Table 6 Controlling for other fixed...

Table 6

Controlling for other fixed effects: firm pair and listing year

	firm-pair FE		Listing-year FE
Variables	LS	LN_LS	LS	LN_LS
Variables	(1)	(2)	(3)	(4)
PC	0.0116*	0.1080*
PC	(1.788)	(1.918)
RM PC*	−0.0170**	−0.2166**	−0.0162**	−0.1500**
RM PC*	(−2.029)	(−2.369)	(−2.389)	(−2.529)
FIRST	0.1228***	1.1982***	0.0703	0.6454
FIRST	(3.970)	(3.984)	(1.498)	(1.626)
DUAL	0.0096	0.1493*	−0.0013	−0.0216
DUAL	(1.481)	(1.956)	(−0.299)	(−0.492)
SOE	0.0178	0.3447**	−0.0153	−0.0202
SOE	(1.385)	(2.500)	(−1.456)	(−0.192)
SIZE	−0.0061	−0.0874	−0.0110	−0.1739**
SIZE	(−0.871)	(−1.274)	(−1.088)	(−2.117)
LEV	−0.0147	−0.3300	0.0067	−0.0257
LEV	(−0.664)	(−1.480)	(0.287)	(−0.104)
ROA	0.0026	−0.0466	−0.0098	−0.3222
ROA	(0.048)	(−0.091)	(−0.184)	(−0.690)
MARGIN	−0.0368***	−0.2469***	−0.0242**	−0.1104
MARGIN	(−3.213)	(−2.771)	(−2.326)	(−1.455)
WAGE	0.0333***	0.3069***	0.0505***	0.4509***
WAGE	(2.983)	(2.953)	(4.968)	(5.755)
KY	0.0191**	0.1439*	0.0260***	0.1065
KY	(2.032)	(1.784)	(2.921)	(1.561)
CI	0.0043*	0.0561**	0.0114***	0.1424***
CI	(1.657)	(2.369)	(4.527)	(7.976)
TOBINQ	0.0071**	0.0706**	0.0019	0.0020
TOBINQ	(2.256)	(2.465)	(0.733)	(0.099)
CONSTANT	−0.2330	−4.7411***	−0.3003	−4.2617**
CONSTANT	(−1.327)	(−2.805)	(−1.134)	(−2.167)
YEAR FE	YES	YES	YES	YES
FIRM FE	NO	NO	YES	YES
FIRM-PAIR FE	YES	YES	NO	NO
LISTING-YEAR FE	NO	NO	YES	YES
N	924	924	924	924
Adj. R²	0.576	0.602	0.581	0.608

	firm-pair FE		Listing-year FE
Variables	LS	LN_LS	LS	LN_LS
Variables	(1)	(2)	(3)	(4)
PC	0.0116*	0.1080*
PC	(1.788)	(1.918)
RM* PC	−0.0170**	−0.2166**	−0.0162**	−0.1500**
RM* PC	(−2.029)	(−2.369)	(−2.389)	(−2.529)
FIRST	0.1228***	1.1982***	0.0703	0.6454
FIRST	(3.970)	(3.984)	(1.498)	(1.626)
DUAL	0.0096	0.1493*	−0.0013	−0.0216
DUAL	(1.481)	(1.956)	(−0.299)	(−0.492)
SOE	0.0178	0.3447**	−0.0153	−0.0202
SOE	(1.385)	(2.500)	(−1.456)	(−0.192)
SIZE	−0.0061	−0.0874	−0.0110	−0.1739**
SIZE	(−0.871)	(−1.274)	(−1.088)	(−2.117)
LEV	−0.0147	−0.3300	0.0067	−0.0257
LEV	(−0.664)	(−1.480)	(0.287)	(−0.104)
ROA	0.0026	−0.0466	−0.0098	−0.3222
ROA	(0.048)	(−0.091)	(−0.184)	(−0.690)
MARGIN	−0.0368***	−0.2469***	−0.0242**	−0.1104
MARGIN	(−3.213)	(−2.771)	(−2.326)	(−1.455)
WAGE	0.0333***	0.3069***	0.0505***	0.4509***
WAGE	(2.983)	(2.953)	(4.968)	(5.755)
KY	0.0191**	0.1439*	0.0260***	0.1065
KY	(2.032)	(1.784)	(2.921)	(1.561)
CI	0.0043*	0.0561**	0.0114***	0.1424***
CI	(1.657)	(2.369)	(4.527)	(7.976)
TOBINQ	0.0071**	0.0706**	0.0019	0.0020
TOBINQ	(2.256)	(2.465)	(0.733)	(0.099)
CONSTANT	−0.2330	−4.7411***	−0.3003	−4.2617**
CONSTANT	(−1.327)	(−2.805)	(−1.134)	(−2.167)
YEAR FE	YES	YES	YES	YES
FIRM FE	NO	NO	YES	YES
FIRM-PAIR FE	YES	YES	NO	NO
LISTING-YEAR FE	NO	NO	YES	YES
N	924	924	924	924
Adj. R²	0.576	0.602	0.581	0.608

Note(s): This table presents regression results controlling for firm-pair and listing-year fixed effects. 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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