Table 7 Exogenous shocks since the establishment of the People’s Republic of China.

	(1)	(2)	(3)	(4)	(5)	(6)
	1952	1959	1969	1979	1989	1999
Dependent Variable:	Wage (logged)
Panel A: OLS
Jinshi density in Ming-Qing(logged)	0.197*** (0.037)	0.134*** (0.027)	0.084*** (0.024)	0.056*** (0.016)	0.054** (0.020)	0.127*** (0.028)
R2	0.705	0.582	0.479	0.563	0.561	0.731
Panel B: 2SLS
Jinshi density in Ming-Qing(logged)	0.158* (0.049)**	*0.092 (0.050)**	0.044 (0.044)	0.085 (0.039)**	*0.070 (0.040)**	0.173* (0.051)**
Observations	22	20	20	26	213	199
KP-F statistics	9.717	9.009	9.009	11.626	115.374	129.608
Cluster	Province	Province	Province	Province	Province	Province
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Provincial fixed effects	No	No	No	No	Yes	Yes

Each column in each panel represents a separate cross-sectional regression. Panel A reports OLS estimates while Panel B clusters 2SLS estimates. Columns (1) to (4) provide provincial regression regarding historical Jinshi density effects on employee pay across 1949–1979, with 10 years as an interval due to limited data availability at the prefecture level. Due to a lack of data in 1949–1951, we regard the wage in 1953 as the alternative year. Columns (5) and (6) report prefecture-level regression regarding historical Jinshi density effects on employee pay in 1989 and 1999. These estimated Jinshi density effects can be interpreted as the percentage changes in wages per worker with a percent change in Jinshi density. Columns (1) to(4) do not include fixed effects due to limited observations, while Columns (5) and (6) include province fixed effects. Covariates include rainfall and air pollution, nightlight in 2004, population density in Ming-Qing, the urbanization rate in Ming-Qing, the distance to the coast, agricultural sustainability, and terrain ruggedness. The KP F-statistic 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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