The results are similar for the SB average salary regressions reported in Table 4. ROE
has a positive coefficient in all cases and is statistically significant in two equations. Sales is
positive in four equations and is negative in two, and it is statistically significant in each case.
The bank influence variable is negative in all four equations and is statistically significant in
three of the equations. The ownership concentration dummies are negative in all but one case for
the three most concentrated groups and are significant in many cases. Note that conc 2 is
positive and significant in three of the four cases where it is included. The ownership categories
are again negative and significant in all cases.