TABLE2 Results of Regressing Changes in SGUA on Changes in Sales Revenue for the 20-Year Period 1979-98 Regression specification for model (I): SGOAL Revenue = Po+ Blog Reven Will + By * Decrease Dummy. * log Revenue Revenwill Regression specification for model (II): Revenue Revenuein B SGGALLI Revenwill + By, Decrease Dummy;, * log Revenueill Revenueill +Bil + By 06 Revenue:1 2 Revenueil-! + 8, Decrease Dummy;, * 108 Revenuein 2 Decrease Dummy,, takes a value of I when revenue of firm i for period f is less than that in the preceding period. Coefficient Estimates (-statistics) Model (1) Model (II) Model (1) Model (1) Model (1) One-Year One-Year Two-Year Three-Year Four-Year Periods Periods Periods Periods Periods Po 0.0481 0.0333 0.0574 10603 0.0783 (3989) (25.90) (25.12) (16.31) (16.67) 0.5459 0.5328 0.6816 0.7148 0.7427 (164.11) (130.43) (141.91) (104.71) (97.00) -0.1914 -0.1876 -0.1569 -0.0919 -0.0343 (-26.14) (-23.47) (-13.40) (-5.56) (-1.76) 0.1038 (29.79) BA 0.1042 (13.23) Adjusted R 0.3663 0.3893 0.5349 0.5933 0.6513 Number of 63.958 56,420 26,052 12,398 8,565 observations