| Parameters | January | Non-January | ||||
| Parameter estimate | N | R2 (Adj R2) | Parameter estimate | N | R2 (Adj R2) | |
| Panel A: The sub-period in which the sum of earnings before tax per employee of all firms in the preceding year was higher than the year before last | ||||||
| Intercept | 22.0810 | 3483 | 0.0489 | −0.7737 | 38,313 | 0.0157 |
| Size | −1.4613 |
| (0.0474) | −0.0067 |
| (0.0142) |
| Panel B: The sub-period in which the sum of earnings before tax per employee of all firms in the preceding year was lower than the year before last | ||||||
| Intercept | 1.1352 | 4720 | 0.0112 | 6.6507* | 51,920 | 0.0147 |
| Size | 0.0191 |
| (0.0096) | −0.4133* |
| (0.0131) |