Table 7 Other robustness tests.
Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) |
|---|---|---|---|---|---|---|---|---|---|---|---|
LP_Alter1 | LP_Alter2 | LP | LP | LP | LP | LP | LP | LP | LP | LP | |
CEPI | 0.027*** (2.76) | 0.023** (2.06) | 0.030*** (2.88) | 0.042*** (3.48) | 0.028*** (2.89) | 0.029*** (2.94) | 0.028*** (2.94) | 0.028*** (2.89) | 0.039*** (3.48) | 0.028** (2.28) | 0.024** (2.49) |
Reduce | 0.157** (2.09) | 0.157** (2.09) | |||||||||
Newlegal | 0.379*** (10.24) | 0.371*** (9.95) | |||||||||
Judiciary | 0.015 (1.13) | 0.015 (1.14) | |||||||||
Constant | 16.573*** (82.73) | 16.282*** (78.20) | 16.594*** (84.88) | 16.588*** (85.10) | 16.577*** (85.13) | 16.583*** (85.01) | 16.571*** (84.76) | 16.564*** (84.87) | 16.711*** (71.40) | 16.431*** (65.16) | 16.581*** (79.49) |
Controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Firm FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Observations | 20,746 | 20,631 | 20,848 | 20,848 | 20,848 | 20,848 | 20,848 | 20,848 | 14,408 | 8558 | 19,629 |
Adj R2 | 0.523 | 0.421 | 0.521 | 0.521 | 0.522 | 0.521 | 0.521 | 0.521 | 0.515 | 0.505 | 0.511 |
