Table 3: Factors associated with a recovery in sales and employment

||**Sales**|**(increase) **|**July 2021**||**Empl**|**oyment (in**|**crease) July **|**2021**|
|---|---|---|---|---|---|---|---|---|
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|
|**Variables in tax admini**<br>Activity<sup>1</sup>|**strative and sur**|**vey data**|||||||
|Retail|-0.0276|-0.171**|-0.174**|-0.227**|0.0045|0.00266|-0.0318|0.0113|
||(0.0284)|(0.0727)|(0.0780)|(0.0885)|(0.0281)|(0.105)|(0.102)|(0.118)|
|Other|-0.0957***|-0.109*|-0.137**|-0.167**|-0.0659**|-0.185***|-0.179**|-0.207***|
||(0.0277)|(0.0656)|(0.0621)|(0.0715)|(0.276)|(0.0708)|(0.0715)|(0.0746)|
|Size<sup>2</sup>|||||||||
|Medium|0.0453**|0.00234|-0.0270|-0.0518|0.0224|-0.0130|-0.0133|0.0763|
||(0.0206)|(0.0598)|(0.0551)|(0.0663)|(0.0207)|(0.0729)|(0.0722)|(0.0673)|
|Large|0.0710***|0.135*|0.0863|0.0879|0.0804***|-0.0228|-0.0264|-0.0157|
||(0.0274)|(0.0706)|(0.0749)|(0.0872)|(0.0271)|(0.0733)|(0.0781)|(0.0633)|
|Lusaka|0.0234|0.0722|0.0867|0.0817|0.0194|-0.136*|-0.140*|-0.0763|
||(0.0191)|(0.0556)|(0.0575)|(0.0709)|(0.0191)|(0.0737)|(0.0723)|(0.0805)|
|Firm age|0.000004|-0.000139|-0.00309|-0.00510|0.000007***|-0.00483*|-0.00828***|-0.00722**|
||(0.000002)|(0.00251)|(0.00266)|(0.00338)|(0.000002)|(0.00267)|(0.00313)|(0.00308)|
|**Other baseline survey c**|**haracteristics**||||||||
|Manager experience|||0.00518*|0.00709*|||0.00752**|0.00792**|
||||(0.00313)|(0.00416)|||(0.00337)|(0.00346)|
|Competitive market|||-0.117*|-0.145**|||-0.0229|-0.0289|
||||(0.0603)|(0.0726)|||(0.0659)|(0.0655)|
|Introduced new products|||-0.0199|-0.0533|||-0.0130|0.0615|
||||(0.0595)|(0.0679)|||(0.0740)|(0.0779)|
|Limited fnance|||0.0241|0.0256|||0.0415|0.0343|
||||(0.0597)|(0.0705)|||(0.0723)|(0.0717)|
|Trained employees|||0.0932|0.0828|||-0.0602|0.0362|
||||(0.0614)|(0.0712)|||(0.0763)|(0.0721)|
|**Information from follo**|**w-up surveys**||||||||
|Changed practices||||-0.0110<br>(0.0721)||||-0.0624<br>(0.0747)|
|Receive gov support||||0.0440||||0.562***|
|||||(0.198)||||(0.166)|
|Observations|2918|578|578|434|2918|578|578|434|

Note: This table is based on Equation (1) in Section 3 of the paper. Columns (1) and (5) present the results for the tax administrative data. Columns (2)-(4) and (6)-(8) present the results for the survey data.<sup>_∗_</sup> _p <_ 0 _._ 1,<sup>_∗∗_</sup> _p <_ 0 _._ 05,<sup>_∗∗∗_</sup> _p <_ 0 _._ 01. 1 The omitted category is manufacturing. 2 The omitted category is Small. _Manager experience:_ Defined as the number of years experience of the top manager in the firm. _Competitive market:_ Dummy variable for whether a firm has had more than five competitors entering their market in the previous two years. _Introduced new products:_ Dummy variable for whether a firm introduced new products in the previous three years. _Limited finance:_ Dummy variable for whether a firm stated that access to finance was a very severe or major obstacle for their business. _Trained employees:_ Dummy variable for whether a firm stated that they offered their permanent employees training. _Changed practices:_ Dummy variable for whether a firm changed their business operations in response to the COVID-19 pandemic. _Receive gov support:_ Dummy variable for whether a firm received some kind of cash support from the government to help deal with impact of the pandemic.

29