High legalization group

riskb

riskb

riskb

cor

0.121**

(1.980)

ecor

0.0955**

(2.070)

u

2.915**

(2.180)

v

−1.190

(−1.130)

SEA

1405013***

(3.18)

o

−0.0627325

(−0.07)

mix

0.193***

(2.640)

educetio

0.174**

(2.410)

wor

0.123**

(2.030)

r

2.181

1.280)

s

−2.132

(−1.400)

t

0.152

(0.120)

riskb

4.538***

(9.210)

4.643***

(9.32)

4.651***

(9.330)

Controls

YES

YES

YES

Year

YES

YES

YES

INDUSTRY

YES

YES

YES