Effects of Industrial Concentration on Mean Earnings
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| log(HHI) | -0.0512** | -0.00857 | -0.0324*** | -0.109*** |
| (0.0200) | (0.0122) | (0.0117) | (0.0121) | |
| Observations | 5,446,000 | 1,527,000 | 1,519,000 | 1,519,000 |
| R2 | 0.657 | 0.972 | 0.983 | 0.871 |
| Years | 1976–2015 | 2005–2015 | 2005–2015 | 2005–2015 |
| Earnings measure | LBD | LBD | W-2 | W-2 |
| Weighted | Yes | Yes | Yes | No |
| Market FEs | Yes | Yes | Yes | Yes |
| CZ by year FEs | Yes | Yes | Yes | Yes |
Source: Longitudinal Business Database 1976–2015; Form W-2 2005–2015
Notes: Table reports instrumental variables regression estimates of the effect of local industrial concentration, as measured by the HHI, on log mean earnings. Earnings measures are constructed using either employment and payroll data from the LBD or earnings data from Form W-2, as indicated. Columns represent separate regressions, which include the indicated years of data and fixed effects (FE). Regressions are employment-weighted as indicated. Coefficients represent elasticities. Sample sizes and statistic values have been rounded for disclosure avoidance.