High legalization group

Low legalization group

riskb

riskb

riskb

riskb

riskb

riskb

cor

0.00218**

(2.140)

−0.00310

(−1.140)

ecor

0.000662

(0.850)

0.00132

(0.620)

SEA

0.00238***

(3.160)

−0.000269

(−0.140)

mix

0.000618

(0.500)

0.00513

(1.550)

educetio

0.00289**

(2.410)

−0.00244

(-0.830)

wor

0.00317***

(3.080)

−0.00140

(−0.520)

Controls

YES

YES

YES

YES

YES

YES

Year

YES

YES

YES

YES

YES

YES

INDUSTRY

YES

YES

YES

YES

YES

YES