Table 1

Regression results

Type of business	Dependent variable (logarithms)	Semi-elasticity	p Value	No of observations	No of clusters
Restaurant with waiters	Revenues	0.248	0.288	3432	66
	Wages	0.282	0.298	2239	46
	Employment	0.162	0.225	2912	56
Nightclubs, bars and pubs	Revenues	−0.015	0.914	884	17
	Wages	0.001	0.994	719	14
	Employment	0.030	0.552	832	16