Panel A: STAR

Panel B: CONTROL

Variable

Coef.

St.Err.

Coef.

St.Err.

2019

BVPS

2.54***

0.94

0.762

0.542

COEPS

17.07***

3.155

6.986*

4.205

EIEPS

48.335

39.11

23.33***

2.522

D3COEPS

−78.683

78.91

14.264**

6.192

D4EIEPS

65.431

150.651

−19.595***

3.823

LEV

62.886*

35.66

0.464

6.372

GROW

88.868***

11.863

1.48

0.92

OWN

5.363

20.163

0

.

COVID

−9.51

10.81

0.526

2.253

AGE

0.508

0.879

−0.118

0.277

Constant

−146.439***

27.751

1.745

9.395

2020

BVPS

11.374***

1.343

1.734*

0.917

COEPS

5.637

4.145

6.817

5.78

EIEPS

−11.159

36.875

49.767***

3.574

D3COEPS

−25.669

32

42.795***

7.985

D4EIEPS

−3267.584

6967.689

−46.193***

5.23

LEV

26.263

63.874

0.532

10.374

GROW

25.963***

4.794

−1.444

1.689

OWN

25.445

37.907

0

.

COVID

23.54

19.782

2.836

3.501

AGE

−0.685

1.725

−0.075

0.409

Constant

−133.621***

37.32

−2.279

13.141

TOTAL

BVPS

7.847***

0.954

0.983*

0.547

COEPS

10.497***

3.034

8.524**

3.696

EIEPS

47.124

28.539

37.812***

2.329

D3COEPS

−6.82

26.679

27.406***

5.232

D4EIEPS

−122.169*

69.079

−34.233***

3.465

LEV

−7.279

38.626

−5.306

5.854

GROW

19.821***

3.605

−0.358

0.931

OWN

14.976

24.292

0

.

COVID

23.717*

12.199

2.235

2.147

AGE

−0.514

1.074

−0.161

0.26

Constant

−73.476***

21.344

4.635

8.391