Note(s): This table presents the regression results using alternative measures of labor share. In Column (1), we define LS_A1 as cash compensation paid to employees divided by sales revenue. In Column (2), we define LS_A2 as aggregate compensation paid to employees divided by the sum of net profit, depreciation, and taxes. In Column (3), we measure LNHIRE as the natural logarithm of the firm's number of employees. In Column (4), we use the firm's actual social insurance contributions (INSURANCE) as an alternative variable. In Column (5), we use the average wage of employees (WAGE_AVG) as the dependent variable. See Appendix A for variable definitions. Our sample includes 924 firm-year observations. Year and firm fixed effects are included. 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