The Impact of the COVID-19 Pandemic on Consumers’ Preferences for Wood Furniture: An Accounting Perspective
Abstract
:1. Introduction
2. Background and Hypothesis Development
3. Method
3.1. Theoretical Model
3.2. Data and Variables
3.2.1. Data Source and Sample Period
3.2.2. Variable Definitions
3.3. Estimation Model
4. Results
4.1. Descriptive Statistics and Correlation Matrix
4.2. The Pandemic and Wood Furniture Consumption Preferences
4.3. Estimation Results
4.3.1. The Revenue Function
4.3.2. Consumption Preferences for Wood Furniture
5. Conclusions and Discussion
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
- Siche, R. What is the impact of COVID-19 disease on agriculture? Sci. Agropecu. 2020, 11, 3–6. [Google Scholar] [CrossRef] [Green Version]
- Hitka, M.; Štarchoň, P.; Caha, Z.; Lorincová, S.; Sedliačiková, M. The global health pandemic and its impact on the motivation of employees in micro and small enterprises: A case study in the Slovak Republic. Econ. Res.-Ekon. Istraživanja. 2021, 1–21. [Google Scholar] [CrossRef]
- Zhang, J. Five basic insights into the economic impact of the COVID-19 outbreak. Front. Econ. China 2020, 15, 167–178. [Google Scholar]
- Codagnone, C.; Bogliacino, F.; Gómez, C.; Charris, R.; Montealegre, F.; Liva, G.; Veltri, G.A. Assessing concerns for the economic consequence of the COVID-19 response and mental health problems associated with economic vulnerability and negative economic shock in Italy, Spain, and the United Kingdom. PLoS ONE 2020, 15, e0240876. [Google Scholar] [CrossRef]
- Xu, X.; Wang, S.; Yu, Y. Consumer’s Intention to Purchase Green Furniture: Do Health Consciousness and Environmental Awareness Matter? Sci. Total Environ. 2020, 704, 135275. [Google Scholar] [CrossRef]
- Yan, S. Research on the Spatial Characteristics and the Sustainable Development Strategies of Chinese Furniture Industry. Curr. Urban Stud. 2017, 5, 403. [Google Scholar] [CrossRef] [Green Version]
- Prospective Industry Research Institute. Analysis of the Status Quo of China’s Wood Furniture Industry in 2018. Available online: https://www.qianzhan.com/analyst/detail/220/180521-7a609872.html (accessed on 9 November 2021). (In Chinese).
- Xiong, X.Q.; Guo, W.J.; Fang, L.; Zhang, M.; Wu, Z.H.; Lu, R.; Miyakoshi, T. Current State and Development Trend of Chinese Furniture Industry. J. Wood Sci. 2017, 63, 433–444. [Google Scholar] [CrossRef]
- Barbu, M.C.; Tudor, E.M. State of the art of the Chinese forestry, wood industry and its markets. Wood Mater. Sci. Eng. 2021, 1–10. [Google Scholar] [CrossRef]
- Lu, H.L.; Li, J.H.; Li, G.Y.; Hu, J.N.; Wang, M.T. Research on the Impact of Natural Forest Protection Project on China’s Forest Product Trade. Iss. For. Econ. 2020, 6, 634–642. (In Chinese) [Google Scholar]
- Cowling, M.; Brown, R.; Rocha, A. Did you save some cash for a rainy COVID-19 day? The crisis and SMEs. Int. Small Bus. J. 2020, 38, 593–604. [Google Scholar] [CrossRef]
- Greenstone, M.; Nigam, V. Does Social Distancing Matter; Working Paper 202026; University of Chicago: Chicago, IL, USA, 2020. [Google Scholar]
- Fang, H.; Wang, L.; Yang, Y. Human Mobility Restrictions and the Spread of the Novel Coronavirus (2019-ncov) in china. J. Public Econ. 2020, 191, 104272. [Google Scholar] [CrossRef]
- Correia, S.; Luck, S.; Verner, E. Pandemics Depress the Economy, Public Health Interventions Do Not: Evidence From the 1918 Flu. SSRN Electron. J. 2020, 1–56. [Google Scholar] [CrossRef]
- Duan, H.; Wang, S.; Yang, C. Coronavirus: Limit Short-Term Economic Damage. Nature 2020, 578, 515–516. [Google Scholar] [CrossRef] [Green Version]
- Li, K.; Qin, Y.; Wu, J.; Yan, J. Containing the Virus or Reviving the Economy? Evidence from Individual Expectations during the COVID-19 Epidemic. SSRN Electron. J. 2020. [Google Scholar] [CrossRef]
- Adda, J. Economic Activity and the Spread of Viral Diseases: Evidence from High Frequency Data. Q. J. Econ. 2016, 131, 891–941. [Google Scholar] [CrossRef] [Green Version]
- Eichenbaum, M.S.; Rebelo, S.; Trabandt, M. The Macroeconomics of Epidemics; Working Paper 26882; Northwestern University: Evanston, IL, USA, 2020. [Google Scholar]
- Ferretti, L.; Wymant, C.; Kendall, M.; Zhao, L.; Nurtay, A.; Abeler-Dörner, L.; Parker, M.; Bonsall, D.; Fraser, C. Quantifying SARS-CoV-2 Transmission Suggests Epidemic Control with Digital Contact Tracing. Science 2020, 368, eabb6936. [Google Scholar] [CrossRef] [Green Version]
- Wong, J.E.; Leo, Y.S.; Tan, C.C. COVID-19 in Singapore-Current Experience: Critical Global Issues that Require Attention and Action. Jama 2020, 323, 1243–1244. [Google Scholar] [CrossRef]
- Li, Q.; Guan, X.; Wu, P.; Wang, X.; Zhou, L.; Tong, Y.; Feng, Z. Early Transmission Dynamics in Wuhan, China, of Novel Coronavirus–Infected Pneumonia. N. Engl. J. Med. 2020, 382, 1199–1207. [Google Scholar] [CrossRef]
- Tian, H.; Liu, Y.; Li, Y.; Wu, C.H.; Chen, B.; Kraemer, M.U.; Dye, C. An Investigation of Transmission Control Measures during the First 50 Days of the COVID-19 Epidemic in China. Science 2020, 368, 638–642. [Google Scholar] [CrossRef] [Green Version]
- Arbulú, I.; Razumova, M.; Rey-Maquieira, J.; Sastre, F. Can Domestic Tourism Relieve the COVID-19 Tourist Industry Crisis? The Case of Spain. J. Destin. Mark. Manag. 2021, 20, 100568. [Google Scholar] [CrossRef]
- Kaushal, V.; Srivastava, S. Hospitality and Tourism Industry Amid COVID-19 Pandemic: Perspectives on Challenges and Learnings from India. Int. J. Hosp. Manag. 2021, 92, 102707. [Google Scholar] [CrossRef]
- Škare, M.; Soriano, D.R.; Porada-Rochoń, M. Impact of COVID-19 on the Travel and Tourism Industry. Technol. Forecast. Soc. 2021, 163, 120469. [Google Scholar] [CrossRef]
- Rogerson, C.M.; Rogerson, J.M. COVID-19 Tourism Impacts in South Africa: Government and Industry Responses. Geoj. Tour. 2020, 31, 1083–1091. [Google Scholar] [CrossRef]
- Renaud, L. Reconsidering Global Mobility–Distancing from Mass Cruise Tourism in the Aftermath of COVID-19. Tour. Geogr. 2020, 22, 679–689. [Google Scholar] [CrossRef]
- Karim, W.; Haque, A.; Anis, Z.; Ulfy, M.A. The Movement Control Order (MCO) for COVID-19 Crisis and Its Impact on Tourism and Hospitality Sector in Malaysia. Int. Tour. Hosp. J. 2020, 3, 1–7. [Google Scholar] [CrossRef] [Green Version]
- Miller-Rushing, A.J.; Athearn, N.; Blackford, T.; Brigham, C.; Cohen, L.; Cole-Will, R.; Super, P.E. COVID-19 pandemic impacts on conservation research, management, and public engagement in US national parks. Biol. Conserv. 2021, 257, 109038. [Google Scholar] [CrossRef]
- Anguera-Torrell, O.; Aznar-Alarcón, J.P.; Vives-Perez, J. COVID-19: Hotel Industry Response to the Pandemic Evolution and to the Public Sector Economic Measures. Tour. Recreat. Res. 2020, 46, 148–157. [Google Scholar] [CrossRef]
- Davahli, M.R.; Karwowski, W.; Sonmez, S.; Apostolopoulos, Y. The Hospitality Industry in the Face of the COVID-19 Pandemic: Current Topics and Research Methods. Int. J. Environ. Res. Public Health 2020, 17, 7366. [Google Scholar] [CrossRef]
- Dube, K.; Nhamo, G.; Chikodzi, D. COVID-19 Cripples Global Restaurant and Hospitality Industry. Curr. Issues Tour. 2021, 24, 1487–1490. [Google Scholar] [CrossRef]
- Fu, M.; Shen, H. COVID-19 and Corporate Performance in the Energy Industry. Energy Res. Lett. 2020, 1, 12967. [Google Scholar] [CrossRef]
- Polemis, M.; Soursou, S. Assessing the Impact of the COVID-19 Pandemic on the Greek Energy Firms: An Event Study Analysis. Energy Res. Lett. 2020, 1, 17238. [Google Scholar] [CrossRef]
- Jiang, P.; Van Fan, Y.; Klemeš, J.J. Impacts of COVID-19 on Energy Demand and Consumption: Challenges, Lessons and Emerging Opportunities. Appl. Energy 2021, 285, 116441. [Google Scholar] [CrossRef] [PubMed]
- Ito, H.; Hanaoka, S.; Kawasaki, T. The Cruise Industry and the COVID-19 Outbreak. Transp. Res. Interdiscip. Perspect. 2020, 5, 100136. [Google Scholar] [CrossRef] [PubMed]
- Ilhan, E.G.E. The Impact of Coronavirus Disease (COVID-19) Pandemic on Cruise Industry: Case of Diamond Princess Cruise Ship. Mersin. Univ. J. Marit. Fac. 2020, 2, 32–37. [Google Scholar]
- Dube, K.; Nhamo, G.; Chikodzi, D. COVID-19 Pandemic and Prospects for Recovery of the Global Aviation Industry. J. Air Transp. Manag. 2021, 92, 102022. [Google Scholar] [CrossRef]
- Rahman, N.A.A.; Rahim, S.A.; Ahmad, M.F.; Hafizuddin-Syah, B.A.M. Exploring COVID-19 Pandemic: Its Impact to Global Aviation Industry and the Key Strategy. Int. J. Adv. Sci. Technol. 2020, 26, 1829–1836. [Google Scholar]
- Salman, D.; Seiam, D.; Fayaz, E. How Can the Aviation Sector Survive after COVID-19? Virtual Econ. 2020, 3, 91–105. [Google Scholar] [CrossRef]
- Song, H.J.; Yeon, J.; Lee, S. Impact of the COVID-19 Pandemic: Evidence from the U.S. Restaurant Industry. Int. J. Hosp. Manag. 2021, 92, 102702. [Google Scholar] [CrossRef]
- Chowdhury, M.T.; Sarkar, A.; Paul, S.K.; Moktadir, M.A. A Case Study on Strategies to Deal with the Impacts of COVID-19 Pandemic in the Food and Beverage Industry. Oper. Manag. Res. 2020, 1–13. [Google Scholar] [CrossRef]
- Zuber, S.; Brüssow, H. COVID 19: Challenges for Virologists in the Food Industry. Microb. Biotechnol. 2020, 13, 1689–1701. [Google Scholar] [CrossRef]
- Ziliak, J.P. Food Hardship during the COVID-19 Pandemic and Great Recession. Appl. Econ. Perspect. Policy 2021, 43, 132–152. [Google Scholar] [CrossRef]
- Chenarides, L.; Manfredo, M.; Richards, T.J. COVID-19 and Food Supply Chains. Appl. Econ. Perspect. Policy 2021, 43, 270–279. [Google Scholar] [CrossRef]
- Hafez, H.M.; Attia, Y.A. Challenges to the Poultry Industry: Current Perspectives and Strategic Future after the COVID-19 Outbreak. Front. Vet. Sci. 2020, 7, 516. [Google Scholar] [CrossRef]
- Yazdekhasti, A.; Wang, J.; Zhang, L.; Ma, J. A Multi-Period Multi-Modal Stochastic Supply Chain Model under COVID Pandemic: A Poultry Industry Case Study in Mississippi. Transp. Res. Part E Logist. Transp. Rev. 2021, 154, 102463. [Google Scholar] [CrossRef]
- Biswal, J.; Vijayalakshmy, K.; Rahman, H. Impact of COVID-19 and Associated Lockdown on Livestock and Poultry Sectors in India. Vet. World 2020, 13, 1928. [Google Scholar] [CrossRef]
- Shankar, K. The Impact of COVID-19 on IT Services Industry-Expected Transformations. Br. J. Manag. 2020, 31, 450. [Google Scholar] [CrossRef]
- Zhong, H.; Tan, Z.; He, Y.; Xie, L.; Kang, C. Implications of COVID-19 for the Electricity Industry: A Comprehensive Review. CSEE J. Power Energy Syst. 2020, 6, 489–495. [Google Scholar] [CrossRef]
- Ghiani, E.; Galici, M.; Mureddu, M.; Pilo, F. Impact on Electricity Consumption and Market Pricing of Energy and Ancillary Services during Pandemic of COVID-19 in Italy. Energies 2020, 13, 3357. [Google Scholar] [CrossRef]
- Ioannidis, J.P.; Jha, P. Does the COVID-19 Pandemic Provide an Opportunity to Eliminate the Tobacco Industry? Lancet Glob. Health 2021, 9, e12–e13. [Google Scholar] [CrossRef]
- Babuna, P.; Yang, X.; Gyilbag, A.; Awudi, D.A.; Ngmenbelle, D.; Bian, D. The Impact of COVID-19 on the Insurance Industry. Int J. Environ. Res. Public Health. 2020, 17, 5766. [Google Scholar] [CrossRef]
- Wang, Y.; Zhang, D.; Wang, X.; Fu, Q. How Does COVID-19 Affect China’s Insurance Market? Emerg. Mark. Financ. Trade 2020, 56, 2350–2362. [Google Scholar] [CrossRef]
- Gamil, Y.; Alhagar, A. The Impact of Pandemic Crisis on the Survival of Construction Industry: A Case of COVID-19. Mediterr. J. Soc. Sci. 2020, 11, 122. [Google Scholar] [CrossRef]
- Alsharef, A.; Banerjee, S.; Uddin, S.M.; Albert, A.; Jaselskis, E. Early Impacts of the COVID-19 Pandemic on the United States Construction Industry. Int. J. Environ. Res. Public Health 2021, 18, 1559. [Google Scholar] [CrossRef]
- Nicorescu, A.I.; Hălălișan, A.F.; Popa, B.; Neykov, N. Challenges for FSC forest certification: Audits in the context of pandemic COVID-19. Forests 2021, 12, 997. [Google Scholar] [CrossRef]
- Stanturf, J.A.; Mansuy, N. COVID-19 and forests in Canada and the United States: Initial assessment and beyond. Front. For. Glob. Chang. 2021, 101, 101. [Google Scholar] [CrossRef]
- Qiu, J.; Shen, B.; Zhao, M.; Wang, Z.; Xie, B.; Xu, Y. A Nationwide Survey of Psychological Distress Among Chinese People in the COVID-19 Epidemic: Implications and Policy Recommendations. Gen. Psychiatry 2020, 33, e100213. [Google Scholar] [CrossRef] [Green Version]
- Xiang, Y.T.; Yang, Y.; Li, W.; Zhang, L.; Zhang, Q.; Cheung, T. Timely Mental Health Care for the 2019 Novel Coronavirus Outbreak is Urgently Needed. Lancet Psychiatry 2020, 7, 228–229. [Google Scholar] [CrossRef] [Green Version]
- Zhang, J.; Wu, W.; Zhao, X.; Zhang, W. Recommended Psychological Crisis Intervention Response to the 2019 Novel Coronavirus Pneumonia Outbreak in China: A Model of West China Hospital. Precis. Clin. Med. 2020, 3, 3–8. [Google Scholar] [CrossRef] [Green Version]
- Li, W.; Yang, Y.; Liu, Z.-H.; Zhao, Y.-J.; Zhang, Q.; Zhang, L. Progression of Mental Health Services during the COVID-19 Outbreak in China. Int. J. Biol. Sci. 2020, 16, 1732–1738. [Google Scholar] [CrossRef] [Green Version]
- Chao, M.; Chen, X.; Liu, T.; Yang, H.; Hall, B.J. Psychological Distress and State Boredom during the COVID-19 Outbreak in China: The Role of Meaning in Life and Media Use. Eur. J. Psychotraumatol. 2020, 11, 1769379. [Google Scholar] [CrossRef]
- Liu, R.; Pieniak, Z.; Verbeke, W. Food-Related Hazards in China: Consumers’ Perceptions of Risk and Trust in Information Sources. Food Control. 2014, 46, 291–298. [Google Scholar] [CrossRef] [Green Version]
- Yang, C.C.; Chen, J.X.; Yang, W.C. The Impact of the Amendment of Taiwan’s Certified Public Accountant Act in 2007 on Large Accounting Firms. Sustainability 2020, 13, 1229. [Google Scholar] [CrossRef]
- Chen, J.; Yang, C.C. Competitive Revenue Strategies in the Medical Consumables Industry: Evidence from Human Resources, Research and Development Expenses and Industry Life Cycle. Int J. Environ Res Public Health 2021, 18, 3180. [Google Scholar] [CrossRef] [PubMed]
- Chen, J.; Yang, C.C. The impact of the National Nutrition Program 2017–2030 on people’s food purchases: A revenue-based perspective. Nutrients 2021, 13, 3030. [Google Scholar] [CrossRef]
- Banker, R.D.; Chang, H.; Cufnningham, R. The Public Accounting Industry Production Function. J. Account. Econ. 2003, 35, 255–281. [Google Scholar] [CrossRef]
- Christensen, L.R.; Greene, W.H. Economies of scale in U.S. electric power generation. J. Polit. Econ. 1976, 84, 655–676. [Google Scholar] [CrossRef]
- Chen, Q.; Schipper, K. Future directions for Chinese accounting research. China J. Account. Res. 2008, 1, 1–10. [Google Scholar] [CrossRef] [Green Version]
- Du, M.; Boateng, A. State ownership, institutional effects and value creation in cross-border mergers & acquisitions by Chinese firms. Int. Bus. Rev. 2015, 24, 430–442. [Google Scholar] [CrossRef] [Green Version]
- Gulzar, M.A.; Cherian, J.; Hwang, J.; Jiang, Y.; Sial, M.S. The impact of board gender diversity and foreign institutional investors on the corporate social responsibility (CSR) engagement of Chinese listed companies. Sustainability 2019, 11, 307. [Google Scholar] [CrossRef] [Green Version]
- Huang, J. Corporate social responsibility and financial performance: The moderating role of the turnover of local officials. Financ. Res. Lett. 2021, 102497. [Google Scholar] [CrossRef]
- Hu, Y.; Ma, S.; Xu, X.; Wang, Y. CEO Identity Difference, Ownership Pattern and Long-Term Investment: Evidence from Chinese Family Listed Firms. In Proceedings of the Fifteenth International Conference on Management Science and Engineering Management, Toledo, Spain, 31 July 2021; pp. 440–451. [Google Scholar]
- Zhang, C.; Jiang, J.; Jin, H.; Chen, T. The impact of COVID-19 on consumers’ psychological behavior based on data mining for online user comments in the catering industry in China. Int. J. Environ. Res. Public Health 2021, 18, 4178. [Google Scholar] [CrossRef]
- Jin, X.; Li, J.; Song, W.; Zhao, T. The impact of COVID-19 and public health emergencies on consumer purchase of scarce products in China. Front. Public Health 2020, 8, 866. [Google Scholar] [CrossRef]
- He, L.J.; Chen, J. Does Mandatory Audit Partner Rotation Influence Auditor Selection Strategies? Sustainability 2021, 13, 2058. [Google Scholar] [CrossRef]
- Nie, D.; Panfilova, E.; Samusenkov, V.; Mikhaylov, A. E-Learning Financing Models in Russia for Sustainable Development. Sustainability 2020, 12, 4412. [Google Scholar] [CrossRef]
- Yumashev, A.; Ślusarczyk, B.; Kondrashev, S.; Mikhaylov, A. Global Indicators of Sustainable Development: Evaluation of the Influence of the Human Development Index on Consumption and Quality of Energy. Energies 2020, 13, 2768. [Google Scholar] [CrossRef]
Variable | Definition | |
---|---|---|
Theoretical Variable | Proxy Variable | |
r | REVENUE | The revenue of furniture enterprises |
x1 | MANAGER | Total number of management positions |
x2 | RD | Total number of research positions |
x3 | ORDINARY | Total number of ordinary positions |
EMPLOYEE | Total number of positions | |
a | FASSET | Net fixed assets of company |
d | DEVE | R&D investment |
BIG | When BIG is 1, it represents the three extra-large furniture companies; when BIG is 0, it means the non-three extra-large companies | |
COVID | COVID represents the beginning of COVID-19. In 2020, COVID is 1; in 2015–2020, COVID is 0 |
Panel A: | 2015 (n = 30) | 2016 (n = 38) | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Variables | Mean | Median | Max | Min | Std. Dev. | Kurtosis | Mean | Median | Max | Min | Std. Dev. | Kurtosis |
REVENUE | ¥1020.00 | ¥795.00 | ¥3540.00 | ¥82.60 | ¥869.00 | 4.44 | ¥1370.00 | ¥1050.00 | ¥4790.00 | ¥108.00 | ¥1190.00 | 4.31 |
MANAGER | 13.07 | 13.50 | 16.00 | 10.00 | 2.18 | 1.65 | 13.50 | 14.00 | 18.00 | 8.00 | 2.69 | 2.82 |
RD | 271.83 | 250.00 | 694.00 | 32.00 | 246.08 | 1.96 | 344.97 | 231.00 | 1123.00 | 81.00 | 316.96 | 4.28 |
ORDINARY | 4059.43 | 3098.00 | 10,126.00 | 677.00 | 2900.50 | 3.06 | 4123.47 | 2649.00 | 10,589.00 | 771.00 | 3157.64 | 2.57 |
EMPLOYEE | 4344.33 | 3358.00 | 10,835.00 | 782.00 | 3112.26 | 3.03 | 4481.95 | 2864.00 | 11,271.00 | 887.00 | 3398.41 | 2.42 |
FASSET | ¥500.00 | ¥403.00 | ¥1050.00 | ¥37.70 | ¥317.00 | 2.00 | ¥564.00 | ¥444.00 | ¥1170.00 | ¥47.25 | ¥371.00 | 1.59 |
DEVE | ¥33.03 | ¥38.45 | ¥64.64 | ¥4.54 | ¥18.23 | 2.30 | ¥52.75 | ¥46.67 | ¥96.10 | ¥18.35 | ¥23.34 | 2.46 |
Panel B: | 2017 (n = 68) | 2018 (n = 82) | ||||||||||
Variables | Mean | Median | Max | Min | Std. Dev. | Kurtosis | Mean | Median | Max | Min | Std. Dev. | Kurtosis |
REVENUE | ¥1740.00 | ¥960.00 | ¥9710.00 | ¥90.44 | ¥1900.00 | 7.27 | ¥1900.00 | ¥1100.00 | ¥11,500.00 | ¥76.62 | ¥2190.00 | 8.23 |
MANAGER | 13.82 | 14.00 | 19.00 | 8.00 | 2.80 | 2.81 | 14.10 | 14.00 | 19.00 | 8.00 | 2.84 | 2.52 |
RD | 486.00 | 294.00 | 1993.00 | 91.00 | 517.84 | 5.12 | 510.22 | 397.00 | 2533.00 | 68.00 | 544.53 | 9.87 |
ORDINARY | 5403.31 | 2775.00 | 16,125.00 | 634.00 | 5070.83 | 2.65 | 5330.15 | 3289.00 | 17,170.00 | 687.00 | 4848.27 | 3.08 |
EMPLOYEE | 5903.13 | 2940.00 | 18,129.00 | 804.00 | 5532.57 | 2.81 | 5854.46 | 3589.00 | 19,714.00 | 906.00 | 5315.22 | 3.48 |
FASSET | ¥643.00 | ¥435.00 | ¥2490.00 | ¥62.43 | ¥551.00 | 4.16 | ¥786.00 | ¥514.00 | ¥3460.00 | ¥67.82 | ¥759.00 | 6.32 |
DEVE | ¥82.63 | ¥66.16 | ¥320.00 | ¥14.16 | ¥76.39 | 6.13 | ¥110.00 | ¥82.24 | ¥632.00 | ¥18.40 | ¥129.00 | 13.39 |
Panel C: | 2019 (n = 85) | 2020 (n = 88) | ||||||||||
Variables | Mean | Median | Max | Min | Std. Dev. | Kurtosis | Mean | Median | Max | Min | Std. Dev. | Kurtosis |
REVENUE | ¥2100.00 | ¥1150.00 | ¥13,500.00 | ¥72.16 | ¥2520.00 | 9.03 | ¥2260.00 | ¥1220.00 | ¥14,700.00 | ¥35.66 | ¥2710.00 | 9.36 |
MANAGER | 13.73 | 14.00 | 19.00 | 9.00 | 2.86 | 2.14 | 13.77 | 15.00 | 19.00 | 9.00 | 2.69 | 2.06 |
RD | 602.79 | 419.00 | 2866.00 | 64.00 | 652.67 | 7.80 | 619.95 | 478.50 | 2774.00 | 57.00 | 605.84 | 7.82 |
ORDINARY | 5381.64 | 3293.00 | 18,785.00 | 528.00 | 4916.09 | 3.69 | 5905.14 | 4206.50 | 17,239.00 | 499.00 | 4937.93 | 2.77 |
EMPLOYEE | 5998.15 | 3558.00 | 21,660.00 | 723.00 | 5524.27 | 4.08 | 6538.86 | 4827.00 | 20,022.00 | 592.00 | 5472.13 | 3.05 |
FASSET | ¥927.00 | ¥629.00 | ¥4960.00 | ¥164.00 | ¥921.00 | 8.15 | ¥1130.00 | ¥780.00 | ¥6090.00 | ¥180.00 | ¥1140.00 | 8.97 |
DEVE | ¥122.00 | ¥90.78 | ¥642.00 | ¥13.08 | ¥132.00 | 11.80 | ¥138.00 | ¥113.00 | ¥699.00 | ¥10.05 | ¥141.00 | 11.71 |
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
---|---|---|---|---|---|---|---|---|---|
(1) REVENUE | 1.000 | 0.269 | 0.632 | 0.723 | 0.724 | 0.718 | 0.698 | 0.466 | 0.057 |
----- | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.259) | |
(2) MANAGER | 0.098 | 1.000 | 0.198 | 0.249 | 0.247 | 0.277 | 0.270 | −0.059 | 0.031 |
(0.052) | ----- | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.242) | (0.542) | |
(3) RD | 0.656 | 0.021 | 1.000 | 0.801 | 0.832 | 0.651 | 0.879 | 0.493 | 0.123 |
(0.000) | (0.685) | ----- | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.015) | |
(4) ORDINARY | 0.722 | 0.175 | 0.868 | 1.000 | 0.997 | 0.805 | 0.825 | 0.556 | 0.064 |
(0.000) | (0.000) | (0.000) | ----- | (0.000) | (0.000) | (0.000) | (0.000) | (0.205) | |
(5) EMPLOYEE | 0.724 | 0.162 | 0.893 | 0.999 | 1.000 | 0.802 | 0.844 | 0.556 | 0.081 |
(0.000) | (0.001) | (0.000) | (0.000) | ----- | (0.000) | (0.000) | (0.000) | (0.109) | |
(6) FASSET | 0.738 | −0.011 | 0.786 | 0.759 | 0.771 | 1.000 | 0.731 | 0.529 | 0.175 |
(0.000) | (0.825) | (0.000) | (0.000) | (0.000) | ----- | (0.000) | (0.000) | (0.001) | |
(7) DEVE | 0.654 | −0.046 | 0.937 | 0.789 | 0.814 | 0.845 | 1.000 | 0.367 | 0.221 |
(0.000) | (0.368) | (0.000) | (0.000) | (0.000) | (0.000) | ----- | (0.000) | (0.000) | |
(8) BIG | 0.548 | −0.079 | 0.544 | 0.636 | 0.634 | 0.585 | 0.479 | 1.000 | −0.066 |
(0.000) | (0.120) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | ----- | (0.190) | |
(9) COVID | 0.093 | 0.003 | 0.101 | 0.073 | 0.077 | 0.196 | 0.161 | −0.066 | 1.000 |
(0.066) | (0.959) | (0.046) | (0.147) | (0.127) | (0.000) | (0.001) | (0.190) | ----- |
Variable | Coefficient | Variable | Coefficient |
---|---|---|---|
t-Value | t-Value | ||
Intercept | −15.273 | (lnORDINARY)(lnMANAGER) | 0.084 |
(−0.339) | (0.111) | ||
lnMANAGER | 17.076 | (lnORDINARY)(lnRD) | 0.213 |
(1.563) | (0.810) | ||
lnRD | −1.183 | (lnMANAGER)(lnFASSET) | 0.421 |
(−0.263) | (0.823) | ||
lnORDINARY | −1.696 | (lnRD)(lnFASSET) | 0.162 |
(−0.408) | (0.648) | ||
lnFASSET | 2.095 | (lnORDINARY)(lnFASSET) | 0.238 |
(0.590) | (1.311) | ||
lnDEVE | −0.879 | (lnMANAGER)(lnDEVE) | −1.935 *** |
(−0.173) | (−2.595) | ||
(lnMANAGER)2 | 0.019 | (lnRD)(lnDEVE) | −0.412 |
(0.020) | (−1.281) | ||
(lnRD)2 | −0.081 | (lnORDINARY)(lnDEVE) | −0.265 |
(−0.501) | (−1.501) | ||
(lnORDINARY)2 | 0.033 | (lnFASSET)(lnDEVE) | −0.101 |
(0.287) | (−0.420) | ||
(lnFASSET)2 | −0.095 | BIG | 0.090 |
(−0.884) | (0.544) | ||
(lnDEVE)2 | 0.365 * | COVID | −0.255 ** |
(1.674) | (−2.353) | ||
(lnMANAGER)(lnRD) | 1.575 * | BIGCOVID | 0.235 |
(1.858) | (0.908) | ||
Adjusted R–squared | 0.601 | ||
System degrees of freedom | 391 | ||
Test of log–linear specification | |||
F–statistic | 1.58 | ||
Significance level | 0.000 |
APE | Value Estimated Value | Significance Test |
---|---|---|
APE_ORDINARY | 0.636 | F-statistic = 2.14 |
Significance level = 0.05 | ||
APE_MANAGER | −0.357 | F-statistic = 1.69 |
Significance level = 0.12 | ||
APE_RD | 0.326 | F-statistic = 2.45 |
Significance level = 0.02 | ||
APE_FASSET | 0.470 | F-statistic = 4.84 |
Significance level = 0.00 | ||
APE_DEVE | 0.509 | F-statistic = 4.38 |
Significance level = 0.00 | ||
APE_BIG | ||
When COVID = 0 | 0.090 | F-statistic = 0.76 |
When COVID = 1 | 0.325 | Significance level = 0.47 |
APE_COVID | ||
When BIG = 0 | −0.255 | F-statistic = 2.77 |
When BIG = 1 | −0.020 | Significance level = 0.06 |
Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. |
© 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).
Share and Cite
Chen, J.; Yang, C.-C. The Impact of the COVID-19 Pandemic on Consumers’ Preferences for Wood Furniture: An Accounting Perspective. Forests 2021, 12, 1637. https://doi.org/10.3390/f12121637
Chen J, Yang C-C. The Impact of the COVID-19 Pandemic on Consumers’ Preferences for Wood Furniture: An Accounting Perspective. Forests. 2021; 12(12):1637. https://doi.org/10.3390/f12121637
Chicago/Turabian StyleChen, Jianxiong, and Chung-Cheng Yang. 2021. "The Impact of the COVID-19 Pandemic on Consumers’ Preferences for Wood Furniture: An Accounting Perspective" Forests 12, no. 12: 1637. https://doi.org/10.3390/f12121637