Human resource heterogeneity and labor costs
| (1) Apay | (2) Eduinput | |||
|---|---|---|---|---|
| Coefficients | t-statistic | Coefficients | t-statistic | |
| Heter | 8.138*** | (9.214) | 0.059*** | (4.084) |
| Ocf | −0.308 | (−0.315) | 0.005 | (0.261) |
| Sdsale | 7.003*** | (2.827) | 0.004 | (0.113) |
| Lev | −2.918*** | (−4.024) | −0.079*** | (−6.270) |
| Size | 1.060*** | (8.437) | 0.020*** | (8.438) |
| Btm | −0.864** | (−2.222) | −0.001 | (−0.099) |
| Indcomp | 9.844*** | (4.942) | −0.021 | (−0.568) |
| Dual | 0.034 | (0.195) | −0.013*** | (−3.842) |
| Firstshr | 1.267* | (1.744) | 0.055*** | (3.846) |
| Age | 0.040** | (2.150) | 0.000 | (0.975) |
| Soe | 1.233*** | (4.617) | 0.072*** | (14.775) |
| Constant | −11.573*** | (−4.238) | −0.332*** | (−6.593) |
| Industry fixed effects | Yes | Yes | ||
| Year fixed effects | Yes | Yes | ||
| Observations | 26,890 | 26,890 | ||
| Adjusted R-squared | 0.255 | 0.231 | ||
| (1) | (2) | |||
|---|---|---|---|---|
| Coefficients | Coefficients | |||
| −0.308 | (−0.315) | 0.005 | (0.261) | |
| 7.003*** | (2.827) | 0.004 | (0.113) | |
| −2.918*** | (−4.024) | −0.079*** | (−6.270) | |
| 1.060*** | (8.437) | 0.020*** | (8.438) | |
| −0.864** | (−2.222) | −0.001 | (−0.099) | |
| 9.844*** | (4.942) | −0.021 | (−0.568) | |
| 0.034 | (0.195) | −0.013*** | (−3.842) | |
| 1.267* | (1.744) | 0.055*** | (3.846) | |
| 0.040** | (2.150) | 0.000 | (0.975) | |
| 1.233*** | (4.617) | 0.072*** | (14.775) | |
| Constant | −11.573*** | (−4.238) | −0.332*** | (−6.593) |
| Industry fixed effects | Yes | Yes | ||
| Year fixed effects | Yes | Yes | ||
| Observations | 26,890 | 26,890 | ||
| Adjusted | 0.255 | 0.231 | ||
Note(s): *, ** and *** represent significance levels of 0.10, 0.05 and 0.01, respectively. OLS regression is adopted and standard errors are clustered at firm level
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