Robustness analyses
| Y = w_employeesi,t | LAG 1 | LAG 2 | LAG 3 | |||
|---|---|---|---|---|---|---|
| Model 1A | Model 1B | Model 2A | Model 2B | Model 3A | Model 3B | |
| Lagged independent variable | ||||||
| L1.w_managersi,t-1 | 0.15* (0.09) | – | – | – | – | – |
| L2.w_managersi,t-2 | – | 0.10 (0.07) | – | – | – | |
| L3.w_managersi,t-3 | – | – | – | −0.34 (0.26) | – | |
| Lagged interaction terms | ||||||
| L1.flexible_working_hoursi,t-1 | – | −12.35*** (3.66) | – | – | – | – |
| L2.flexible_working_hoursi,t-2 | – | – | – | −6.46*** (1.83) | – | – |
| L3.flexible_working_hoursi,t-3 | – | – | – | – | – | −4.40 (16.99) |
| L1.interact_term_1i,t-1 | – | 0.30*** (0.10) | – | – | – | – |
| L1.interact_term_0i,t-1 | – | −0.15 (0.12) | – | – | – | – |
| L2.interact_term_1i,t-2 | – | – | – | 0.17** (0.07) | – | – |
| L2.interact_term_0i,t-2 | – | – | – | −0.03 (0.04) | – | – |
| L3.interact_term_1i,t-3 | – | – | – | – | – | −0.40 (0.29) |
| L3.interact_term_0i,t-3 | – | – | – | – | – | −0.22 (0.22) |
| Control variables | ||||||
| w_direct_executivei,t | 0.04 (0.06) | 0.06 (0.06) | 0.07 (0.06) | 0.08 (0.06) | 0.04 (0.06) | 0.06 (0.05) |
| female_bdi,t | −0.03 (0.04) | −0.05 (0.04) | −0.02 (0.05) | −0.02 (0.05) | −0.02 (0.05) | −0.02 (0.05) |
| bd_sizei,t | −0.57** (0.27) | −0.55** (0.26) | −0.71** (0.30) | −0.76** (0.30) | −0.63* (0.38) | −0.58* (0.33) |
| roei,t | 1.10*** (0.36) | 1.11*** (0.35) | 1.30*** (0.44) | 1.24*** (0.44) | 1.24** (0.48) | 1.20** (0.50) |
| Constant | 33.20*** (2.43) | 41.62*** (3.32) | 34.84*** (2.55) | 39.43*** (2.68) | 44.92*** (8.83) | 45.95*** (10.25) |
| No. of obs | 469 | 469 | 420 | 420 | 375 | 375 |
| No. of groups | 188 | 188 | 184 | 184 | 183 | 183 |
| F-statistics | 3.87*** | 3.89*** | 3.39*** | 3.93*** | 2.17* | – |
| R2 | 0.06 | 0.11 | 0.06 | 0.09 | 0.05 | 0.09 |
| LAG 1 | LAG 2 | LAG 3 | ||||
|---|---|---|---|---|---|---|
| Model 1A | Model 1B | Model 2A | Model 2B | Model 3A | Model 3B | |
| 0.15* (0.09) | – | – | – | – | – | |
| – | 0.10 (0.07) | – | – | – | ||
| – | – | – | −0.34 (0.26) | – | ||
| – | −12.35*** (3.66) | – | – | – | – | |
| – | – | – | −6.46*** (1.83) | – | – | |
| – | – | – | – | – | −4.40 (16.99) | |
| – | 0.30*** (0.10) | – | – | – | – | |
| – | −0.15 (0.12) | – | – | – | – | |
| – | – | – | 0.17** (0.07) | – | – | |
| – | – | – | −0.03 (0.04) | – | – | |
| – | – | – | – | – | −0.40 (0.29) | |
| – | – | – | – | – | −0.22 (0.22) | |
| 0.04 (0.06) | 0.06 (0.06) | 0.07 (0.06) | 0.08 (0.06) | 0.04 (0.06) | 0.06 (0.05) | |
| −0.03 (0.04) | −0.05 (0.04) | −0.02 (0.05) | −0.02 (0.05) | −0.02 (0.05) | −0.02 (0.05) | |
| −0.57** (0.27) | −0.55** (0.26) | −0.71** (0.30) | −0.76** (0.30) | −0.63* (0.38) | −0.58* (0.33) | |
| 1.10*** (0.36) | 1.11*** (0.35) | 1.30*** (0.44) | 1.24*** (0.44) | 1.24** (0.48) | 1.20** (0.50) | |
| 33.20*** (2.43) | 41.62*** (3.32) | 34.84*** (2.55) | 39.43*** (2.68) | 44.92*** (8.83) | 45.95*** (10.25) | |
| No. of obs | 469 | 469 | 420 | 420 | 375 | 375 |
| No. of groups | 188 | 188 | 184 | 184 | 183 | 183 |
| F-statistics | 3.87*** | 3.89*** | 3.39*** | 3.93*** | 2.17* | – |
| 0.06 | 0.11 | 0.06 | 0.09 | 0.05 | 0.09 | |
Note(s): The standard errors in parentheses are robust to heteroskedasticity and autocorrelation
Significance levels: *p < 0.1; **p < 0.05; ***p < 0.01
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