Table 2 Difference-in-differences...

Table 2

Difference-in-differences comparison

Panel A: Difference-in-differences comparison of LS
Variable	(1) During		(2) Post		Diff	Diff-in-Diff
Variable	N	Mean	N	Mean	(2)-(1)	(RM-IPO)
RM	232	0.100	228	0.135	0.035***	0.031***
IPO	230	0.123	234	0.127	0.004	0.031***

Panel A: Difference-in-differences comparison of LS
RM	232	0.100	228	0.135	0.035***	0.031***
IPO	230	0.123	234	0.127	0.004

Panel B: Difference-in-difference comparison of LN_LS
Variable	(1) During		(2) Post		Diff	Diff-in-Diff
Variable	N	Mean	N	Mean	(2)-(1)	(Merger-IPO)
RM	232	−2.483	228	−2.201	0.282**	0.278**
IPO	230	−2.175	234	−2.171	0.004	0.278**

Panel B: Difference-in-difference comparison of LN_LS
RM	232	−2.483	228	−2.201	0.282**	0.278**
IPO	230	−2.175	234	−2.171	0.004

Note(s): This table presents difference-in-differences comparisons of labor share between the treatment (RM firms) and control firms (IPO firms). Panel A reports the mean values of labor share (LS) for both the treatment and control firms during and after the commitment period. Panel B reports the mean values of logarithmically converted labor share (LN_LS) for both the treatment and control firms during and after the commitment period. See Appendix A for variable definitions. The superscripts ***, ** and * indicate two-tailed statistical significance at the 1%, 5% and 10% levels, respectively

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