Note(s): This table presents the regression results after excluding SOEs and their matched firms. 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 602 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