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

−0.024

(0.006)***

−0.082

(0.014)***

−0.081

(0.014)***

0.067

(0.150)

Experience (years)

0.012

(0.009)

−0.032

(0.024)

−0.031

(0.024)

−0.051

(0.265)

Tenure (months)

0.00002

(0.0008)

−0.006

(0.002)***

−0.006

(0.002)***

0.015

(0.024)

Female (%)

−0.140

(0.054)***

−0.108

(0.094)

−0.107

(0.094)

2.649

(1.538)*

Foreigners (%)

−1.168

(0.235)***

−0.483

(0.437)

−0.469

(0.433)

−2.340

(3.767)

Foreign firm

0.053

(0.011)***

0.059

(0.012)***

0.146

(0.070)**

0.104

(0.075)

D-to-F switch (acquisition)

−0.022

(0.059)

−0.019

(0.059)

0.195

(0.354)

0.500

(0.324)

F-to-D switch (divestment)

−0.418

(0.232)*

−0.417

(0.240)*

−0.572

(0.280)**

−0.187

(0.316)

Obs.

4862

4859

4862

4859

4862

4859

136

136

R2

0.023

0.127

0.401

0.472

0.403

0.475

0.58

0.661