Dependent variable

Ln labor cost

Ln labor cost

Ln labor cost

Sample classification

Total sample

Sample of state-owned enterprise

Sample of non-state-owned enterprise

Ln sales

0.392^***

0.467^***

0.335^***

(37.59)

(32.88)

(21.25)

D × ln sales

−0.159^***

−0.258^***

−0.092^***

(−7.41)

(−7.87)

(−3.04)

D

−0.034^***

−0.016

−0.052^***

(−3.35)

(−1.24)

(−3.07)

_cons

0.102^***

0.084^***

0.116^***

(19.96)

(13.85)

(12.77)

N

9367

5621

3746

R²

0.193

0.211

0.182

adj. R²

0.193

0.210

0.182

F

746.095

499.257

278.095