant shown in the respective columns. Standard errors are clustered at the level of the grouped variable of interest. The number of observations varies depending on data availability of the grouped variables. ***, ** and * denote statistical significance (two-tailed) at the 1%, 5%,and 10% significance levels, respectively
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