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

0.183

(0.005)^***

0.070

(0.009)^***

0.070

(0.009)^***

0.0007

(0.020)

Experience (years)

0.057

(0.008)^***

0.071

(0.017)^***

0.070

(0.017)^***

0.131

(0.060)^**

Tenure (months)

0.003

(0.0008)^***

0.0004

(0.0009)

0.0004

(0.0009)

0.003

(0.005)

Female (%)

−0.404

(0.036)^***

−0.154

(0.063)^**

−0.155

(0.063)^**

−0.418

(0.447)

Foreigners (%)

0.627

(0.658)

0.136

(0.569)

0.138

(0.569)

3.147

(0.635)^***

Foreign firm

0.550

(0.014)^***

0.288

(0.013)^***

−0.005

(0.026)

−0.003

(0.024)

D-to-F switch (acquisition)

−0.046

(0.020)^**

−0.048

(0.020)^**

0.046

(0.281)

−0.264

(0.159)^*

F-to-D switch (divestment)

−0.064

(0.093)

−0.080

(0.088)

0.091

(0.301)

−0.167

(0.160)

Obs.

6197

6197

6197

6197

6197

6197

139

139

R²

0.411

0.64

0.845

0.851

0.845

0.852

0.959

0.982