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 |