| Panel A: Strings and Cost Flexibility | ||||||||
| Independent Variables | (1) | (2) | (3) | (4) | ||||
| String firms | Non-string firms | String years of string firms | Non-string years of string firms | |||||
| Coef. (t-value) | Coef. (t-value) | Coef. (t-value) | Coef. (t-value) | |||||
| Intercept | −0.012 | * | 0.078 | *** | −0.019 | *** | −0.012 |
|
| (−1.87) | (7.50) | (−3.50) |
| (−1.24) |
| |||
| ΔS | 0.937 | *** | 0.539 | *** | 1.036 | *** | 0.885 | *** |
| (56.91) | (43.02) | (128.39) |
| (34.82) |
| |||
| Employee Intensity | 0.148 | * | 0.053 |
| 0.061 |
| 0.185 |
|
| (1.83) |
| (0.22) |
| (1.54) |
| (1.22) |
| |
| Asset Intensity | 0.020 | *** | 0.009 | *** | 0.009 | ** | 0.024 | *** |
| (5.41) |
| (8.46) |
| (2.42) |
| (5.09) |
| |
| Successive Decrease | −0.014 | *** | −0.078 | *** | 0.005 |
| −0.019 | *** |
| (−5.05) |
| (−20.74) |
| (1.39) |
| (−6.04) |
| |
| Stock Performance | −0.031 | *** | −0.012 | *** | −0.023 | *** | −0.035 | *** |
| (−10.72) |
| (−4.70) |
| (−13.62) |
| (−8.24) |
| |
| Industry Fixed Effect Included | Yes | Yes | Yes | Yes | ||||
| Adj-R2 | 0.66 | 0.31 | 0.87 | 0.55 | ||||
| N | 59,557 | 97,768 | 22,189 | 37,368 | ||||
| Number of firms | 2760 | 11,934 | 2760 | 2760 | ||||