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Table 1 Descriptive statistics—overview (full sample).

From: Another piece of the puzzle: Firms’ investment in training as production of optimal skills inventory

Variable Mean St. Dev. Min. Max.
Number of apprentices (per firm) 0.57 4.40 0 700
Overage costs
 Total overage costsa 2.305 2.132 − 12.599 25.862
 Net training costs 1.822 1.693 − 9.447 20.463
 Retention risk 0.27 0.09 0.04 0.65
Underage costs
 Total underage costsb 9.111 48.866 − 0.832 1610.237
 Hiring costs 0.864 0.941 − 0.510 16.658
 Outage costs 6.840 41.198 − 1.349 1371.456
 Miscast risk 0.18 0.05 0.11 1.05
Demand structure
 Industry volatility 4.50 7.23 0.02 21.67
Controls
 Firm’s size (in #employees) 20.96 172.99 1 25,341
 Firm’s age (in years) 29.70 47.37 1 919
 Collective agreements (binary) 0.35 0.48 0 1
 Worker representation (binary) 0.17 0.37 0 1
 Training occupation 9 different groups of training occupations
 Federal state 16 different federal states (regions)
Number of observations 3252 observations
  1. Table reports all costs in 10,000 Euros per person with a Total Overage Costs = Net Training Costs * (1 + Retention Risk), and b Total Underage Costs = (Hiring Costs + Outage Costs)* (1 + Miscast Risk)