HIGHLIGHTS
SUMMARY
The estimated results in Table 4 showed that the bargaining power of employees made their salary 19.27% higher than "Benchmark" salary on average, while the bargaining power of firms resulted in the salary 10.81% lower than "Benchmark" salary, thus causing the employee salary 8.46% higher than "Benchmark" salary. Estimation test with ordinary employee salary as salary variable Since management salary is usually higher than that of ordinary employees, to exclude the influence of excessive management salary on the analysis results, this paper used the salary of ordinary employees as salary variable . . .
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