Independent Variables

(1)

(2)

(3)

(4)

(5)

String firms

Non-string firms

String years of firms that experience sales decrease(s) during string periods

Non-string years of string firms

All firm years

Coef. (t-value)

Coef. (t-value)

Coef. (t-value)

Coef. (t-value)

Coef. (t-value)

Intercept

−0.013

***

0.059

***

−0.009

**

−0.013

**

0.053

***

(−3.58)

(10.10)

(−2.40)

(−2.24)

(20.30)

∆lnS

0.953

***

0.595

***

1.039

***

0.888

***

0.701

***

(99.88)

(61.18)

(123.95)

(54.08)

(91.43)

∆lnS*Dec

−0.063

−0.063

***

0.213

***

−0.017

−0.157

***

(−1.64)

(−3.66)

(4.71)

(−0.42)

(−14.00)

∆lnS*Dec*Break

−0.238

***

−0.468

***

−0.566

***

−0.290

***

(−6.63)

(−15.64)

(−4.93)

(−6.59)

∆lnS*Break

0.200

***

0.513

***

0.244

***

0.265

***

(10.67)

(35.00)

(2.97)

(10.54)

Break

0.036

***

0.030

***

0.038

***

0.036

***

(17.26)

(11.23)

(6.07)

(13.44)

Dec

−0.002

−0.044

***

0.001

−0.005

**

(−1.06)

(−17.02)

(0.53)

(−1.99)

∆lnS*Dec*

Employee Intensity

0.182

−2.706

***

−2.129

*

−0.541

(0.15)

(−5.12)

(−1.72)

(−0.39)

∆lnS*Dec*

Asset Intensity

−0.043

**

−0.014

***

−0.050

*

−0.037

**

(−2.52)

(−9.96)

(−1.87)

(−2.16)

∆lnS*Dec*

Successive Decrease

−0.036

0.041

**

−0.035

−0.018

(−1.31)

(2.52)

(−0.58)

(−0.64)

∆lnS*Dec*

Stock Performance

0.134

***

0.013

−0.059

0.117

***

(6.32)

(1.53)

(−1.63)

(5.30)

Employee Intensity

0.118

***

−0.132

0.059

0.139

**

(3.30)

(−1.15)

(1.01)

(1.99)

Asset Intensity

0.002

0.001

−0.003

0.004

*

(1.20)

(1.50)

(−0.95)

(1.73)

Successive Decrease

−0.015

***

−0.050

***

0.003

−0.014

***

(−8.24)

(−22.60)

(1.43)

(−6.71)

Stock Performance

−0.019

***

−0.013

***

−0.009

***

−0.024

***

(−13.16)

(−9.87)

(−4.94)

(−11.26)

Industry Fixed Effects Included

Yes

Yes

Yes

Yes

Adj-R²

0.76

0.45

0.93

0.68

0.46

N

59,557

97,768

6048

37,368

157,325

Number of firms

2760

11,934

774

2760

14,694