The plant life-cycle of the average wage of employees in U.S. manufacturing

Table 1 OLS estimates for the evolution of average wage, labor productivity, and wages to revenue ratio

Dependent variable:	Average wage		Revenue/Employment		Wage bill/Revenue
	($1,000)		($1,000)		(%)
Independent variables	I	II	I	II	I	II
*Exit*	-2.031***	-1.846***	-9.852***	-8.962***	0.675***	0.598***
	[0.018]	[0.018]	[0.160]	[0.157]	[0.038]	[0.038]
*5 years to exit*	-1.010***	-0.897***	-5.220***	-4.939***	0.634***	0.635***
	[0.019]	[0.019]	[0.174]	[0.171]	[0.042]	[0.041]
*10 years to exit*	-0.695***	-0.613***	-3.920***	-3.914***	0.461***	0.497***
	[0.024]	[0.024]	[0.219]	[0.215]	[0.053]	[0.052]
*15 years to exit*	-0.447***	-0.412***	-2.566***	-3.010***	0.273***	0.369***
	[0.031]	[0.030]	[0.275]	[0.269]	[0.066]	[0.065]
*20 years to exit*	-0.159***	-0.179***	-1.240***	-2.281***	0.031	0.211**
	[0.038]	[0.038]	[0.347]	[0.339]	[0.083]	[0.082]
*Entry*	-2.714***	-2.356***	-5.668***	-1.998***	-1.733***	-2.236***
	[0.017]	[0.017]	[0.156]	[0.155]	[0.037]	[0.038]
*5 years from entry*	-1.782***	-1.514***	-2.228***	0.282*	-1.247***	-1.580***
	[0.019]	[0.019]	[0.170]	[0.168]	[0.041]	[0.041]
*10 years from entry*	-1.180***	-0.964***	-1.141***	0.571**	-0.653***	-0.865***
	[0.023]	[0.023]	[0.207]	[0.204]	[0.050]	[0.049]
*15 years from entry*	-0.628***	-0.469***	-0.151	0.759***	-0.219***	-0.312***
	[0.026]	[0.026]	[0.239]	[0.234]	[0.057]	[0.057]
*20 years from entry*	-0.229***	-0.120**	1.537***	1.634***	-0.181**	-0.152
	[0.044]	[0.044]	[0.397]	[0.389]	[0.095]	[0.094]
*Industry x year fixed effects*	Y	Y	Y	Y	Y	Y
*Other controls*	N	Y	N	Y	N	Y
N	1,219,769	1,219,769	1,219,769	1,219,769	1,219,769	1,219,769
R ²	0.29	0.30	0.38	0.41	0.43	0.44

Notes: Standard errors in brackets. (*),(**),(***) indicate significance at 10%,5%,1%, respectively. Other controls include a cubic spline in plant size (measured by total employment) and an indicator of multi-plant firm. The omitted category is the plants that are more than twenty years away from their entry or exit, and the plants whose entry or exit points do not fall into the sample period.