Table E6: Reallocation of Workers across Firms and Sectors due to GDP Decline in Firms’ Destinations - Ecuador

||Baseline<br>efect<br>(1)|Initial<br>frm<br>(2)|Other frm in<br>same sector<br>(3)|Other frm in<br>tradable<br>sector<br>(4)|Other frm in<br>non-tradable<br>sector<br>(5)|
|---|---|---|---|---|---|
|_Panel A: Average months worked_||||||
|GFC frm shock|-0.0276***|-0.0646*|0.0214|0.0076|0.0080|
||(0.0085)|(0.0339)|(0.0211)|(0.0076)|(0.0116)|
|Observations|661,060|661,060|661,060|661,060|661,060|
|R-squared|0.1365|0.1778|0.0789|0.0528|0.0727|
|2-digit industry X Year FE|Yes|Yes|Yes|Yes|Yes|
|State X Year FE|Yes|Yes|Yes|Yes|Yes|
|_Panel B: Average real wages_||||||
|GFC frm shock|-0.0138|-0.0164|0.0027|0.0010|-0.0011|
||(0.0149)|(0.0118)|(0.0030)|(0.0025)|(0.0041)|
|Observations|659,870|659,870|659,870|659,870|659,870|
|R-squared|0.1004|0.0478|0.0504|0.0358|0.0576|
|2-digit industry X Year FE|Yes|Yes|Yes|Yes|Yes|
|State X Year FE|Yes|Yes|Yes|Yes|Yes|

_Note:_ Robust standard errors clustered at the firm level in parentheses. ***, **, and * indicate significance at 1%, 5%, and 10% levels, respectively. FE stands for fixed effects.

Table E7: Firm Revenues, Exit, and Size Impacts of GDP Decline in Firms’ Destinations - Ecuador

||Net<br>revenues<br>(1)|Proft<br>rate<br>(2)|Firm<br>exit<br>(3)|Firm<br>size<br>(log)<br>(4)|Total wages<br>(log)<br>(5)|Total skilled<br>based on<br>education (log)<br>(6)|Total unskilled<br>based on<br>education (log)<br>(7)|Share of skilled<br>based on<br>education<br>(8)|
|---|---|---|---|---|---|---|---|---|
|GFC Firm Shock*2009|-0.0293*|-0.0007|-0.0010|-0.0145**|-0.0183**|-0.0186**|-0.0156**|0.0008|
||(0.0150)|(0.0015)|(0.0010)|(0.0070)|(0.0072)|(0.0079)|(0.0074)|(0.0012)|
|GFC Firm Shock*2010|-0.0584***|0.0006|-0.0009|-0.0148**|-0.0154**|-0.0185**|-0.0154*|0.0008|
||(0.0147)|(0.0016)|(0.0012)|(0.0075)|(0.0075)|(0.0082)|(0.0079)|(0.0011)|
|GFC Firm Shock*2011|-0.0526***|0.0019|0.0004|-0.0114|-0.0094|-0.0157*|-0.0148*|-0.0000|
||(0.0150)|(0.0018)|(0.0010)|(0.0088)|(0.0088)|(0.0087)|(0.0089)|(0.0012)|
|GFC Firm Shock*2012|-0.0473***|0.0001|-0.0020|-0.0025|0.0011|-0.0164*|-0.0129|-0.0012|
||(0.0146)|(0.0016)|(0.0013)|(0.0097)|(0.0096)|(0.0095)|(0.0089)|(0.0014)|
|GFC Firm Shock*2013|-0.0548***|-0.0002|-0.0003|-0.0052|-0.0032|-0.0148|-0.0139|-0.0017|
||(0.0166)|(0.0016)|(0.0014)|(0.0097)|(0.0095)|(0.0095)|(0.0091)|(0.0015)|
|GFC Firm Shock*2014|-0.0512***|0.0015|-0.0012|0.0007|0.0070|-0.0109|-0.0051|-0.0001|
||(0.0172)|(0.0017)|(0.0013)|(0.0098)|(0.0102)|(0.0098)|(0.0096)|(0.0013)|
|GFC Firm Shock*2015|-0.0453**|-0.0003|0.0004|0.0003|0.0028|-0.0123|-0.0048|-0.0009|
||(0.0195)|(0.0018)|(0.0015)|(0.0103)|(0.0106)|(0.0099)|(0.0103)|(0.0014)|
|GFC Firm Shock*2016|-0.0250|0.0011|0.0008|0.0042|0.0022|-0.0142|-0.0035|-0.0022|
||(0.0196)|(0.0022)|(0.0011)|(0.0103)|(0.0107)|(0.0101)|(0.0101)|(0.0017)|
|GFC Firm Shock*2017|-0.0449**|-0.0007||0.0102|0.0104|-0.0058|0.0007|-0.0020|
||(0.0190)|(0.0022)||(0.0114)|(0.0117)|(0.0104)|(0.0105)|(0.0018)|
|Observations|18,216|21,894|21,640|23,702|23,731|21,175|23,512|24,094|
|R-squared|0.4922|0.3520|0.0618|0.6294|0.6646|0.5995|0.6327|0.3464|
|++ 2-digit industry X Year FE|Yes|Yes|Yes|Yes|Yes|Yes|Yes|Yes|
|State X Year FE|Yes|Yes|Yes|Yes|Yes|Yes|Yes|Yes|

_Note:_ Robust standard errors in parentheses. ***, **, and * indicate significance at 1%, 5%, and 10% levels, respectively. All specifications control for a vector of firm characteristics as of 2007 described in Appendix E. FE stands for fixed effects.

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