**Table 7. Associations between Program-Level Value Added to Wages (log), Quality Determinants, and Local Market Conditions**

||Full S|ample|Large<br>Cities|Small/Med<br>Cities|Two-year<br>Programs|Three-year<br>Programs|
|---|---|---|---|---|---|---|
||(1)|(2)|(3)|(4)|(5)|(6)|
|_Program Characteristics_|||||||
|Three-year program|0.07<sup>***</sup>|0.07<sup>***</sup>|0.06<sup>***</sup>|0.09<sup>***</sup>|||
||(0.01)|(0.01)|(0.02)|(0.02)|||
|Distance program|-0.03|-0.02|-0.04|0.01|0.00|-0.02|
||(0.02)|(0.02)|(0.03)|(0.02)|(0.04)|(0.02)|
|Program age (years)|0.003<sup>**</sup>|0.003<sup>**</sup>|0.005<sup>**</sup>|-0.000|0.002|0.003<sup>**</sup>|
||(0.002)|(0.001)|(0.002)|(0.002)|(0.002)|(0.002)|
|_Institution Characteristics_|||||||
|Public HEI|0.01|-0.00|-0.03|0.03|0.01|0.01|
||(0.02)|(0.01)|(0.02)|(0.02)|(0.02)|(0.02)|
|Technological school|0.04<sup>**</sup>|0.03<sup>**</sup>|0.04<sup>**</sup>|0.04|0.001|0.03<sup>**</sup>|
||(0.01)|(0.01)|(0.02)|(0.03)|(0.021)|(0.02)|
|University|0.03<sup>*</sup>|0.01|0.01|0.02|0.03|0.01|
||(0.02)|(0.02)|(0.03)|(0.02)|(0.03)|(0.02)|
|SENA|0.03|0.03|0.07<sup>**</sup>|0.01|0.03|0.02|
||(0.03)|(0.02)|(0.03)|(0.03)|(0.04)|(0.03)|
|Institution size (log enrollment)|-0.01|-0.01|-0.01|0.001|-0.003|-0.01|
||(0.01)|(0.01)|(0.01)|(0.009)|(0.007)|(0.01)|
|_Program and Institution Practices_|||||||
|Selective institution|0.001|0.02|0.03<sup>**</sup>|-0.01|0.03|0.01|
||(0.012)|(0.01)|(0.02)|(0.02)|(0.02)|(0.02)|
|Institution field specialization (index)|0.07<sup>**</sup>|0.04<sup>*</sup>|0.06|0.04|0.10<sup>**</sup>|0.02|
||(0.03)|(0.02)|(0.03)|(0.04)|(0.05)|(0.03)|
|High-quality accreditation|0.02|0.02|0.01|0.04|0.03|0.02|
||(0.01)|(0.01)|(0.02)|(0.02)|(0.02)|(0.02)|
|_Local Market Conditions_|||||||
|Institution market power (index)|-0.02|-0.01|-0.06|0.02|-0.04|0.01|
||(0.04)|(0.03)|(0.08)|(0.03)|(0.05)|(0.03)|
|Market concentration (HHI index)|-0.02|-0.04|-0.12|-0.02|-0.01|-0.04|
||(0.05)|(0.05)|(0.17)|(0.04)|(0.06)|(0.05)|
|City size (log population)|0.01<sup>*</sup>|0.01<sup>*</sup>|0.00|0.02<sup>**</sup>|0.01|0.01|
||(0.01)|(0.01)|(0.02)|(0.01)|(0.01)|(0.01)|
|Constant|-0.24<sup>***</sup>|-0.19<sup>***</sup>|-0.06|-0.43<sup>***</sup>|-0.28<sup>**</sup>|-0.08|
||(0.07)|(0.08)|(0.22)|(0.11)|(0.13)|(0.09)|
|Field FE||X|X|X|X|X|
|Mean of Dependent Variable|0.00|0.00|0.00|-0.01|-0.03|0.01|
|Adjusted R-squared|0.12|0.19|0.22|0.18|0.15|0.14|
|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 wages (in log) and 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=Herfindahl-Hirschman Index.

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