First Stage

Second Stage

First Stage

Second Stage

First Stage

Second Stage

UNION

C3UNION

UNION

C3UNION

UNION

C3UNION

LWPEN

?0.08

?1.88

?0.37

?3.71

[0.890]

[0.002]

[0.794]

[0.001]

OWPEN

?0.14

?.61

[0.518]

[0.001]

FDI

?1.47

0.52

?1.48

0.51

?1.70

0.44

[0.109]

[0.470]

[0.106]

[0.480]

[0.058]

[0.557]

TARIFF

?1.24

6.45

?1.25

6.45

?1.58

6.51

[0.865]

[0.527]

[0.863]

[0.526]

[0.822]

[0.519]

UNION

?0.22

?0.22

?0.22

[0.013]

[0.013]

[0.024]

Instrument: Lag₁(UNION)

0.64

0.63

0.62

[0.000]

[0.000]

[0.000]

Industry Fixed Effects

Included

Included

Included

Included

Included

Included

Year Fixed Effects

Included

Included

Included

Included

Included

Included

Constant

Included

Included

Included

Included

Included

Included

N

438

438

438

438

438

438

R²

0.40

0.15

0.40

0.15

0.38

0.16

UWETS

10.52^a

10.53^a

10.41^a

WWETS

248.44^a

248.46^a

233.14^a