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Table 6.
A Firm-Level Analysis for 1989
AgricultureManufacturing(log) Employment(log) Turnover(log) Turnover per Worker
(1)(2)(3)(4)(5)
Serfs % (1858) 0.065*** −0.062*** −0.290** −0.381** −0.096*** 
 (0.016) (0.020) (0.119) (0.142) (0.034) 
Flexible controls ✓ ✓ ✓ ✓ ✓ 
Distances: City and provincial capital ✓ ✓ ✓ ✓ ✓ 
SIC fixed effects   ✓ ✓ ✓ 
Fixed effects Province Province Province Province Province 
Observations 14,154 14,154 14,055 13,933 13,923 
R2 0.03 0.02 0.57 0.63 0.77 
Number of clusters 36 36 36 36 36 
δ for β=0 −4.422 2.761 2.178 5.115 −1.892 
Lower bound estimates 0.096 −0.085 −0.240 −0.379 −0.139 
Conley S.E. 300 km      
Serfs % (1858) [0.012]*** [0.018]*** [0.142]** [0.165]** [0.037]** 
AgricultureManufacturing(log) Employment(log) Turnover(log) Turnover per Worker
(1)(2)(3)(4)(5)
Serfs % (1858) 0.065*** −0.062*** −0.290** −0.381** −0.096*** 
 (0.016) (0.020) (0.119) (0.142) (0.034) 
Flexible controls ✓ ✓ ✓ ✓ ✓ 
Distances: City and provincial capital ✓ ✓ ✓ ✓ ✓ 
SIC fixed effects   ✓ ✓ ✓ 
Fixed effects Province Province Province Province Province 
Observations 14,154 14,154 14,055 13,933 13,923 
R2 0.03 0.02 0.57 0.63 0.77 
Number of clusters 36 36 36 36 36 
δ for β=0 −4.422 2.761 2.178 5.115 −1.892 
Lower bound estimates 0.096 −0.085 −0.240 −0.379 −0.139 
Conley S.E. 300 km      
Serfs % (1858) [0.012]*** [0.018]*** [0.142]** [0.165]** [0.037]** 

The unit of observation is a firm. Flexible controls include eight dummies for cereal suitability and four dummies for quartiles of growing-season temperature, growing-season precipitation, the share of podzol soil, and river density, as well as linear controls of latitude and longitude of the district, the area covered by forest, ruggedness, the distance to the coast, and the distance to Moscow. Distances are the distance to the nearest city in 1600 and the distance to the provincial capital. SIC fixed effects are dummies for industrial classifications of firms using the five-digit Standard Industrial Classification Codes. The restricted model used to compute δ and the lower-bound estimates controls for province fixed effects. Standard errors clustered at the province in parentheses. *p<0.10, **p<0.05, and ***p<0.01.

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