Table 14 Probability of adjusting hours worked and nonlabour costs
From: European firm adjustment during times of economic crisis
Hours worked | Nonlabour costs | |||
|---|---|---|---|---|
Probability (% and standard errors) | Difference from baseline (% points and standard errors) | Probability (% and standard errors) | Difference from baseline (% points and standard errors) | |
Baseline | 4.6 | 66.8 | ||
(2.8) | (7.2) | |||
Manufacturing | 5.7 | 1.0 | 62.6 | −4.1 |
(3.3) | (1.2) | (7.3) | (3.0) | |
Trade | 3.1 | −1.6 | 69.0 | 2.2 |
(2.1) | (1.3) | (7.0) | (3.3) | |
Large firm | 5.8 | 1.2 | 49.1 | −17.6 |
(3.2) | (1.6) | (7.9) | (4.2) | |
Strong demand + weak credit shock | 5.1 | 0.5 | 46.3 | −20.4 |
(3.0) | (0.8) | (8.0) | (2.6) | |
Strong demand + strong credit shock | 5.6 | 1.0 | 57.3 | −9.5 |
(3.2) | (1.0) | (7.9) | (3.0) | |
Time-dependent wages | 5.3 | 0.7 | 64.5 | −2.2 |
(3.2) | (1.0) | (7.5) | (2.6) | |
Frequent wage adjustment | 4.1 | −0.6 | 73.4 | 6.6 |
(2.7) | (1.1) | (7.1) | (3.0) | |
Strong competitive pressures | 3.8 | −0.8 | 67.2 | 0.4 |
(2.4) | (0.8) | (7.2) | (2.3) | |
Firm-level collective agreement | 5.3 | 0.7 | 67.4 | 0.7 |
(3.2) | (1.0) | (7.3) | (2.9) | |
White-collar workers: high (%) | 3.7 | −0.9 | 72.6 | 5.8 |
(2.5) | (1.0) | (7.0) | (2.9) | |
High-skilled workers: high (%) | 2.9 | −1.7 | 67.2 | 0.4 |
(2.0) | (1.2) | (7.5) | (3.2) | |
Temporary employees: high (%) | 4.3 | −0.4 | 65.1 | −1.7 |
(2.7) | (0.8) | (7.3) | (2.7) | |
Labour cost share: high (%) | 4.2 | −0.5 | 61.6 | −5.2 |
(2.5) | (1.0) | (7.4) | (2.9) | |
Flexible pay component: high (%) | 3.1 | −1.6 | 64.3 | −2.4 |
(2.0) | (1.2) | (7.3) | (3.0) | |