Table 8 Impact mechanism: enhancing...

Table 8

Impact mechanism: enhancing labor productivity

Variables	(1)	(2)	(3)
Variables	labor	performance	performance
dt	0.279***	0.501	7.638*
dt	(0.070)	(0.325)	(3.969)
labor		1.188***	1.371***
labor		(0.057)	(0.119)
dt✕labor			−0.494*
dt✕labor			(0.275)
state	−0.038	0.412***	0.415***
state	(0.024)	(0.114)	(0.113)
lnage	−0.025***	1.016***	1.009***
lnage	(0.009)	(0.047)	(0.047)
lnboard	0.117***	0.329**	0.333**
lnboard	(0.033)	(0.153)	(0.153)
indep	0.054	0.150	0.174
indep	(0.091)	(0.428)	(0.427)
top10	−0.030	−2.477***	−2.502***
top10	(0.051)	(0.238)	(0.238)
dual	−0.016*	0.067	0.067
dual	(0.010)	(0.044)	(0.044)
capital	0.678***	−1.266***	−1.270***
capital	(0.016)	(0.075)	(0.075)
growth	0.082***	0.440***	0.439***
growth	(0.010)	(0.038)	(0.038)
subsidy	−4.319***	−7.049***	−7.041***
subsidy	(0.285)	(1.273)	(1.273)
tax	0.086***	−0.337***	−0.335***
tax	(0.019)	(0.083)	(0.083)
asset	−0.001***	0.003***	0.004***
asset	(0.000)	(0.001)	(0.001)
Constant	10.703***	−3.695***	−6.303***
Constant	(0.125)	(0.845)	(1.716)
Year FE	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes
Obs.	18,879	18,879	18,879
R-squared	0.899	0.843	0.843

Variables	(1)	(2)	(3)
Variables	labor	performance	performance
dt	0.279***	0.501	7.638*
dt	(0.070)	(0.325)	(3.969)
labor		1.188***	1.371***
labor		(0.057)	(0.119)
dt✕labor			−0.494*
dt✕labor			(0.275)
state	−0.038	0.412***	0.415***
state	(0.024)	(0.114)	(0.113)
lnage	−0.025***	1.016***	1.009***
lnage	(0.009)	(0.047)	(0.047)
lnboard	0.117***	0.329**	0.333**
lnboard	(0.033)	(0.153)	(0.153)
indep	0.054	0.150	0.174
indep	(0.091)	(0.428)	(0.427)
top10	−0.030	−2.477***	−2.502***
top10	(0.051)	(0.238)	(0.238)
dual	−0.016*	0.067	0.067
dual	(0.010)	(0.044)	(0.044)
capital	0.678***	−1.266***	−1.270***
capital	(0.016)	(0.075)	(0.075)
growth	0.082***	0.440***	0.439***
growth	(0.010)	(0.038)	(0.038)
subsidy	−4.319***	−7.049***	−7.041***
subsidy	(0.285)	(1.273)	(1.273)
tax	0.086***	−0.337***	−0.335***
tax	(0.019)	(0.083)	(0.083)
asset	−0.001***	0.003***	0.004***
asset	(0.000)	(0.001)	(0.001)
Constant	10.703***	−3.695***	−6.303***
Constant	(0.125)	(0.845)	(1.716)
Year FE	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes
Obs.	18,879	18,879	18,879
R-squared	0.899	0.843	0.843

Note(s): This regression controls for year, firm and industry fixed effects, and the standard errors are heteroskedasticity-robust. ***, ** and * refer to statistical significance at the 1, 5 and 10% levels, respectively

Source(s): Authors’ own work

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