All countries

Non-US

US

(1)

(2)

(3)

(4)

(5)

(6)

Low

0.0499***

0.0451***

0.0518***

0.0403***

0.0433**

0.0801***

(0.00)

(0.00)

(0.00)

(0.00)

(0.03)

(0.00)

Low × Institutional

0.0505***

0.0412*

0.0267

(0.01)

(0.07)

(0.21)

Mid

0.0465***

0.0459***

0.0368***

0.0376***

0.0649***

0.0663***

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

Mid × Institutional

0.0034

−0.0093

−0.0060

(0.37)

(0.12)

(0.24)

High

0.1648***

0.1660***

0.1318***

0.1807***

0.2168***

0.2144***

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

High × Institutional

−0.0068

−0.0855***

0.0095

(0.72)

(0.00)

(0.69)

Institutional

0.0017

−0.0086**

0.0125***

0.0180***

−0.0084***

−0.0214***

(0.26)

(0.02)

(0.00)

(0.00)

(0.00)

(0.00)

Control Variables

Yes

Yes

Yes

Yes

Yes

Yes

Adjusted R-squared

0.067

0.067

0.055

0.055

0.091

0.091

Number of observations

543,867

543,867

352,669

352,669

191,198

191,198

Wald test β High = β Low (p-value)

(0.00)

(0.00)

(0.00)