Table VI Further robustness checks Firm...

Table VI

Further robustness checks

	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)
Training	0.180*** (0.046)	0.158*** (0.048)	0.133** (0.049)	0.122** (0.044)	0.107*** (0.043)	0.099*** (0.043)	0.144** (0.068)	0.117** (0.058)	0.085 (0.056)
Training days	0.005*** (0.001)	0.005*** (0.001)	0.004*** (0.001)	0.004*** (0.0005)	0.004*** (0.0005)	0.004*** (0.0005)	0.005*** (0.001)	0.005*** (0.001)	0.003*** (0.001)
Incentive measure	0.056 (0.036)	0.020 (0.031)	0.046 (0.034)	0.084 (0.055)	0.034 (0.046)	0.063 (0.041)	0.060 (0.078)	0.025 (0.063)	0.051 (0.061)
HRM cost per worker	0.259*** (0.070)	0.229*** (0.073)	0.201*** (0.066)	0.187*** (0.035)	0.164*** (0.032)	0.163*** (0.030)	0.147 (0.097)	0.111 (0.087)	0.098 (0.070)
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)
Training	0.180*** (0.046)	0.158*** (0.048)	0.133** (0.049)	0.122** (0.044)	0.107*** (0.043)	0.099*** (0.043)	0.144** (0.068)	0.117** (0.058)	0.085 (0.056)
Training days	0.005*** (0.001)	0.005*** (0.001)	0.004*** (0.001)	0.004*** (0.0005)	0.004*** (0.0005)	0.004*** (0.0005)	0.005*** (0.001)	0.005*** (0.001)	0.003*** (0.001)
Incentive measure	0.056 (0.036)	0.020 (0.031)	0.046 (0.034)	0.084 (0.055)	0.034 (0.046)	0.063 (0.041)	0.060 (0.078)	0.025 (0.063)	0.051 (0.061)
HRM cost per worker	0.259*** (0.070)	0.229*** (0.073)	0.201*** (0.066)	0.187*** (0.035)	0.164*** (0.032)	0.163*** (0.030)	0.147 (0.097)	0.111 (0.087)	0.098 (0.070)
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. All regressions consist of constant, HRM practice, firm size, household enterprise, private/sole proprietorship, limited liability company, joint stock company, informal, export, inspection, PCI and additional control variables for manager characteristics including main income source, veteran, and CPV member. The number of observations for all regressions is 4,803. *,**,***Significant at 10, 5 and 1 percent levels, respectively

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