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

0.025

(0.006)^***

0.062

(0.012)^***

0.061

(0.013)^***

−0.080

(0.072)

Experience (years)

−0.003

(0.009)

0.031

(0.020)

0.031

(0.020)

0.114

(190)

Tenure (months)

−0.002

(0.0009)^**

0.001

(0.002)

0.002

(0.002)

−0.020

(0.018)

Female (%)

0.120

(0.048)^**

0.081

(0.080)

0.081

(0.079)

−2.548

(1.232)^**

Foreigners (%)

1.146

(0.231)^***

0.660

(0.423)

0.657

(0.421)

3.095

(2.701)

Foreign firm

−0.046

(0.009)^***

−0.052

(0.011)^***

−0.118

(0.064)^*

−0.075

(0.067)

D-to-F switch (acquisition)

0.052

(0.036)

0.048

(0.037)

0.860

(0.726)

−0.067

(0.752)

F-to-D switch (divestment)

0.336

(0.195)^*

0.269

(0.198)

10.217

(0.740)

0.316

(0.712)

Obs.

4897

4894

4897

4894

4897

4894

140

140

R²

0.025

0.135

0.445

0.504

0.447

0.506

0.597

0.735