(1)

(2)

(3)

(4)

(5)

VARIABLES

Dep: LNwage2

Low PCM

High PCM

HHI

−0.246^*

−0.187

−0.411^***

(−1.96)

(−0.93)

(−2.60)

NUM

0.122^***

(3.47)

PCM

0.129^***

(3.97)

SIZE

0.171^***

0.172^***

0.166^***

0.172^***

0.151^***

(37.40)

(37.64)

(35.04)

(25.75)

(23.37)

LEV

−0.317^***

−0.310^***

−0.285^***

−0.360^***

−0.308^***

(−12.09)

(−11.80)

(−10.37)

(−9.49)

(−7.90)

PPE

−0.614^***

−0.618^***

−0.610^***

−0.724^***

−0.456^***

(−19.95)

(−20.07)

(−19.80)

(−16.09)

(−10.73)

GROWTH

0.00855

0.00815

0.00118

0.00463

−0.0239^**

(0.97)

(0.92)

(0.13)

(0.32)

(−2.14)

POWER

−0.0387^***

−0.0410^***

−0.0400^***

−0.0300

−0.0449^***

(−2.96)

(−3.14)

(−3.07)

(−1.52)

(−2.62)

Constant

6.686^***

6.268^***

6.745^***

6.732^***

6.963^***

(66.33)

(41.89)

(66.08)

(46.27)

(48.55)

Year

Controlled

Controlled

Controlled

Controlled

Controlled

Industry

Controlled

Controlled

Controlled

Controlled

Controlled

Observations

20,220

20,220

20,220

10,110

10,110

R-squared

0.32

0.32

0.32

0.30

0.34