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Table 3. Educational Mismatch and Productivity According to Technology/Knowledge Intensity (GMM estimates, 1999-2010) GMM-SYS Dependent variable Value added per worker (ln) Labour cost per worker (ln) Profit per worker (ln) Value added per worker (one year lagged, in ln) Labour cost per worker (one year lagged, in ln) Profit per worker (one year lagged, in ln) Normal education (one year lagged, in years) Overeducation (one year lagged, in years) Undereducation (one year lagged, in years) Low- Tech/Knowledge Intensity d 0.535*** (0.074) 0.025*** (0.007) 0.030*** (0.008) -0.013*** (0.005) High- Tech/Knowledge Intensity e 0.758*** (0.037) 0.034** (0.014) 0.050* (0.028) 0.004 (0.015) Low- Tech/Knowledge Intensity f 0.611*** (0.075) 0.006 (0.007) 0.018 (0.011) -0.003 (0.007) High-Tech/Knowledge Intensity g 0.756*** (0.054) 0.025*** (0.009) 0.030* (0.016) -0.019 (0.012) Low- Tech/Knowledge Intensity g 0.417*** (0.035) 0.066*** (0.019) 0.067** (0.030) -0.028* (0.016) High- Tech/Knowledge Intensity f Worker Characteristics a YES YES YES YES YES YES Firm Characteristics b YES YES YES YES YES YES Year dummies (11) YES YES YES YES YES YES Sig. model (p-value) 0.000 0.000 0.000 0.000 0.000 0.000 Hansen statistic 596.0 337.1 505.5 453.5 492.1 626.7 p-value 0.49 0.43 0.20 0.32 0.32 0.11 Arellano-Bond statistic (AR2) c 1.63 0.42 0.66 0.48 2.46 0.33 p-value 0.103 0.68 0.51 0.63 0.01 0.74 0.599*** (0.039) 0.075*** (0.025) 0.110*** (0.042) -0.015 (0.030) Number of firm-year observations 8,402 3,888 8,402 3,887 8,402 3,888 Notes: Robust standard errors are reported between brackets. a Share of the workforce that: (i) has at least 10 years of tenure, and (ii) is younger than 30 and older than 49 years, respectively. The share of women, blue-collar and part-time workers as well as the conditional dispersion in hourly wages are also included. b Sectorial affiliation (8 dummies), number of workers, age of the firm, and level of wage bargaining (1 dummy). c AR2 displays the test for second-order autocorrelation in the first-differenced errors. d First and third lags of explanatory variables are used as instruments in the GMM specification, excluding time dummies. e Fourth and fifth lags of explanatory variables are used as instruments in the GMM specification, excluding time dummies. f Second and third lags of explanatory variables are used as instruments in the GMM specification, excluding time dummies. g First and second lags of explanatory variables are used as instruments in the GMM specification, excluding time dummies. ***, **, * significant at the 1, 5 and 10% level, respectively. 33
Table 4. Educational Mismatch and Productivity According to Economic Environment Uncertainty (GMM estimates, 1999-2010) GMM-SYS Dependent variable Value added per worker (ln) Labour cost per worker (ln) Profit per worker (ln) Less Uncertain d More Uncertain f Less Uncertain d More Uncertain f Less Uncertain d More Uncertain g Value added per worker (one year lagged, in ln) 0.693*** (0.054) 0.637*** (0.070) Labour cost per worker (one year lagged, in ln) 0.690*** (0.082) 0.749*** (0.053) Profit per worker (one year lagged, in ln) 0.539*** (0.033) 0.424*** (0.048) Normal education (one year lagged, in years) 0.024*** (0.007) 0.031*** (0.009) 0.012* (0.007) 0.021*** (0.007) 0.045** (0.019) 0.082*** (0.023) Overeducation (one year lagged, in years) 0.022*** (0.009) 0.040*** (0.012) 0.012 (0.013) 0.041*** (0.011) 0.052* (0.030) 0.073* (0.039) Undereducation (one year lagged, in years) -0.009* (0.006) -0.012* (0.007) -0.010 (0.007) -0.005 (0.010) -0.006 (0.016) -0.038* (0.023) Worker Characteristics a YES YES YES YES YES YES Firm Characteristics b YES YES YES YES YES YES Year dummies (11) YES YES YES YES YES YES Sig. model (p-value) 0.000 0.000 0.000 0.000 0.000 0.000 Hansen statistic 679.0 457.0 498.1 467.5 508.9 458.0 p-value 0.19 0.20 0.41 0.46 0.21 0.56 Arellano-Bond statistic (AR2) c 1.27 1.55 0.66 1.50 0.85 1.87 p-value 0.20 0.12 0.51 0.13 0.39 0.06 Number of firm-year observations 7,605 4,685 7,605 4,684 7,605 4,685 Notes: Robust standard errors are reported between brackets. a Share of the workforce that: (i) has at least 10 years of tenure, and (ii) is younger than 30 and older than 49 years, respectively. The share of women, blue-collar and part-time workers as well as the conditional dispersion in hourly wages are also included. b Sectorial affiliation (8 dummies), number of workers, age of the firm, and level of wage bargaining (1 dummy). c AR2 displays the test for second-order autocorrelation in the first-differenced errors. d First and third lags of explanatory variables are used as instruments in the GMM specification, excluding time dummies. e Fourth and fifth lags of explanatory variables are used as instruments in the GMM specification, excluding time dummies. f Second and third lags of explanatory variables are used as instruments in the GMM specification, excluding time dummies. g First and second lags of explanatory variables are used as instruments in the GMM specification, excluding time dummies. ***, **, * significant at the 1, 5 and 10% level, respectively. 34
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Page 3 and 4: 1. Introduction Rising levels of av
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Page 7 and 8: ole of occupational categories in w
Page 9 and 10: approach has the advantage that it
Page 11 and 12: P ln m j, t j, t ** ** ln 0
Page 13 and 14: The inclusion of the lagged depende
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Page 21 and 22: [Insert Table 3 about here] The rel
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Page 31 and 32: Van Beveren, I. (2012). Total facto
Page 33: Table 2 - Educational Mismatch and

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