**Table 6. Associations between Program-Level Value Added to Formal Employment, Quality Determinants, and Local Market Conditions**

||Full S|ample|Large<br>Cities|Small/Me<br>d Cities|Two-year<br>Programs|Three-year<br>Programs|
|---|---|---|---|---|---|---|
||(1)|(2)|(3)|(4)|(5)|(6)|
|_Program Characteristics_|||||||
|Three-year program|6.68<sup>***</sup>|6.57<sup>***</sup>|6.45<sup>**</sup>|10.61<sup>***</sup>|||
||(1.83)|(2.08)|(2.65)|(2.37)|||
|Distance program|1.95|2.16|-4.65<sup>*</sup>|7.94<sup>***</sup>|-5.37|4.14<sup>**</sup>|
||(2.11)|(2.09)|(2.79)|(2.46)|(7.08)|(2.06)|
|Program age (years)|0.26|0.31<sup>*</sup>|0.35|0.13|0.04|0.44<sup>*</sup>|
||(0.19)|(0.17)|(0.22)|(0.27)|(0.23)|(0.24)|
|_Institution Characteristics_|||||||
|Public HEI|-1.48|-1.90|-0.82|-0.44|-1.25|-2.24|
||(1.87)|(1.93)|(2.27)|(2.91)|(3.79)|(1.96)|
|Technological school|1.83|1.86|1.21|1.54|0.01|4.22<sup>**</sup>|
||(1.95)|(1.90)|(2.30)|(3.13)|(3.06)|(2.09)|
|University|1.17|0.48|-1.85|3.05|-6.38<sup>*</sup>|2.64|
||(2.41)|(2.33)|(2.57)|(3.32)|(3.72)|(2.60)|
|SENA|9.43<sup>***</sup>|11.61<sup>***</sup>|2.17|14.98<sup>***</sup>|-3.03|14.21<sup>***</sup>|
||(2.90)|(2.80)|(3.55)|(3.49)|(4.54)|(3.13)|
|Institution size (log enrollment)|1.81<sup>***</sup>|1.28<sup>**</sup>|1.79<sup>**</sup>|0.76|2.00<sup>**</sup>|1.50<sup>**</sup>|
||(0.54)|(0.53)|(0.68)|(0.78)|(0.96)|(0.61)|
|_Program and Institution Practices_|||||||
|Selective institution|2.02|3.61<sup>*</sup>|1.90|-0.27|7.21<sup>**</sup>|2.28|
||(1.85)|(1.90)|(1.86)|(2.92)|(2.98)|(1.88)|
|Institution field specialization (index)|14.38<sup>***</sup>|7.58<sup>**</sup>|6.36<sup>*</sup>|4.23|11.64<sup>**</sup>|5.28<sup>*</sup>|
||(2.84)|(3.24)|(3.41)|(4.27)|(5.58)|(3.07)|
|High-quality accreditation|-2.66|-1.27|-2.16|2.13|-0.13|-0.77|
||(1.66)|(1.57)|(1.93)|(2.77)|(3.34)|(1.71)|
|_Local Market Conditions_|||||||
|Institution market power (index)|-11.16<sup>**</sup>|-8.14<sup>*</sup>|2.77|-6.55|-11.37|-7.15|
||(4.89)|(4.84)|(8.99)|(4.61)|(9.06)|(5.14)|
|Market concentration (HHI index)|9.89<sup>*</sup>|12.83<sup>**</sup>|-47.45<sup>*</sup>|9.11<sup>*</sup>|19.37<sup>**</sup>|11.92<sup>**</sup>|
||(5.60)|(4.96)|(27.63)|(5.09)|(9.18)|(5.56)|
|City size (log population)|0.81|1.80<sup>**</sup>|2.13|0.78|2.96|0.99|
||(0.68)|(0.74)|(1.76)|(1.14)|(2.25)|(0.79)|
|Constant|-42.33<sup>***</sup>|-51.54<sup>***</sup>|-55.28<sup>*</sup>|-36.78<sup>**</sup>|-74.10<sup>**</sup>|-35.91<sup>***</sup>|
||(9.83)|(10.41)|(28.59)|(16.94)|(30.45)|(10.36)|
|Field FE||X|X|X|X|X|
|Mean of Dependent Var.|0.00|0.00|2.02|-4.98|-5.77|1.52|
|Adjusted R-squared|0.17|0.25|0.27|0.23|0.24|0.23|
|Observations|851|851|529|322|223|628|

_Source_ : Authors’ calculations using administrative data. See Appendix 1 for the definitions of the variables. _Notes_ : This table reports the associations between program-level contribution to formal employment (between 0 and 100), quality determinants and local market conditions. See Figure A4, Panel B for an illustration of the coefficients’ relative size. A program is the unit of observation. All variables are dummies except when the unit of measure is indicated in parentheses. Indices can take a value between 0 and 1. Regressions are weighted by 1/v, where v is the standard deviation of the estimated program-level contribution. Specifications control for field fixed effects (FE), except in Column (1). Standard errors clustered at the institution level are in parentheses. Significance levels: * _p_ < 0.10, ** _p_ < 0.05, *** _p_ < 0.01. HHI=HerfindahlHirschman Index.

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