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