High legalization group | Low legalization group | |||||||
tbc | tbc | tbc | tbc | tbc | tbc | tbc | tbc | |
cor | 0.210*** (4.240) | −0.0934 (−0.820) | ||||||
ecor | 0.0647* (1.730) | 0.0689 (0.770) | ||||||
SEA | 0.148*** (4.030) | −0.0381 (−0.460) | ||||||
mix | 0.249*** (4.170) | 0.198 (1.41) | ||||||
educetio | 0.124** (2.130) | −0.106 (−0.860) | ||||||
wor | 0.141*** (2.830) | −0.103 (−0.910) | ||||||
riskb | 4.670*** (10.67) | 4.839*** (6.2) | ||||||
Controls | YES | YES | YES | YES | YES | YES | YES | YES |
Year | YES | YES | YES | YES | YES | YES | YES | YES |
INDUSTRY | YES | YES | YES | YES | YES | YES | YES | YES |