Baseline regression of the sense of social fairness on firm pay gap. This table reports the regressions of the sense of social fairness outcome variables on firm pay gap and other control variables. Definitions of variables are listed in Table 1. T-statistics are displayed in parentheses.

***, ** and * indicate significance at 1%, 5% and 10% respectively.

Lnbwd

Lnnetwd

Lnbwd

Lnnetwd

A35_mean

0.0923**

0.0759**

0.0843**

0.0683*

(2.15)

(1.97)

(1.97)

(1.79)

State

−0.0742

−0.0639

(−1.31)

(−1.21)

Roa

0.700

0.641

(1.59)

(1.58)

Size

0.262***

0.242***

(12.27)

(12.48)

Bds

0.0218***

0.0211***

(2.80)

(2.92)

Risk

−0.00588***

−0.00541***

(−3.64)

(−3.60)

Lev

−0.0927

−0.0938

(−1.33)

(−1.51)

First

−0.0182

−0.0214

(−0.15)

(−0.20)

Con

0.150

0.149*

(1.59)

(1.68)

Big4

0.0801

0.0819

(1.22)

(1.41)

Ideratio

0.421**

0.400**

(2.21)

(2.35)

Dual

0.0135

0.0120

(0.62)

(0.63)

_cons

12.28***

12.41***

6.189***

6.804***

(60.03)

(70.01)

(11.31)

(13.95)

N

13,895

13,983

12797

12,881