Table 8 Influence mechanism of cultural inclusiveness: perspective of the composition of employees.
From: Regional cultural inclusiveness and firm performance in China
| Â | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Â | Stage1 | Stage2 | Stage1 | Stage2 |
Dependent-variable | Bachelor | ROE | Bachelor | ROE |
Inclu | 0.010** | Â | Â | Â |
| Â | (2.354) | Â | Â | Â |
Inclu_alter | Â | Â | 0.012*** | Â |
| Â | Â | Â | (2.777) | Â |
Bachelor_fit | Â | 2.876*** | Â | 2.313*** |
| Â | Â | (6.495) | Â | (5.150) |
Constant | −0.301** | 0.462*** | −0.443*** | 0.276 |
|  | (−2.356) | (2.078) | (−3.151) | (1.229) |
Firm-cont. | Yes | Yes | Yes | Yes |
Gov-cont. | Yes | Yes | Yes | Yes |
Reg-cont. | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes |
Ind FE | Yes | Yes | Yes | Yes |
Observations | 9390 | 9390 | 9390 | 9390 |
R-squared | 0.044 | 0.159 | 0.044 | 0.158 |
