| | (1) | (2) |
|---|
| | β(WTA) | std.err | β(WTA) | std.err |
|---|
log(PRODUCTIVITY) | 0.004 | 0.010 | 0.005 | 0.010 |
log(WAGES per EMPLOYEE) | 0.073*** | 0.004 | 0.064*** | 0.005 |
log(INVESTMENTS) | 0.171*** | 0.015 | 0.112*** | 0.016 |
log(OPERATING SURPLUS) | 0.012 | 0.009 | 0.015*** | 0.009 |
PROFITS | −0.019* | 0.010 | −0.023*** | 0.010 |
- Notes: PRODUCTIVITY is measured by the ratio of total business volume and total number of employees. The control variables are LABOR HOARDING, FIXED-TERM EMPLOYMENT(D), PART-TIME WORK(D), TEMPORARY WORK(D), log(GRADUATES), log(SKILLED WORKERS), log(FIRM SIZE), EXTRA PAYMENTS(D), QUITS, MUTUAL DISMISSALS, RELOCATION, RETIREMENTS, EARLY RETIREMENTS, PLANT CLOSURE(D), OUTSOURCING(D), STARBUST(D), REORGANIZATION(D), COMPETITIVE PRESSURE, NEW PRODUCTS(D), NEW PROCEDURES(D), TECHNICAL STATE, Y2008(D), Y2009(D), Y2010(D), Y2011(D), and Y2012(D). Variables with D in parentheses indicate that these are dummies. PROFITS are measured by an ordinal scale: 1 – poor, 2 – sufficient, 3 - satisfactory, 4 – good, 5 – very good. Further ordinal scaled variables are COMPETITIVE PRESSURE (1 – no pressure, 2 – minor pressure, 3 – medium pressure, 4 – substantial pressure) and TECHNICAL STATE (1 – state of the art, …, 5 - obsolete). LABOR HOARDING is assumed if the firm has answered that under the assumption of extensive demand a higher business volume could be managed with the available personnel and plant equipment. REORGANIZATION is defined as organizational developments that resulted from the integration of other establishments or establishment units into the company; robust standard errors. In column (2) the specification is supplemented by EXPORT, the export share; *p < 0.1, ***p < 0.01
