Cross-sectional analysis using subsamples.

This table reports the subsample regression results of the effects of flooding on firm performance. The sample firms are sorted by capital expenditure (above vs below the sample median CAPEX in each year) in Panel A, by marketization index (above vs below the sample median marketization index) in Panel B, by financial constraints (above vs below the sample median SA index in each year) in Panel C, by state ownership status (non-SOEs vs SOEs) in Panel D, and by operation dispersion (above vs below the sample median number of operating cities in each year) in Panel E, respectively. Control variables, firm fixed effects and year fixed effects are included in all subsample regressions. Chow tests are conducted to formally test the Floodratio coefficient differences between subsamples. Variable definitions are in Table A1 in the S1 Appendix. Robust standard errors are clustered at the city-year level and reported in parentheses. *, ** and *** indicate the significance levels at 10%, 5% and 1%, respectively.