OLS-1

OLS-2

FE-1

FE-2

FE-3

FE-4

FE-5

FE-6

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Schooling

0.023

(0.005)^***

0.062

(0.012)^***

0.062

(0.012)^***

−0.065

(0.099)

Experience (years)

0.002

(0.008)

0.029

(0.018)^*

0.028

(0.018)

0.029

(0.141)

Tenure (months)

−0.014

(0.0009)^***

−0.018

(0.002)^***

−0.018

(0.002)^***

−0.035

(0.014)^***

Female (%)

0.087

(0.042)^**

0.018

(0.074)

0.017

(0.074)

−1.258

(1.079)

Foreigners (%)

0.882

(0.241)^***

0.534

(0.400)

0.526

(0.397)

2.877

(2.302)

Foreign firm

−0.050

(0.010)^***

−0.042

(0.010)^***

−0.088

(0.065)

−0.077

(0.049)

D-to-F switch (acquisition)

0.095

(0.056)^*

0.096

(0.048)^**

0.087

(0.257)

−0.283

(0.207)

F-to-D switch (divestment)

0.488

(0.194)^**

0.301

(0.162)^*

0.568

(0.222)^**

0.225

(0.209)

Obs.

4862

4859

4862

4859

4862

4859

136

136

R²

0.041

0.313

0.509

0.599

0.514

0.601

0.627