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Table 4.
Impact of Judicial and Other Reforms on Firm Productivity
(1)(2)(3)(4)(5)
Judicial reform × Post 14.29 12.34 14.69 13.16 14.14 
 (12.55) (12.86) (11.94) (12.84) (12.00) 
Judicial reform × Post 16.81* 18.18* 16.54* 18.58* 17.23* 
× Specific (10.13) (10.24) (9.84) (10.09) (9.81) 
Education × Post −0.63     
 (5.56)     
Education × Post 4.88     
× Specific (4.70)     
Health × Post  3.00    
  (2.84)    
Health × Post × Specific  −0.69    
  (1.73)    
Transport × Post   1.25   
   (0.94)   
Transport × Post × Specific   −1.71   
   (1.04)   
Energy × Post    5.40  
    (10.23)  
Energy × Post × Specific    −4.14  
    (7.43)  
Banking × Post     13.23 
     (29.99) 
Banking × Post × Specific     20.96 
     (49.08) 
Observations 46,990 46,990 46,990 46,990 46,990 
Country fixed effects Yes Yes Yes Yes Yes 
Sector fixed effects Yes Yes Yes Yes Yes 
Controls Yes Yes Yes Yes Yes 
(1)(2)(3)(4)(5)
Judicial reform × Post 14.29 12.34 14.69 13.16 14.14 
 (12.55) (12.86) (11.94) (12.84) (12.00) 
Judicial reform × Post 16.81* 18.18* 16.54* 18.58* 17.23* 
× Specific (10.13) (10.24) (9.84) (10.09) (9.81) 
Education × Post −0.63     
 (5.56)     
Education × Post 4.88     
× Specific (4.70)     
Health × Post  3.00    
  (2.84)    
Health × Post × Specific  −0.69    
  (1.73)    
Transport × Post   1.25   
   (0.94)   
Transport × Post × Specific   −1.71   
   (1.04)   
Energy × Post    5.40  
    (10.23)  
Energy × Post × Specific    −4.14  
    (7.43)  
Banking × Post     13.23 
     (29.99) 
Banking × Post × Specific     20.96 
     (49.08) 
Observations 46,990 46,990 46,990 46,990 46,990 
Country fixed effects Yes Yes Yes Yes Yes 
Sector fixed effects Yes Yes Yes Yes Yes 
Controls Yes Yes Yes Yes Yes 

OLS regressions. Robust standard errors in parentheses, clustered at the country level. ***p<0.01; **p<0.05; and *p<0.1. The dependent variable is the value added per worker, expressed in thousand U.S. dollars PPP. Control variables are limited judicial reform interacted with Post, domestic judicial reforms interacted with Post, business climate, foreign aid per capita, sector-level fixed effects, further interacted with the specific index. In column 2, Education is the budget of education reforms over the period of interest in each country.

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