_<u>Table 21. Estimations for employment and investment (levels and growth) during early COVID-19 shock.</u>_

|VARIABLES|(1)|(2)<br>**Employment**|(3)|(4)<br>**Em**|(5)<br>**ployment gr**|(6)<br>**owth**|(7)|(8)<br>**Investment**|(9)|(10)<br>**In**|(11)<br>**vestment gro**|(12)<br>**wth**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|BOS|0.0453***|0.0448***||2.939***|2.865***||0.740***|0.765***||2.253***|2.329***||
||(0.004)|(0.005)||(0.290)|(0.322)||(0.031)|(0.032)||(0.193)|(0.198)||
|BOS*2020||0.00353|||0.620|||-0.217**|||-0.636||
|||(0.006)|||(0.499)|||(0.097)|||(0.784)||
|BOS 10-24.9%|||0.0376***|||0.998***|||0.857***|||0.974***|
||||(0.005)|||(0.184)|||(0.027)|||(0.326)|
|BOS 25-49.9%|||0.0587***|||1.811***|||0.959***|||2.806***|
||||(0.008)|||(0.335)|||(0.034)|||(0.338)|
|BOS 50%-99.9%|||0.0538***|||1.999***|||1.017***|||1.852***|
||||(0.006)|||(0.242)|||(0.043)|||(0.328)|
|BOS 100%|||0.0411***|||3.713***|||0.671***|||2.918***|
||||(0.005)|||(0.451)|||(0.044)|||(0.262)|
|BOS 10-24.9% *2020|||0.00171|||0.605|||-0.055|||-0.134|
||||(0.011)|||(0.556)|||(0.087)|||(0.960)|
|BOS 25-49.9%*2020|||-0.00309|||1.543**|||-0.0938|||-1.799|
||||(0.011)|||(0.673)|||(0.107)|||(1.119)|
|BOS 50%-99.9%*2020|||0.00484|||0.928*|||-0.198|||-0.646|
||||(0.009)|||(0.539)|||(0.131)|||(1.101)|
|BOS 100%*2020|||0.00468|||0.342|||-0.282**|||-0.666|
||||(0.007)|||(0.681)|||(0.136)|||(0.941)|
|Size|0.936***|0.936***|<br>0.936***|-3.456***|-3.456***|<br>-3.449***|1.141***|1.141***|<br>1.140***|2.401***|2.401***|<br>2.403***|
||(0.003)|(0.003)|(0.003)|(0.143)|(0.143)|(0.143)|(0.008)|(0.008)|(0.008)|(0.066)|(0.066)|(0.066)|
|Age|-0.00208***|-0.00208***|-0.00208***|-0.110***|-0.110***|-0.111***|0.0251***|0.0251***|0.0252***|-0.203***|-0.203***|-0.203***|
||(0.000)|(0.000)|(0.000)|(0.006)|(0.006)|(0.006)|(0.001)|(0.001)|(0.001)|(0.006)|(0.006)|(0.006)|
|Listing status|0.0546***|0.0546***|0.0539***|2.168***|2.169***|2.322***|1.339***|1.339***|1.316***|-0.638**|-0.639**|-0.554*|
||(0.006)|(0.006)|(0.006)|(0.307)|(0.307)|(0.314)|(0.043)|(0.043)|(0.043)|(0.308)|(0.308)|(0.307)|
|Constant|<br>0.269***|<br>0.269***|<br>0.269***|<br>14.57***|<br>14.57***|<br>14.55***|<br>7.552***|<br>7.552***|<br>7.554***|<br>-7.917***|<br>-7.917***|<br>-7.922***|
||(0.012)|(0.012)|(0.012)|(0.468)|(0.468)|(0.469)|(0.027)|(0.027)|(0.027)|(0.259)|(0.259)|(0.259)|
|Observations|6,503,554|6,503,554|6,503,554|6,159,926|6,159,926|6,159,926|5,638,506|5,638,506|5,638,506|5,324,141|5,324,141|5,324,141|
|R-squared|0.900|0.900|0.900|0.142|0.142|0.142|0.535|0.535|0.535|0.065|0.065|0.065|

Robust standard errors in parentheses *** p<0.01, ** p<0.05, * p<0.1 Note: Employment is measured as the log of total workers, employment growth as the percentage annual change in labor force. Investment in levels is measured as the log of fixed assets, and investment growth as the annual (percentage) change of fixed assets. The estimations include country, sector, year fixed effects, as well as clustered standard errors to correct for potential autocorrelation within the industry. The reference (excluded) category refers to POEs, so the results should be interpreted as compared to the benchmark to private peers after controlling by size, sector, age, and other fixed effects.

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