Table 4 Performance commitment and labor...

Table 4

Performance commitment and labor share

Variables	LS			LN_LS
Variables	(1)	(2)	(3)	(4)	(5)	(6)
RM	0.0151	0.0039		0.0624	−0.0097
RM	(1.059)	(0.332)		(0.466)	(−0.078)
PC	0.0147	0.0124	0.0109**	0.2264*	0.1873	0.0656
PC	(1.289)	(1.202)	(2.010)	(1.837)	(1.548)	(1.634)
RM PC*	−0.0389***	−0.0220***	−0.0163**	−0.3811***	−0.2374***	−0.1511**
RM PC*	(−3.750)	(−2.987)	(−2.411)	(−4.180)	(−3.081)	(−2.549)
FIRST		0.0557*	0.0710		0.5829	0.6407
FIRST		(1.712)	(1.525)		(1.602)	(1.636)
DUAL		0.0089	−0.0012		0.1043	−0.0202
DUAL		(1.019)	(−0.283)		(1.104)	(−0.459)
SOE		0.0283*	−0.0156		0.3790***	−0.0180
SOE		(1.851)	(−1.511)		(2.656)	(−0.173)
SIZE		−0.0088*	−0.0112		−0.0851	−0.1777**
SIZE		(−1.695)	(−1.118)		(−1.538)	(−2.185)
LEV		−0.0291	0.0074		−0.4594	−0.0170
LEV		(−1.133)	(0.318)		(−1.561)	(−0.069)
ROA		0.0200	−0.0099		0.0112	−0.3095
ROA		(0.402)	(−0.184)		(0.022)	(−0.661)
MARGIN		−0.0362***	−0.0238**		−0.2272**	−0.1085
MARGIN		(−3.206)	(−2.295)		(−2.447)	(−1.436)
WAGE		0.0230*	0.0508***		0.0877	0.4571***
WAGE		(1.863)	(4.841)		(0.628)	(5.769)
KY		0.0158	0.0259***		0.0539	0.1070
KY		(1.261)	(2.901)		(0.504)	(1.569)
CI		0.0083***	0.0114***		0.1079***	0.1420***
CI		(2.675)	(4.532)		(3.869)	(7.950)
TOBINQ		0.0064	0.0020		0.0718	0.0017
TOBINQ		(1.401)	(0.769)		(1.598)	(0.085)
CONSTANT	0.0757***	−0.0748	−0.3175	−2.6124***	−2.5633	−4.5760**
CONSTANT	(3.289)	(−0.395)	(−1.257)	(−8.295)	(−1.379)	(−2.441)
YEAR FE	YES	YES	YES	YES	YES	YES
INDUSTRY FE	YES	YES	NO	YES	YES	NO
FIRM FE	NO	NO	YES	NO	NO	YES
N	924	924	924	924	924	924
Adj. R²	0.163	0.393	0.582	0.179	0.359	0.608

Variables	LS			LN_LS
Variables	(1)	(2)	(3)	(4)	(5)	(6)
RM	0.0151	0.0039		0.0624	−0.0097
RM	(1.059)	(0.332)		(0.466)	(−0.078)
PC	0.0147	0.0124	0.0109**	0.2264*	0.1873	0.0656
PC	(1.289)	(1.202)	(2.010)	(1.837)	(1.548)	(1.634)
RM* PC	−0.0389***	−0.0220***	−0.0163**	−0.3811***	−0.2374***	−0.1511**
RM* PC	(−3.750)	(−2.987)	(−2.411)	(−4.180)	(−3.081)	(−2.549)
FIRST		0.0557*	0.0710		0.5829	0.6407
FIRST		(1.712)	(1.525)		(1.602)	(1.636)
DUAL		0.0089	−0.0012		0.1043	−0.0202
DUAL		(1.019)	(−0.283)		(1.104)	(−0.459)
SOE		0.0283*	−0.0156		0.3790***	−0.0180
SOE		(1.851)	(−1.511)		(2.656)	(−0.173)
SIZE		−0.0088*	−0.0112		−0.0851	−0.1777**
SIZE		(−1.695)	(−1.118)		(−1.538)	(−2.185)
LEV		−0.0291	0.0074		−0.4594	−0.0170
LEV		(−1.133)	(0.318)		(−1.561)	(−0.069)
ROA		0.0200	−0.0099		0.0112	−0.3095
ROA		(0.402)	(−0.184)		(0.022)	(−0.661)
MARGIN		−0.0362***	−0.0238**		−0.2272**	−0.1085
MARGIN		(−3.206)	(−2.295)		(−2.447)	(−1.436)
WAGE		0.0230*	0.0508***		0.0877	0.4571***
WAGE		(1.863)	(4.841)		(0.628)	(5.769)
KY		0.0158	0.0259***		0.0539	0.1070
KY		(1.261)	(2.901)		(0.504)	(1.569)
CI		0.0083***	0.0114***		0.1079***	0.1420***
CI		(2.675)	(4.532)		(3.869)	(7.950)
TOBINQ		0.0064	0.0020		0.0718	0.0017
TOBINQ		(1.401)	(0.769)		(1.598)	(0.085)
CONSTANT	0.0757***	−0.0748	−0.3175	−2.6124***	−2.5633	−4.5760**
CONSTANT	(3.289)	(−0.395)	(−1.257)	(−8.295)	(−1.379)	(−2.441)
YEAR FE	YES	YES	YES	YES	YES	YES
INDUSTRY FE	YES	YES	NO	YES	YES	NO
FIRM FE	NO	NO	YES	NO	NO	YES
N	924	924	924	924	924	924
Adj. R²	0.163	0.393	0.582	0.179	0.359	0.608

Note(s): This table presents regression results of the impact of performance commitment on labor share. The dependent variables are labor share (LS) and the logarithmically converted form of labor share (LN_LS). See Appendix A for variable definitions. Our sample includes 924 firm-year observations. The t-statistics based on robust standard errors clustered by firms are presented in parentheses beneath each estimate. ***, ** and * indicate two-tailed statistical significance at the 1%, 5% and 10% levels, respectively

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