Table 15 Jinshi density effects on fringe benefits (welfare).

From: Long-term impacts of historical education policy on wages in China: insights on over-education

 

(1)

(2)

(3)

Dependent Variable:

ln (overall welfare cost/L + 1)

ln (medical insurance/L + 1)

ln (housing fund/L + 1)

Panel A: OLS

   

Jinshi density in Ming-Qing(logged)

0.018** (0.009)

0.055*** (0.014)

0.014** (0.006)

R2

0.128

0.190

0.130

Panel B: 2SLS

   

Jinshi density in Ming-Qing(logged)

0.044*** (0.017)

0.047* (0.026)

0.014* (0.008)

Observations

250,176

250,176

250,176

KP-F statistics

260.957

260.957

260.957

Cluster

County

County

County

Controls

Yes

Yes

Yes

Provincial fixed effects

Yes

Yes

Yes

Industrial fixed effects

Yes

Yes

Yes

  1. Each column in each Panel represents a separate cross-sectional regression, with the endogeneity issue uncorrected in Panel A and corrected in Panel B. In Columns (1) to (3), we provide estimates of Jinshi’s effects on overall welfare costs, medical insurance, and housing funds, respectively. Covariates include rainfall and air pollution, nightlight in 2004, population density in Ming-Qing, the urbanization rate, the distance to the coast, agricultural sustainability, and terrain ruggedness. All OLS and 2SLS regressions are clustered at the firm level. These estimated Jinshi density effects can be interpreted as the percentage changes in wages per worker with a percent change in Jinshi density. The KP F-statistic provided in Panel B is the Kleibergen-Paap Wald rk F-statistic for weak identification in the first stage (Kleibergen and Paap, 2006). ***denotes significant at 1% level, **denotes significant at 5% level, *denotes significant at 10% level.
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