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Table 3 Fixed effects instrumental variables estimates for different establishment performance functions with WTA as a regressor

From: Working time accounts and firm performance in Germany

  β(WTA) std. err.
log(PRODUCTIVITY) 0.457** 0.193
log(WAGES per EMPLOYEE) 0.117 0.119
log(INVESTMENTS) 15.952*** 2.745
log(OPERATING SURPLUS) 0.110 0.261
PROFITS −3.246*** 0.960
  1. Notes: Control variables are the same as in Table 2. The WTA variable is instrumented. The identifying variable is prWTA_c, explained in Section 4.1; **p < 0.05, ***p < 0.01