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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