Table 5: Firm Revenues, Exit, and Size Impacts of GDP Decline in Firms’ Destinations

||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 frm shock*2009|-0.0315***|-0.0014|-0.0003|-0.0162***|-0.0221***|-0.0051*|-0.0191***|0.0005|
|GFC frm shock*2010|(0.0044)<br>-0.0378***<br>(0.0047)|(0.0010)<br>-0.0022**<br>(0.0010)|(0.0006)<br>0.0019***<br>(0.0006)|(0.0027)<br>-0.0220***<br>(0.0033)|(0.0031)<br>-0.0285***<br>(0.0034)|(0.0030)<br>-0.0102***<br>(0.0032)|(0.0027)<br>-0.0233***<br>(0.0032)|(0.0004)<br>0.0006<br>(0.0004)|
|GFC frm shock*2011<br>GFC frm shock*2012|-0.0393***<br>(0.0051)<br>-0.0372***<br>(0.0053)|-0.0035***<br>(0.0010)<br>-0.0019*<br>(0.0010)|0.0010*<br>(0.0006)<br>0.0001<br>(0.0006)|-0.0263***<br>(0.0035)<br>-0.0262***<br>(0.0039)|-0.0292***<br>(0.0036)<br>-0.0307***<br>(0.0039)|-0.0119***<br>(0.0034)<br>-0.0111***<br>(0.0036)|-0.0260***<br>(0.0034)<br>-0.0271***<br>(0.0038)|0.0009**<br>(0.0004)<br>0.0011***<br>(0.0004)|
|GFC frm shock*2013|-0.0382***<br>(0.0055)|-0.0016<br>(0.0010)|0.0010<br>(0.0006)|-0.0289***<br>(0.0041)|-0.0315***<br>(0.0042)|-0.0104***<br>(0.0037)|-0.0298***<br>(0.0040)|0.0013***<br>(0.0005)|
|GFC frm shock*2014|-0.0400***<br>(0.0053)|-0.0021*<br>(0.0011)|-0.0004<br>(0.0007)|-0.0308***<br>(0.0044)|-0.0341***<br>(0.0043)|-0.0133***<br>(0.0038)|-0.0313***<br>(0.0042)|0.0016***<br>(0.0005)|
|GFC frm shock*2015|||0.0015**<br>(0.0007)|-0.0322***<br>(0.0045)|-0.0319***<br>(0.0046)|-0.0145***<br>(0.0040)|-0.0343***<br>(0.0043)|0.0014***<br>(0.0005)|
|GFC frm shock*2016|||0.0012*<br>(0.0007)|-0.0244***<br>(0.0048)|-0.0295***<br>(0.0049)|-0.0147***<br>(0.0041)|-0.0304***<br>(0.0045)|0.0013**<br>(0.0006)|
|GFC frm shock*2017||||-0.0236***<br>(0.0051)|-0.0285***<br>(0.0051)|-0.0150***<br>(0.0043)|-0.0295***<br>(0.0046)|0.0013**<br>(0.001)|
|Observations|30,825|32,125|107,541|91,971|82,313|88,549|91,537|119,189|
|R-squared|0.6787|0.0817|0.0168|0.532|0.5301|0.6052|0.4983|0.4823|
|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 Section IV. _C._ FE stands for fixed effects.

Table 6: Firm Occupational Restructuring in Response to GDP Decline in Firms’ Destinations

||Share of skilled<br>based on<br>occupations<br>(1)|Share of<br>professional,<br>managerial, skilled<br>(2)|Share of<br>skilled<br>white collar<br>(3)|Share of<br>skilled<br>blue collar<br>(4)|Share of unskilled<br>based on<br>occupations<br>(5)|Share of<br>unskilled<br>white collar<br>(6)|Share of<br>unskilled<br>blue collar<br>(7)|
|---|---|---|---|---|---|---|---|
|GFC frm shock*2009|0.00212***<br>(0.000709)|0.00110***<br>(0.000361)|-0.000606<br>(0.000611)|0.00164**<br>(0.000779)|-0.00345***<br>(0.000666)|-0.000983***<br>(0.000377)|-0.00247***<br>(0.000597)|
|GFC frm shock*2010|0.00281***|0.00138***|-0.000171|0.00160**|-0.00335***|-0.000764**|-0.00258***|
||(0.000694)|(0.000441)|(0.000635)|(0.000796)|(0.000693)|(0.000382)|(0.000630)|
|GFC frm shock*2011|0.00317***|0.00164***|0.000212|0.00132|-0.00364***|-0.000874**|-0.00277***|
||(0.000692)|(0.000444)|(0.000638)|(0.000809)|(0.000692)|(0.000390)|(0.000622)|
|GFC frm shock*2012|0.00285***|0.00174***|0.000202|0.000905|-0.00346***|-0.000936**|-0.00252***|
||(0.000705)|(0.000450)|(0.000642)|(0.000814)|(0.000705)|(0.000396)|(0.000638)|
|GFC frm shock*2013|0.00268***|0.00157***|0.000472|0.000637|-0.00349***|-0.000994**|-0.00250***|
||(0.000710)|(0.000482)|(0.000631)|(0.000815)|(0.000710)|(0.000396)|(0.000643)|
|GFC frm shock*2014|0.00259***|0.00143***|0.000816|0.000344|-0.00340***|-0.000935**|-0.00247***|
||(0.000718)|(0.000472)|(0.000639)|(0.000815)|(0.000719)|(0.000400)|(0.000652)|
|GFC frm shock*2015|0.00221***|0.00143***|0.00121*|-0.000422|-0.00277***|-0.00114***|-0.00163**|
||(0.000724)|(0.000507)|(0.000642)|(0.000814)|(0.000722)|(0.000424)|(0.000636)|
|GFC frm shock*2016|0.00154**|0.000904*|0.00114*|-0.000499|-0.00214***|-0.000929**|-0.00121*|
||(0.000723)|(0.000539)|(0.000653)|(0.000825)|(0.000715)|(0.000408)|(0.000634)|
|GFC frm shock*2017|0.00120|0.000635|0.000869|-0.000303|-0.00196***|-0.000356|-0.00161**|
||(0.000739)|(0.000565)|(0.000665)|(0.000849)|(0.000729)|(0.000414)|(0.000644)|
|Observations|119,189|119,189|119,189|119,189|119,189|119,189|119,189|
|R-squared|0.090|0.130|0.275|0.311|0.093|0.086|0.122|
|2-digit industry X Year FE|Yes|Yes|Yes|Yes|Yes|Yes|Yes|
|State X Year FE|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 Section IV. _C._ FE stands for fixed effects.

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