Table 7  Continued increasing public health threats and accumulative abnormal return based on the instrumental variables (2SLS) approach.
CIPHT  CAR [−1, 1]  CAR [−2, 2]
(A)  (B)  (C)
Predicted_CIPHT   −0.001 *  −0.003 ***
(−1.844)  (−3.236)
PRO_CASE  −4.958 ***  0.001 ***  0.001 ***
(−19.035)  (3.648)  (4.604)
SIZE  0.000  −0.000  −0.000 *
(0.082)  (−1.374)  (−1.695)
ROA  −0.000  −0.000  −0.000
(−0.040)  (−1.194)  (−1.456)
CURR  0.001  −0.000 ***  −0.000 ***
(0.658)  (−4.119)  (−5.284)
R&D  0.000  0.000 **  0.000 ***
(0.012)  (2.487)  (3.312)
LOSS  −0.001  −0.000  −0.001
(−0.044)  (−0.924)  (−1.168)
LEV  0.001  −0.000  −0.000
(0.047)  (−0.433)  (−0.562)
OPCF  −0.036  −0.005 ***  −0.009 ***
(−0.661)  (−4.826)  (−6.114)
TURN  −0.004  0.000  0.000
(−0.538)  (0.938)  (1.194)
CEO_AGE  0.000  −0.000  −0.000
(0.160)  (−0.346)  (−0.600)
CEO_COM  −0.000  −0.000  0.000
(−0.036)  (−0.203)  (0.007)
CEO_TEN  −0.001  0.000 ***  0.000 ***
(−0.297)  (2.932)  (3.629)
CEO_DUA  0.001  −0.001 *  −0.001 **
(0.060)  (−1.767)  (−2.420)
IMMIGRANT  −0.306 ***
(−49.316)
EMIGRANT  −0.058 ***
(−5.352)
Constant  3.869 ***  −0.005  −0.007
(23.663)  (−0.721)  (−0.740)
Week FE  Yes  Yes  Yes
Industry FE  Yes  Yes  Yes
Province FE  Yes  Yes  Yes
Pseudo R2/Adjusted R2  0.744  0.003  0.005
Observations  160,744  160,744  160,744
Note: *, **, *** indicate significance at the 0.10, 0.05, and 0.01 levels, respectively. See Appendix A for definitions and measurements of the variables.