Note(s): This table presents regression results for labor investment efficiency during the commitment period. The dependent variable in Column (1) is the absolute value of residuals obtained from the OLS estimation of Eq. (4) (ABS_INEFFLABOR). The dependent variable in Column (2) is the signed value of residuals obtained from the OLS estimation of Eq. (4) (INEFFLABOR). See Appendix A for variable definitions. 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