Dependent variable: LNwage

VARIABLES

(1)

(2)

(3)

(4)

(5)

HHI

−0.280^**

−0.278^**

(−2.24)

(−2.23)

NUM

0.114^***

0.121^***

(3.25)

(3.46)

PCM

0.123^***

0.122^***

0.129^***

(3.80)

(3.79)

(3.98)

SIZE

0.165^***

0.166^***

0.160^***

0.160^***

0.161^***

(36.27)

(36.51)

(34.01)

(33.92)

(34.15)

LEV

−0.308^***

−0.302^***

−0.278^***

−0.276^***

−0.268^***

(−11.80)

(−11.54)

(−10.16)

(−10.10)

(−9.76)

PPE

−0.606^***

−0.610^***

−0.602^***

−0.602^***

−0.606^***

(−19.79)

(−19.90)

(−19.65)

(−19.66)

(−19.78)

GROWTH

−0.0103

−0.0106

−0.0172^*

−0.0174^*

−0.0182^**

(−1.17)

(−1.21)

(−1.92)

(−1.94)

(−2.02)

POWER

−0.0433^***

−0.0455^***

−0.0446^***

−0.0445^***

−0.0469^***

(−3.33)

(−3.50)

(−3.43)

(−3.43)

(−3.61)

(5.15)

(5.39)

(5.24)

(5.11)

(5.37)

Constant

6.775^***

6.378^***

6.826^***

6.860^***

6.444^***

(67.57)

(42.85)

(67.21)

(66.79)

(43.04)

Year

Controlled

Controlled

Controlled

Controlled

Controlled

Industry

Controlled

Controlled

Controlled

Controlled

Controlled

Observations

20,220

20,220

20,220

20,220

20,220

R-squared

0.32

0.32

0.32

0.32

0.32