Table 3 Heterogeneous effects by TFP...

Table 3

Heterogeneous effects by TFP quintiles

		q1	q2	q3	q4	q5	q1	q2	q3	q4	q5
(ln) No. Training programs	t−1	0.0471***	−0.0017	0.0148*	0.0062	0.0155**
		(0.009)	(0.010)	(0.009)	(0.009)	(0.006)
	t−2	0.0338***	−0.0070	0.0320***	0.0147*	0.0133**
		(0.009)	(0.010)	(0.009)	(0.009)	(0.007)
	t−3	−0.0004	0.0038	0.0066	0.0166*	0.0261***
		(0.010)	(0.011)	(0.010)	(0.010)	(0.007)
(ln) Training hours (p. c.)	t−1						0.0227**	−0.0055	0.0028	−0.0003	0.0078
							(0.010)	(0.012)	(0.013)	(0.010)	(0.007)
	t−2						0.0062	0.0258*	0.0135	0.0049	0.0096
							0.009	(0.013)	(0.012)	(0.011)	(0.007)
	t−3						−0.0060	0.0039	0.0105	−0.0036	0.0063
							(0.010)	(0.015)	(0.013)	(0.011)	(0.007)
Other controls		yes	yes	yes	yes	yes	yes	yes	yes	yes	yes
R-squared		0.026	0.029	0.041	0.075	0.085	0.022	0.029	0.039	0.074	0.083
Observations		10,392	13,217	14,538	15,210	14,611	10,392	13,217	14,538	15,210	14,611

		q1	q2	q3	q4	q5	q1	q2	q3	q4	q5
(ln) No. Training programs	t−1	0.0471***	−0.0017	0.0148*	0.0062	0.0155**
		(0.009)	(0.010)	(0.009)	(0.009)	(0.006)
	t−2	0.0338***	−0.0070	0.0320***	0.0147*	0.0133**
		(0.009)	(0.010)	(0.009)	(0.009)	(0.007)
	t−3	−0.0004	0.0038	0.0066	0.0166*	0.0261***
		(0.010)	(0.011)	(0.010)	(0.010)	(0.007)
(ln) Training hours (p. c.)	t−1						0.0227**	−0.0055	0.0028	−0.0003	0.0078
							(0.010)	(0.012)	(0.013)	(0.010)	(0.007)
	t−2						0.0062	0.0258*	0.0135	0.0049	0.0096
							0.009	(0.013)	(0.012)	(0.011)	(0.007)
	t−3						−0.0060	0.0039	0.0105	−0.0036	0.0063
							(0.010)	(0.015)	(0.013)	(0.011)	(0.007)
Other controls		yes	yes	yes	yes	yes	yes	yes	yes	yes	yes
R-squared		0.026	0.029	0.041	0.075	0.085	0.022	0.029	0.039	0.074	0.083
Observations		10,392	13,217	14,538	15,210	14,611	10,392	13,217	14,538	15,210	14,611

Note(s): IVH estimates. Other controls include (lagged from t−1 to t−3, and in natural logarithm): Value Added, Firm's age, Tot. Intangible assets, Total liabilities, Unit labour cost, Employees, TFP. Extended tables are reported in the Appendix. Sectoral fixed effects (NACE 2-digit) and year are always included. Lewbel IV includes an exogenous instrumental variable (see Section 4.2). Significance levels: *p < 0.1; **p < 0.05; ***p < 0.01

Source(s): Authors’ own work

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