Table 7.
Two-stage least square regressions for sales, accounting, and HR managers including combined instrumental variables
| Sales Managers | Accounting Managers | HR Managers | Sales and Accounting | Sales and Accounting | Sales and Accounting | Sales and HR | Sales and HR | Sales and HR | |
|---|---|---|---|---|---|---|---|---|---|
| Variable | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 | Model 8 | Model 9 |
| Industry Experience |
0.011*** (0.001) |
0.008*** (0.002) |
0.024*** (0.003) |
0.012*** (0.001) |
0.010*** (0.001) |
0.010*** (0.001) |
0.022*** (0.003) |
0.020*** (0.003) |
0.020*** (0.003) |
| Industry Experience2 |
-0.002*** (2.0E-4) |
-0.001*** (3.1E-4) |
-0.001*** (1.6E-4) |
-0.002*** (2.0E-4) |
-0.002*** (2.0E-4) |
-0.002*** (2.0E-4) |
-0.002*** (1.9E-4) |
-0.002*** (1.8E-4) |
-0.002*** (1.8E-4) |
| Firm Experience |
0.018*** (0.001) |
0.001 (0.002) |
-0.006 (0.003) |
0.003* (0.001) |
0.005*** (0.001) |
0.002* (0.001) |
0.002* (0.001) |
0.003* (0.001) |
0.002* (0.001) |
| Firm. Experience2 |
-0.004*** (2.3E-4) |
-0.001 (3.8E-4) |
-1.0E-4 (1.7E-4) |
-0.001*** (2.4E-4) |
-0.001*** (2.5E-4) |
-0.001** (2.4E-4) |
-1.0E-4 (2.4E-4) |
-1.0E-4 (2.4E-4) |
-1.0E-4 (2.4E-4) |
| Occupation Experience |
0.037*** (0.001) |
0.039*** (0.002) |
0.023*** (0.003) |
0.034*** (0.0013) |
0.034*** (0.001) |
0.035*** (0.001) |
0.027*** (0.002) |
0.027*** (0.002) |
0.028** (0.002) |
| Occupation Experience2 |
-0.003*** (3.8E-4) |
-0.004*** (0.001) |
-0.001*** (2.0E-4) |
-0.003*** (4.2E-4) |
-0.003*** (4.2E-4) |
-0.003*** (4.2E-4) |
-0.002*** (2.6E-4) |
-0.002*** (2.6E-4) |
-0.002*** (2.1E-4) |
| S.M.1 × Industry Experience |
0.010*** (0.001) |
-0.012*** (0.001) |
|||||||
| S.M. x Industry Experience2 |
-4.4E-4 (3.1E-4) |
0.001 (0.001) |
|||||||
| S.M. x Firm Experience |
0.011*** (0.001) |
0.014*** (0.001) |
|||||||
| S.M. x Firm. Experience2 |
-5.4E-4 (3.4E-4) |
-0.001** (4.0E-4) |
|||||||
| S.M. x Occupation Experience |
4.7E-4 (0.002) |
0.015*** (0.001) |
|||||||
| S.M. x Occupation Experience2 |
0.001 (0.001) |
-0.001*** (2.5E-4) |
|||||||
| S.M |
-0.064*** (0.008) |
-0.068*** (0.008) |
-0.062*** (0.009) |
-0.052*** (0.007) |
-0.055*** (0.008) |
-0.051*** (0.007) |
|||
| All Control Variables | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Number of Observation | 21,994 | 19,182 | 45,396 | 41,176 | 41,176 | 41,176 | 67,390 | 67,390 | 67,390 |
| Number of Employees | 5,299 | 4,562 | 11,081 | 9,861 | 9,861 | 9,861 | 16,380 | 16,380 | 16,380 |
| Kleibergen-Paap Wald rk F | 748 | 745 | 1,619 | 1,244 | 1,168 | 808 | 1,769 | 1,769 | 1,769 |
| R2 | 0.655 | 0.591 | 0.611 | 0.619 | 0.617 | 0.610 | 0.628 | 0.628 | 0.628 |
* p < 0.05, ** p < 0.01, *** p < 0.001; The dependent variable is the log total net compensation; Heteroskedasticity and autocorrelation robust (HAC) estimation standard errors adjusted for clustering at the firm level are reported in parentheses. 1 S.M. stands for Sales Managers