Table 5.
Two-stage least square regressions for sales personnel (pooled sample) (including combined instrumental variables)
| Variable | Model 1 Baseline |
Model 2 Combined IV |
Model 3 Combined IV | Model 4 Combined IV |
|---|---|---|---|---|
| Firm Experience |
0.016*** (0.001) |
0.017*** (0.001) |
0.017*** (0.001) |
|
| Firm. Experience2 |
-0.003*** (1.9E-4) |
-0.003*** (1.9E-4) |
-0.003*** (1.8E-4) |
|
| Industry Experience |
0.005*** (0.001) |
0.003*** (0.001) |
0.005*** (0.001) |
|
| Industry Experience2 |
-0.001*** (2.1E-4) |
-0.001** (2.2E-4) |
-0.001*** (2.0E-4) |
|
| Sales Occupation Exp |
0.023*** (0.001) |
0.023*** (0.001) |
0.020*** (0.001) |
|
| Sales Occupation Exp.2 |
-0.003*** (2.7E-4) |
-0.003*** (2.7E-4) |
-0.003*** (3.0E-4) |
|
| S.M. x Firm Experience |
0.010*** (0.001) |
|||
| S.M. x Firm. Experience2 |
0.001* (2.6E-4) |
|||
| S.M. x Industry Experience |
0.013*** (0.001) |
|||
| S.M. x Industry Experience2 |
-0.001* (2.7E-4) |
|||
| S.M. x Sales Occupation Exp |
0.020*** (0.002) |
|||
| S.M. x Sales Occupation Exp.2 |
-1.8E-5 (4.6E-4) |
|||
| S.M |
0.129*** (0.005) |
0.140*** (0.005) |
0.137*** (0.005) |
0.135*** (0.005) |
| Total Work Experience |
0.030*** (3.7E-4) |
0.022*** (4.1E-4) |
0.022*** (4.1E-4) |
0.022*** (4.0E-4) |
| Non-Sales Managerial Exp |
0.0258*** (0.001) |
0.027*** (0.001) |
0.026*** (0.001) |
0.027*** (0.001) |
| Hours Worked |
0.001*** (4.0E-6) |
0.001*** (4.6E-6) |
0.001*** (4.6E-6) |
0.001*** (4.5E-6) |
| State-Owned Company |
-0.247*** (0.051) |
-0.264*** (0.057) |
-0.268*** (0.057) |
-0.261*** (0.056) |
| Gender |
0.095*** (0.003) |
0.095*** (0.003) |
0.095*** (0.003) |
0.094*** (0.003) |
| Business Unit Size |
1.0E-4*** (2.5E-6) |
1.0E-4*** (2.3E-6) |
1.0E-4*** (2.3E-6) |
1.0E-4*** (2.4E-6) |
| Occupational Concentration |
0.019*** (0.001) |
0.022*** (0.001) |
0.022*** (0.001) |
0.022*** (0.001) |
| Education Dummies | Yes | Yes | Yes | Yes |
| Year and Industry Dummies | Yes | Yes | Yes | Yes |
| Constant |
8.554*** (0.019) |
8.324*** (0.017) |
8.32*** (0.018) |
8.326*** (0.017) |
| Number of Observations | 101,374 | 101,374 | 101,374 | 101,374 |
| Number of Employees | 24,900 | 24,900 | 24,900 | 24,900 |
| Kleibergen-Paap Wald rk F | 1,407 | 1,307 | 987 | |
| R2 | 0.621 | 0.659 | 0.658 | 0.659 |
Ɨ p < 0.1, * p < 0.05, ** p < 0.01, ***p < 0.001
a The dependent variable is the log of sales managers or salespeople's net total compensation
b S.M. is a dummy variable (1 if sales manager, 0 otherwise); Heteroskedasticity and autocorrelation robust (HAC) estimation standard errors adjusted for clustering at firm level are reported in parentheses