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

0.027

(0.006)^***

0.049

(0.012)^***

0.048

(0.012)^***

−0.062

(0.061)

Experience (years)

0.001

(0.009)

0.026

(0.018)

0.026

(0.018)

0.128

(146)

Tenure (months)

−0.005

(0.001)^***

−0.004

(0.002)^**

−0.004

(0.002)^**

−0.022

(0.015)

Female (%)

0.100

(0.047)^**

0.065

(0.076)

0.065

(0.076)

−2.418

(1.124)^**

Foreigners (%)

1.104

(0.232)^***

0.782

(0.425)^*

0.780

(0.423)^*

3.388

(2.374)

Foreign firm

−0.040

(0.009)^***

−0.044

(0.011)^***

−0.112

(0.064)^*

−0.078

(0.062)

D-to-F switch (acquisition)

0.083

(0.041)^**

0.082

(0.040)^**

0.963

(0.688)

−0.025

(0.683)

F-to-D switch (divestment)

0.352

(0.190)^*

0.254

(0.183)

1.128

(0.691)

0.163

(0.630)

Obs.

4897

4894

4897

4894

4897

4894

140

140

R²

0.027

0.143

0.465

0.506

0.468

0.508

0.638

0.801