Table 4.
Two stage least square regressions for sales personnel (including combined instrumental variables)
| Sales Managersa | Salespeopleb | |||
|---|---|---|---|---|
| SM and SP | Model 1 | Model 2 | Model 3 | Model 4 |
| Variable | Baseline | Combined IV | Baseline | Combined IV |
| Firm Experience |
0.018*** (0.001) |
0.007*** (0.001) |
||
| Firm. Experience2 |
-0.003*** (2.6E-4) |
-0.001*** (2.7E-4) |
||
| Industry Experience |
0.010*** (0.001) |
0.004*** (0.001) |
||
| Industry Experience2 |
-0.002*** (2.2E-4) |
-0.001** (2.5E-4) |
||
| Sales Occupation Exp |
0.042*** (0.001) |
0.019*** (0.001) |
||
| Sales Occupation Exp.2 |
-0.003*** (3.8E-4) |
-0.003*** (3.1E-4) |
||
| Total Work Experience |
0.032*** (0.001) |
0.020*** (0.001) |
0.025*** (4.7E-4) |
0.022*** (4.6E-4) |
| Non-Sales Managerial Exp |
0.020*** (0.001) |
0.024*** (0.001) |
||
| Hours Worked |
0.001*** (6.7E-6) |
0.001*** (7.1E-6) |
0.001*** (5.0E-6) |
0.001*** (5.1E-5) |
| Gender |
0.079*** (0.006) |
0.072*** (0.005) |
0.094*** (0.003) |
0.096*** (0.003) |
| State-Owned Company |
-0.416*** (0.052) |
-0.493*** (0.049) |
-0.115 (0.069) |
-0.102 (0.069) |
| Business Unit Size |
1.0E-4*** (6.3E-6) |
1.0E-4*** (5.7E-6) |
1.0E-4*** (2.4E-6) |
1.0E-4*** (2.4E-6) |
| Occupational Concentration |
0.032*** (0.002) |
0.034*** (0.002) |
0.016*** (0.001) |
0.017*** (0.001) |
| Education Dummies | Yes | Yes | Yes | Yes |
| Year and Industry Dummies | Yes | Yes | Yes | Yes |
| Constant |
8.986*** (0.085) |
9.071*** (0.071) |
8.416*** (0.029) |
8.354*** (0.018) |
| Number of Observations | 21,994 | 21,994 | 79,380 | 79,380 |
| Number of Employees | 5,299 | 5,299 | 19,606 | 19,606 |
| Kleibergen-Paap Wald rk F | 748 | 1,338 | ||
| R2 | 0.630 | 0.670 | 0.580 | 0.586 |
* p < 0.05, ** p < 0.01, *** p < 0.001
a The dependent variable is the log of sales managers’ net total compensation
b The dependent variable is the log of salespeople’s net total compensation; Heteroskedasticity and autocorrelation robust (HAC) estimation standard errors adjusted for clustering at firm level are reported in parentheses