Table 1 Estimation results for the wage equation (GMM estimation)

Reservation wage

0.2544^***

0.0146

0.2457^***

0.0144

Employment

0.1273^***

0.0336

0.1251^***

0.0329

Openness

−0.0275

0.0385

−0.0267

0.0356

Union density

0.4830

0.3909

0.3255

0.2854

Unemployment level

−3.39 × 10^−5***

2.84 × 10⁻⁶

−2.59 × 10^−5***

9.97 × 10⁻⁶

Foreign ownership

0.1484

0.1879

–

–

Austria and Switzerland

–

–

−0.0661

0.0803

Belgium and Netherlands

–

–

0.0760

0.0800

Denmark

–

–

0.3669^***

0.1247

UK and Ireland

–

–

−0.0001

0.0779

Finland

–

–

−0.2341^***

0.0723

France

–

–

−0.0256

0.0741

Germany

–

–

0.1004

0.0826

Italy

–

–

0.1438

0.1420

Norway

–

–

−0.3835^***

0.1136

US and Canada

–

–

0.0253

0.0697

Time

0.0391^***

0.0014

0.0417^***

0.0014

Constant

−78.5236^***

2.7232

−1.1153^***

0.0622

Mean Φ ₁

0.6641^***

0.1095^a

0.566

0.0588^a

R-squared

0.6839

0.6879

Durbin-Watson

1.1215

1.1134

F test

5.5905