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

0.407***

0.469***

0.359***

(36.70)

(30.98)

(21.33)

D × ln sales

−0.206***

−0.205**

−0.238***

(−4.57)

(−2.42)

(−3.88)

LP × D × ln sales

−0.150***

−0.194***

−0.122**

(−4.05)

(−3.19)

(−2.36)

Sec × D × ln sales

0.121***

0.005

0.173***

(3.21)

(0.09)

(3.36)

EI × D × ln sales

−0.022*

−0.050**

−0.020

(−1.85)

(−2.03)

(−1.20)

Growth rate × D × ln sales

0.287*

−0.182

0.632***

(1.71)

(−0.67)

(2.67)

D

−0.011

0.004

−0.020

(−0.99)

(0.29)

(−1.09)

Sec

−0.078***

−0.075***

−0.076***

(−8.30)

(−6.69)

(−4.73)

EI

0.019***

0.015***

0.023***

(4.75)

(3.08)

(3.28)

Growth rate

0.196***

0.054

0.358***

(4.00)

(0.94)

(4.10)

LP

0.016*

−0.011

0.052***

(1.93)

(−1.20)

(3.52)

Lev

−0.008*

−0.004

−0.028*

(−1.73)

(−0.96)

(−1.67)

Size

0.032***

0.023***

0.060***

(8.96)

(5.66)

(8.17)

Lshare

−0.000

−0.000

0.000

(−0.10)

(−0.37)

(0.88)

Dual

−0.013

−0.002

−0.009

(−1.18)

(−0.17)

(−0.58)

Industry fixed effect

control

control

control

_cons

−0.579***

−0.382***

−1.192***

(−7.41)

(−4.25)

(−7.58)

N

9367

5621

3746

R2

0.231

0.236

0.246

adj. R2

0.229

0.232

0.240

F

85.004

53.482

37.387