HRM spending and firm outcomes
| Firm outcomes | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Output value per worker | Value added per worker | Gross profit per worker | |||||||
| Model 1 | Model 2 | Model 3 | Model 1 | Model 2 | Model 3 | Model 1 | Model 2 | Model 3 | |
| Independent variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) |
| HRM cost per worker | 0.264*** (0.072) | 0.235** (0.075) | 0.208** (0.068) | 0.192*** (0.033) | 0.171*** (0.030) | 0.171*** (0.028) | 0.154 (0.092) | 0.119 (0.082) | 0.107 (0.065) |
| Firm size | −0.369*** (0.038) | −0.369*** (0.029) | −0.376*** (0.032) | −0.282*** (0.026) | −0.271*** (0.020) | −0.275*** (0.022) | −0.473*** (0.036) | −0.478*** (0.028) | −0.482*** (0.031) |
| Household enterprise | −0.083 (0.225) | −0.090 (0.225) | −0.065 (0.223) | −0.245* (0.119) | −0.228* (0.120) | −0.237* (0.118) | −0.137 (0.127) | −0.152 (0.134) | −0.193 (0.145) |
| Private/sole proprietorship | 0.095 (0.204) | 0.093 (0.205) | 0.109 (0.200) | −0.019 (0.112) | −0.003 (0.115) | 0.0001 (0.110) | 0.052 (0.142) | 0.043 (0.143) | 0.049 (0.148) |
| Limited liability company | 0.142 (0.194) | 0.161 (0.192) | 0.182 (0.185) | −0.050 (0.110) | −0.031 (0.109) | −0.027 (0.097) | −0.003 (0.121) | 0.017 (0.112) | 0.004 (0.099) |
| Joint stock company | 0.125 (0.236) | 0.126 (0.232) | 0.174 (0.215) | −0.014 (0.126) | −0.018 (0.137) | 0.004 (0.138) | −0.173 (0.192) | −0.170 (0.208) | −0.156 (0.202) |
| Informal | −0.035 (0.033) | −0.035 (0.039) | −0.049 (0.049) | −0.004 (0.033) | 0.003 (0.033) | −0.007 (0.029) | −0.003 (0.032) | −0.006 (0.036) | −0.019 (0.032) |
| Export | 0.428*** (0.101) | 0.431*** (0.109) | 0.471*** (0.121) | 0.330* (0.165) | 0.321* (0.169) | 0.346* (0.180) | 0.405*** (0.117) | 0.413 (0.173) | 0.443*** (0.117) |
| Inspection | 0.074** (0.026) | 0.138** (0.059) | 0.080* (0.039) | 0.012 (0.028) | 0.128*** (0.034) | 0.101*** (0.029) | 0.120** (0.040) | 0.173*** (0.046) | 0.133*** (0.038) |
| PCI | 0.029*** (0.007) | 0.020* (0.009) | 0.034*** (0.0006) | 0.040*** (0.005) | 0.026*** (0.006) | 0.040*** (0.001) | 0.042*** (0.010) | 0.035*** (0.010) | 0.050*** (0.001) |
| Constant | 4.076*** (0.481) | 4.492*** (0.595) | 3.629*** (0.183) | 2.279*** (0.280) | 3.011*** (0.336) | 2.400*** (0.090) | 1.885*** (0.520) | 2.237*** (0.549) | 1.762*** (0.101) |
| R2 | 0.100 | 0.112 | 0.134 | 0.125 | 0.144 | 0.160 | 0.123 | 0.135 | 0.159 |
| Observations | 4,803 | 4,803 | 4,803 | 4,803 | 4,803 | 4,803 | 4,803 | 4,803 | 4,803 |
| Province fixed effects | No | No | Yes | No | No | Yes | No | No | Yes |
| Year fixed effects | No | Yes | Yes | No | Yes | Yes | No | Yes | Yes |
| Province by year fixed effects | No | No | Yes | No | No | Yes | No | No | Yes |
| Firm outcomes | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Output value per worker | Value added per worker | Gross profit per worker | |||||||
| Model 1 | Model 2 | Model 3 | Model 1 | Model 2 | Model 3 | Model 1 | Model 2 | Model 3 | |
| Independent variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) |
| HRM cost per worker | 0.264*** (0.072) | 0.235** (0.075) | 0.208** (0.068) | 0.192*** (0.033) | 0.171*** (0.030) | 0.171*** (0.028) | 0.154 (0.092) | 0.119 (0.082) | 0.107 (0.065) |
| Firm size | −0.369*** (0.038) | −0.369*** (0.029) | −0.376*** (0.032) | −0.282*** (0.026) | −0.271*** (0.020) | −0.275*** (0.022) | −0.473*** (0.036) | −0.478*** (0.028) | −0.482*** (0.031) |
| Household enterprise | −0.083 (0.225) | −0.090 (0.225) | −0.065 (0.223) | −0.245* (0.119) | −0.228* (0.120) | −0.237* (0.118) | −0.137 (0.127) | −0.152 (0.134) | −0.193 (0.145) |
| Private/sole proprietorship | 0.095 (0.204) | 0.093 (0.205) | 0.109 (0.200) | −0.019 (0.112) | −0.003 (0.115) | 0.0001 (0.110) | 0.052 (0.142) | 0.043 (0.143) | 0.049 (0.148) |
| Limited liability company | 0.142 (0.194) | 0.161 (0.192) | 0.182 (0.185) | −0.050 (0.110) | −0.031 (0.109) | −0.027 (0.097) | −0.003 (0.121) | 0.017 (0.112) | 0.004 (0.099) |
| Joint stock company | 0.125 (0.236) | 0.126 (0.232) | 0.174 (0.215) | −0.014 (0.126) | −0.018 (0.137) | 0.004 (0.138) | −0.173 (0.192) | −0.170 (0.208) | −0.156 (0.202) |
| Informal | −0.035 (0.033) | −0.035 (0.039) | −0.049 (0.049) | −0.004 (0.033) | 0.003 (0.033) | −0.007 (0.029) | −0.003 (0.032) | −0.006 (0.036) | −0.019 (0.032) |
| Export | 0.428*** (0.101) | 0.431*** (0.109) | 0.471*** (0.121) | 0.330* (0.165) | 0.321* (0.169) | 0.346* (0.180) | 0.405*** (0.117) | 0.413 (0.173) | 0.443*** (0.117) |
| Inspection | 0.074** (0.026) | 0.138** (0.059) | 0.080* (0.039) | 0.012 (0.028) | 0.128*** (0.034) | 0.101*** (0.029) | 0.120** (0.040) | 0.173*** (0.046) | 0.133*** (0.038) |
| PCI | 0.029*** (0.007) | 0.020* (0.009) | 0.034*** (0.0006) | 0.040*** (0.005) | 0.026*** (0.006) | 0.040*** (0.001) | 0.042*** (0.010) | 0.035*** (0.010) | 0.050*** (0.001) |
| Constant | 4.076*** (0.481) | 4.492*** (0.595) | 3.629*** (0.183) | 2.279*** (0.280) | 3.011*** (0.336) | 2.400*** (0.090) | 1.885*** (0.520) | 2.237*** (0.549) | 1.762*** (0.101) |
| 0.100 | 0.112 | 0.134 | 0.125 | 0.144 | 0.160 | 0.123 | 0.135 | 0.159 | |
| Observations | 4,803 | 4,803 | 4,803 | 4,803 | 4,803 | 4,803 | 4,803 | 4,803 | 4,803 |
| Province fixed effects | No | No | Yes | No | No | Yes | No | No | Yes |
| Year fixed effects | No | Yes | Yes | No | Yes | Yes | No | Yes | Yes |
| Province by year fixed effects | No | No | Yes | No | No | Yes | No | No | Yes |
Notes: Robust standard errors clustered on the provincial level are in parentheses. Partnership/collective/cooperative is omitted among firm’s ownership structure dummies. *,**,***Significant at 10, 5 and 1 percent levels, respectively
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