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