Table 7: Firm Performance Adjustment in Response to GDP Decline in Firms’ Destinations

||Materials|Materials per|Capital|Capital per|Labor|TFP|TFP|TFP|
|---|---|---|---|---|---|---|---|---|
||(log)|worker (log)|(log)|worker (log)|productivity (log)|L-P (log)|ACF (log)|Wooldridge (log)|
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|
|GFC frm shock*2009|-0.0490***|-0.0397***|0.0013|0.0148|-0.0152***|-0.0190***|-0.0140***|-0.0205***|
||(0.0080)|(0.0075)|(0.0138)|(0.0136)|(0.0041)|(0.0045)|(0.0020)|(0.0046)|
|GFC frm shock*2010|-0.0482***|-0.0332***|0.0003|0.0155|-0.0164***|-0.0242***|-0.0165***|-0.0241***|
||(0.0067)|(0.0061)|(0.0125)|(0.0122)|(0.0043)|(0.0046)|(0.0021)|(0.0046)|
|GFC frm shock*2011|-0.0587***|-0.0449***|-0.0015|0.0143|-0.0198***|-0.0269***|-0.0148***|-0.0267***|
||(0.0081)|(0.0072)|(0.0133)|(0.0131)|(0.0042)|(0.0045)|(0.0022)|(0.0045)|
|GFC frm shock*2012|-0.0465***|-0.0343***|-0.0063|0.0093|-0.0177***|-0.0230***|-0.0159***|-0.0241***|
||(0.0082)|(0.0070)|(0.0109)|(0.0106)|(0.0043)|(0.0048)|(0.0021)|(0.0046)|
|GFC frm shock*2013|-0.0500***|-0.0351***|-0.0100|0.0054|-0.0163***|-0.0245***|-0.0163***|-0.0254***|
||(0.0079)|(0.0066)|(0.0093)|(0.0091)|(0.0043)|(0.0050)|(0.0022)|(0.0047)|
|GFC frm shock*2014|-0.0586***|-0.0425***|-0.0164**|0.0019|-0.0187***|-0.0270***|-0.0157***|-0.0274***|
||(0.0082)|(0.0072)|(0.0081)|(0.0079)|(0.0045)|(0.0050)|(0.0022)|(0.0049)|
|Observations|30,839|31,767|30,727|31,183|31,651|30,916|30,682|30,997|
|R-squared|0.4705|0.2653|0.5265|0.2849|0.3789|0.5138|0.6779|0.5201|
|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._ L-P refers to Levinsohn & Petrin (2003). ACF refers to Ackerberg et al. (2015). Wooldridge refers to Wooldridge (2009). All total factor productivity measures are in logarithms. FE stands for fixed effects.

Table 8: Heterogeneous Impacts of GDP Decline in Firms’ Destinations by Informality and Protection

||Average|months worked|Average real wages|
|---|---|---|---|
|||Test eq. of coef|Test eq. of coef|
||Coefcient<br>(1)|t-test<br>p-value<br>(2)|Coefcient<br>t-test<br>p-value<br>(3)<br>(4)|
|GFC frm shock*Low informality rate|-0.0446***<br>(0.0087)||-0.0122***<br>(0.0035)|
|GFC frm shock*High informality rate|-0.0154<br>(0.0112)|2.0427<br>(0.0411)**|-0.0109**<br>0.2304<br>(0.0044)<br>(0.8178)|
|Observations|3,|016,941|2,982,180|
|R-squared||0.8546|0.6508|
|GFC frm shock*Low sector concentration|-0.0344***<br>(0.0079)||-0.0116***<br>(0.0031)|
|GFC frm shock*High sector concentration|0.0157|2.9506|0.0026<br>1.9968|
||(0.0152)|(0.0032)***|(0.0066)<br>(0.0459)**|
|Observations|3,|046,074|3,011,056|
|R-squared||0.8549|0.6512|
|GFC frm shock*Not state-owned|-0.0344***<br>(0.0072)||-0.0124***<br>(0.0028)|
|GFC frm shock*State-owned|0.0650|1.4069|0.0503<br>1.2154|
||(0.0707)|(0.1595)|(0.0519)<br>(0.2242)|
|Observations|3,|019,199|2,984,438|
|R-squared||0.8543|0.6505|
|2-digit industry X Year FE||Yes|Yes|
|State X Year FE||Yes|Yes|

_Note:_ Robust standard errors clustered at the firm level in parentheses. ***, **, and * indicate significance at 1%, 5%, and 10% levels, respectively. All specifications control for vectors of worker and firm characteristics as of 2007 described in Section III. FE stands for fixed effects.

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