# Table 7: **Human Capital and Star Status Robustness: Tobin’s Q**

This table reports estimates from the following panel regression model: _Q_<sup>_T OT_</sup> Star is a dummy variable that takes the value 1 if the firm _i_ s Tobin’s _Q_<sup>_T OT_</sup> is above the 90<sup>_th_</sup> percentile of _Q_<sup>_T OT_</sup> across all firms in a particular year _t_ and 0 otherwise. Log(Assets) is the logarithm of total assets. HHI is Herfindahl Index of market share in each 3-digit NAICS industry in each year. _Markups_<sup>_T OT_</sup> are based on the estimation in De Loecker and Eeckhout (2017) using operating expenses as a variable input of production and include correction for intangible capital. Market Share is the ratio of the firm _i_ s sales to total industry _j_ s sales in a particular year. Skill is industry-level measure of routine manual skills (RMAN) in columns 1-4, complex problem solving skills (COMPLEXPS) in columns 5-8 and non-routine cognitive analytical skills (NRCOG) in columns 9-12. All regressions include industry and year fixed effects and are estimated using ordinary least squares with standard errors clustered at the firm level. Detailed variable definitions are in the Appendix. (<sup>_∗∗∗_</sup> ) _,_ (<sup>_∗∗_</sup> ) _,_ (<sup>_∗_</sup> ) denote statistical significance at 1%, 5%, and 10% levels respectively.

||1|2|3|4|5|6|7|8|9|10|11|12|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||Q<sup>TOT</sup><br>Star|Q<sup>TOT</sup><br>Star|Q<sup>TOT</sup><br>Star|Q<sup>TOT</sup><br>Star|Q<sup>TOT</sup><br>Star|Q<sup>TOT</sup><br>Star|Q<sup>TOT</sup><br>Star|Q<sup>TOT</sup><br>Star|Q<sup>TOT</sup><br>Star|Q<sup>TOT</sup><br>Star|QTOT<br>Star|Q<sup>TOT</sup><br>Star|
|Skill|RMAN||||CPS||||NRCOG||||
|Log(Assets)|0.005***|0.002|0.002|0.002|-0.000|0.002|0.002|0.002|0.004**|0.002|0.002|0.002|
||(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|
|Log(Age)|-0.065***|-0.065***|-0.065***|-0.066***|-0.066***|-0.066***|-0.066***|-0.066***|-0.065***|-0.066***|-0.066***|-0.066***|
||(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|
|HHI|0.083|0.086|0.467**|0.079|0.085|0.087|0.104|0.091|0.092|0.089|0.068|0.088|
||(0.074)|(0.075)|(0.190)|(0.074)|(0.076)|(0.075)|(0.077)|(0.077)|(0.075)|(0.075)|(0.142)|(0.076)|
|Market Share|0.268*|0.203|0.201|0.441|0.279*|0.222|0.219|0.229|0.277*|0.211|0.221|0.132|
||(0.153)|(0.149)|(0.148)|(0.309)|(0.149)|(0.149)|(0.149)|(0.153)|(0.150)|(0.151)|(0.149)|(0.188)|
|Markups|0.162***|0.171***|0.164***|0.165***|0.164***|0.154***|0.165***|0.165***|0.159***|0.164***|0.165***|0.165***|
||(0.016)|(0.016)|(0.016)|(0.016)|(0.016)|(0.018)|(0.016)|(0.016)|(0.017)|(0.017)|(0.016)|(0.016)|
|Log(Assets) x Skill|-0.009***||||0.007***||||0.010***||||
||(0.002)||||(0.003)||||(0.003)||||
|Markups x Skill||-0.032**<br>(0.015)||||0.024*<br>(0.013)||||0.021<br>(0.018)|||
|HHI x Skill|||-0.544**||||0.118||||-0.027||
||||(0.221)||||(0.197)||||(0.226)||
|Market Share x Skill||||-0.373||||-0.298||||-0.202|
|||||(0.306)||||(0.409)||||(0.387)|
|N|41085|41085|41085|41085|41085|41085|41085|41085|41085|41085|41085|41085|
|adj. R-sq|0.072|0.071|0.072|0.071|0.071|0.071|0.071|0.071|0.072|0.071|0.071|0.071|
|Fixed Efects|——|———Indust|ry, Year———|—–—|——|———Indust|ry, Year———|—–—|——|———Indust|ry, Year——|——–—|