|**Table D3: Firm Composition in C**|**onservative**<br>|**versus Liberal S**<br>|**ocieties: Men an**<br>|**d Women In**<br>|**dividual Bel**<br>|**iefs**<br>|
|---|---|---|---|---|---|---|
||(1)|(2)|(3)<br>|(4)<br>|(5)<br>|(6)<br>|
||Annual<br>Firm|Firm age: less|Firm Size (d|efined by pre-<br>employ|pandemic n<br>es)|umber of|
||<br>R|than 5 years in|Mdi d|||N|
||evenues<br>in 2019<br>(IHS)|operation<br>(Yes=1; No=0)|eum an<br>large<br>(50 and over)|Small<br>(5 to 49)|Micro<br>(1 to 4)|o<br>Employees<br>(0)|
|GDP per capita (Ln)|0.967***|-0.035***|-0.019***|-0.010***|-0.006**|0.034***|
||[0.05]|[0.00]|[0.00]|[0.00]|[0.00]|[0.00]|
|Female|0.213|-0.045|0.061|-0.249***|0.060|0.127**|
||[1.15]|[0.06]|[0.04]|[0.06]|[0.07]|[0.06]|
|Men's Individual Beliefs|6.409***<br>|-0.004<br>|-0.012<br>|-0.270***<br>|0.116**<br>|0.165***<br>|
||[0.94]|[0.05]|[0.03]|[0.05]|[0.05]|[0.05]|
|Men's Individual Beliefs*Female|-1.782|0.094|-0.079*|0.169***|-0.084|-0.006|
||[1.26]|[0.07]|[0.04]|[0.06]|[0.07]|[0.07]|
|Constant|-5.968***|0.688***|0.216***|0.517***|0.418***|-0.151***|
||[0.86]|[0.05]|[0.03]|[0.05]|[0.05]|[0.04]|
|Observations|44645|139085|134838|134838|134838|134838|
|Adjusted R-squared|0.16|0.02|0.04|0.05|0.01|0.06|
|<br>Mean|8.22|0.35|0.09|0.30|0.38|0.23|
|Region FE<br>Notes:* significant at 10% level, ** sig|YES<br>nificant at 5% l|YES<br>evel, *** significant a|YES<br>t 1% level.|YES|YES|YES|
||(1)|(2)|(3)|(4)|(5)|(6)|
||Annual||Firm Size|(defined by pr|e-pandemic|number of|
||Firm<br>|Firm age: less<br>than 5 years in|<br>|<br>emplo|<br>yees)|<br>|
||Revenues|<br>|Medium and|||No|
||in 2019|operation<br>|large|Small<br>|Micro<br>|Employees|
|||(Yes=1; No=0)|<br>|(5 to 49)|(1 to 4)|<br>|
||(IHS)||(50 and over)|||(0)|
|GDP per capita (Ln)|1.082***|-0.034***|-0.019***|-0.014***|-0.004|0.037***|
||[0.05]|[0.00]|[0.00]|[0.00]|[0.00]|[0.00]|
|Female|<br>0.460|<br>0.030|<br>0.017|<br>-0.180*|<br>0.260**|<br>-0.097|
||[2.06]|[0.11]|[0.06]|[0.09]|[0.11]|[0.11]|
|Women's Individual Beliefs|<br>1.717|<br>0.132**|<br>-0.180***|<br>-0.248***|<br>0.397***|<br> <br>0.031|
||[1.30]|[0.07]|[0.04]|[0.07]|[0.07]|[0.07]|
|Women's Ind Beliefs*Female|-1.949|0.010|-0.029|0.089|-0.295**|<br>0.234**|
||[2.19]|[0.11]|[0.06]|[0.10]|[0.12]|[0.11]|
|Constant|<br>-2860**|<br>0556***|<br>0381***|<br>0545***|<br>0127*|<br>-0054|
||.<br>[1.33]|.<br>[0.07]|.<br>[0.04]|.<br>[0.07]|.<br>[0.07]|.<br>[0.07]|
|Observations|44645|139085|134838|134838|134838|134838|
|<br>Adjusted R-squared|<br>0.16|<br>0.02|<br>0.04|<br>0.05|<br>0.01|<br>0.06|
|<br>Mean|8.22|0.35|0.09|0.30|0.38|0.23|
|Region FE|YES|YES|YES|YES|YES|YES|
|Notes:* significant at 10% level, ** sig<br>[1] Top Panel: Men's Individual Belief is the<br>opportunities measured prior to the COVID<br>with the statement that men and women s|nificant at 5% l<br>proportion of m<br>-19 pandemic. B<br>hould have equal|evel, *** significant a<br>en in the country who<br>ottom panel: Women's<br>opportunities measur|t 1% level.<br>agreed with the state<br>Individual Belief is th<br>ed prior to the COVID|ment that men an<br>e proportion of w<br>-19 pandemic.|d women shoul<br>omen in the co|d have equal<br>untry who agreed|

<mark>[2] OLS pooled regressions include Region of the world and Time Fixed Effects.</mark>

[3] Questions on revenues and employees were asked retrospectively to reflect a time period before the COVID-19 pandemic. The sample size for revenues is smaller since the question was asked at the end of the survey so is subject to greater survey dropout.

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