| CTLR | 0.855*** | 0.907*** | 0.756*** | 0.797*** | 0.807*** | 0.750*** |
| (0.035) | (0.125) | (0.119) | (0.033) | (0.119) | (0.115) | |
| LECT | −0.688*** | −0.480*** | −0.453*** | −0.630*** | −0.444*** | −0.394*** |
| (0.014) | (0.038) | (0.037) | (0.014) | (0.037) | (0.040) | |
| Cons | −0.001 | −0.024 | −0.004*** | −0.025 | ||
| (0.002) | (0.026) | (0.002) | (0.028) | |||
| Estimators | FE | DGMM | SGMM | FE | DGMM | SGMM |
| AR2 | 0.18 | 0.22 | 0.18 | 0.12 | ||
| Sargan test | 0.00 | 0.00 | 0.00 | 0.00 | ||
| Hansen test | 0.18 | 0.18 | 0.09 | 0.07 | ||
| T-test | 0.00 | 0.00 | 0.00 | |||
| F-test | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 |
| r2 | 0.42 | 0.48 | ||||
| N | 5102 | 4997 | 5102 | 5102 | 4997 | 4092 |
| Panel D: Full Sample With Reform Dummy | ||||||
| (1) | (2) | (3) | (4) | (5) | (6) | |
| DEF | 0.127*** | 0.141*** | 0.172*** | |||
| (0.003) | (0.021) | (0.023) | ||||
| CTLR | 0.795*** | 0.215 | 0.307 | 0.711*** | −0.003 | −0.277 |
| (0.029) | (0.557) | (0.399) | (0.028) | (0.541) | (0.380) | |
| LECT | −0.417*** | −0.334*** | −0.478*** | −0.390*** | −0.324** | −0.475*** |
| (0.013) | (0.130) | (0.110) | (0.012) | (0.127) | (0.110) | |
| Post*CTLR | 0.064 | 0.653 | 0.466 | 0.075* | 0.795 | 0.899** |
| (0.045) | (0.546) | (0.393) | (0.042) | (0.540) | (0.386) | |
| Post*LECT | −0.105*** | −0.097 | 0.289** | −0.089*** | −0.071 | 0.297** |
| (0.020) | (0.134) | (0.122) | (0.019) | (0.131) | (0.118) | |
| Cons | −0.002 | −0.020 | −0.005*** | −0.009 | ||
| (0.002) | (0.028) | (0.002) | (0.024) | |||
| Estimators | FE | DGMM | SGMM | FE | DGMM | SGMM |
| AR2 | 0.24 | 0.39 | 0.38 | 0.27 | ||
| Sargan test | 0.83 | 1.00 | 0.99 | 1.00 | ||
| Hansen test | 0.38 | 0.16 | 0.22 | 0.10 | ||
| T-test | 0.00 | 0.00 | 0.00 | |||
| F-test | 0.00 | 0.82 | 0.87 | 0.00 | 0.53 | 0.18 |
| r2 | 0.31 | 0.40 | ||||
| N | 11075 | 9858 | 11075 | 11075 | 9858 | 11075 |