- Note: Standard errors are in parentheses. *** p < 0.01, ** p < 0.05, * p < 0.1. LV1 denotes the 1-year-lagged variable with the OLS model; LV1 + RE indicates the 1-year-lagged variable with the random effect model. Covariate A includes the employee age, female dummy, firm size, leverage year dummy, and industry dummy variables. Covariate B has a female dummy, firm size, leverage year dummy