Baseline regression of firm Pay Gap on TFP by the sense of Social Fairness. Definitions of variables are listed in Table 1. T-statistics are displayed in parentheses

TFP

TFP

Lnbwd

−0.0556***

(−2.74)

A35_mean * lnbwd

0.00605**

(2.32)

Lnnetwd

−0.0356*

(−1.71)

A35_mean*Lnnetwd

0.00512**

(2.47)

RoA

2.328***

2.307***

(9.39)

(9.11)

Size

0.111***

0.112***

(4.58)

(4.55)

Bds

0.00926

0.00744

(1.55)

(1.22)

Risk

−0.00410**

−0.00450**

(−2.37)

(−2.42)

Lev

0.336***

0.339***

(4.52)

(4.60)

Con

0.131

0.131

(1.37)

(1.37)

Dual

−0.0321*

−0.0350*

(−1.70)

(−1.79)

SGROW

0.00940

0.00891

(0.83)

(0.77)

Pb

−0.00138

−0.00116

(−0.54)

(−0.45)

Cf

−0.511***

−0.507***

(−6.56)

(−6.37)

_cons

−2.279***

−2.500***

(−4.07)

(−4.41)

N

7953

7989