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 |