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

−0.127

(0.015)^***

−0.192

(0.020)^***

−0.189

(0.020)^***

0.005

(0.106)

Experience (years)

−0.039

(0.025)

−0.002

(0.040)

−0.001

(0.040)

−0.002

(0.314)

Tenure (months)

0.027

(0.002)^***

0.004

(0.003)

0.003

(0.003)

0.028

(0.031)

Female (%)

−0.614

(0.135)^***

−0.091

(0.160)

−0.091

(159)

3.304

(1.885)^*

Foreigners (%)

−4.044

(0.428)^***

−2.181

(0.400)^***

−2.179

(0.399)^***

−3.844

(3.725)

Foreign firm

0.219

(0.034)^***

0.091

(0.036)^**

0.487

(0.099)^***

0.334

(0.094)^***

D-to-F switch (acquisition)

−0.005

(0.051)

−0.024

(0.047)

−0.082

(0.801)

0.233

(0.617)

F-to-D switch (divestment)

−1.199

(0.301)^***

−0.905

(0.266)^***

−1.113

(0.778)

−0.538

(0.653)

Obs.

6247

6244

6247

6244

6247

6244

146

146

R²

0.11

0.297

0.873

0.912

0.874

0.913

0.92