Notes: Column 1 controls only for year fixed effects, worker attributes (age, age-squared, tenure, tenure-squared, female dummy, and three education dummies), and the log of intermediate input cost. Columns 2–3 additionally control for the establishment of fixed effects. Standard errors are clustered at the level of the establishment and are reported in parentheses. ^*p < 0.1, ^**p < 0.05, ^***p < 0.01.