5.1. Research Design
To test the H2a and H2b, we generate the regression model as follows:CAR = β0 + β1CIPHT + β2CIPHT × Conditioning_VAR + β3Conditioning_VAR + β4PRO_CASE + β5SIZE + β6ROA + β7CURR + β8R&D + β9LOSS + β10LEV  + β11OPCF + β12TURN + β13CEO_AGE+ β14CEO_COM + β15CEO_TEN + β16CEO_DUA + Week FE + Industry FE + Province FE + ε(3)  where Conditioning_VAR is a conditioning variable that moderates the association between continued increasing public health threats and accumulative abnormal return. All other variables are above-mentioned. To test H2a and H2b, Conditioning_VAR is in terms of the provincial information accessibility and provincial economic growth, respectively. We explain the detail proxies in the following sections.