|**Table 5: Impact on Firm Growth**|I.H.S.|I.H.S.|I.H.S.|I.H.S.|Sales &|Total|I.H.S.|
|---|---|---|---|---|---|---|---|
||Monthly|Yearly|Monthly|Yearly|Profits|Employmen|t Employment|
||Sales|Sales|Profits|Profits|Index|||
|**Panel A: Impacts in First Follow-up Surv**|**ey (One-yea**|**r after int**|**ervention s**|**tarted)**||||
|Assigned to Insourcing|0.378|0.547|0.206|0.620|0.084|-0.127|0.047|
||(0.405)|(0.446)|(0.564)|(0.545)|(0.078)|(1.020)|(0.103)|
|Assigned to Outsourcing|0.242|0.826**|0.357|0.501|0.095|-0.345|0.091|
||(0.395)|(0.404)|(0.541)|(0.582)|(0.070)|(1.042)|(0.100)|
|Assigned to Training|-0.573|-0.233|-0.288|0.202|-0.055|-0.280|0.018|
||(0.482)|(0.518)|(0.584)|(0.572)|(0.085)|(1.010)|(0.110)|
|Assigned to Consulting|-0.172|-0.097|0.158|-0.635|-0.047|0.081|0.068|
||(0.432)|(0.493)|(0.558)|(0.626)|(0.084)|(1.024)|(0.103)|
|Mean of Control Group|13.186|15.186|11.242|13.278|0.128|9.597|2.543|
|Sample Size|670|670|670|670|670|675|675|
|P-value: all treatments zero|0.242|0.033|0.777|0.224|0.119|0.991|0.892|
|P-value: all treatments equal|0.144|0.031|0.640|0.146|0.075|0.971|0.889|
|**Panel B: Impacts in Second Follow-up S**<br>|**urvey (Two-**<br>|**years after**<br>|**interventi**<br>|**on started**<br>|**)**<br>|||
|Assigned to Insourcing|0.798|0.705|0.652|0.471|0.124|0.155|0.123|
||(0.613)|(0.658)|(0.611)|(0.690)|(0.119)|(0.712)|(0.127)|
|Assigned to Outsourcing|1.182**|1.266**|0.775|1.393**|0.228**|0.425|0.210*|
||(0.590)|(0.584)|(0.617)|(0.589)|(0.110)|(0.754)|(0.124)|
|Assigned to Training|0.469|0.725|0.090|0.656|0.087|0.494|0.112|
||(0.634)|(0.634)|(0.652)|(0.641)|(0.117)|(0.772)|(0.126)|
|Assigned to Consulting|1.079*|0.935|0.760|1.194*|0.182|0.877|0.245**|
||(0.582)|(0.604)|(0.613)|(0.626)|(0.113)|(0.714)|(0.120)|
|Mean of Control Group|11.620|14.088|9.925|12.274|-0.123|6.723|2.105|
|Sample Size|678|678|678|678|678|693|693|
|P-value: all treatments zero|0.259|0.294|0.571|0.116|0.268|0.769|0.289|
|P-value: all treatments equal|0.593|0.681|0.684|0.304|0.518|0.777|0.586|
|**P-value: equality of 1 & 2year effects**<br>Notes:<br>Regressions control for stratification batc<br>Robust standard errors in parentheses. *,<br>I.H.S. denotes the inverse hyperbolic sine<br>**Monthly sales**is real (January 2018) sale<br>and**Yearly profits**are real profits in the p|0.300<br>h fixed effec<br>**, *** den<br>transformati<br>s in the past<br>ast month a|0.478<br>ts and base<br>ote signific<br>on. Firms t<br>month;**Ye**<br>nd past yea|0.967<br>line value<br>ance at the<br>hat are clos<br>**arly Sales**a<br>r respectiv|0.040<br>of outcome<br>10, 5, and<br>ed are cod<br>re real sale<br>ely.**Sales a**|0.350<br>.<br>1 percent l<br>ed as havi<br>s in the pa<br>**nd Profits**|0.956<br>evels respect<br>ng zero profit<br>st year;**Mon**<br>**Index**is the|0.714<br>ively.<br>s and sales.<br>**thly profits**<br>average of|

Regressions control for stratification batch fixed effects and baseline value of outcome. Robust standard errors in parentheses. *, **, *** denote significance at the 10, 5, and 1 percent levels respectively. I.H.S. denotes the inverse hyperbolic sine transformation. Firms that are closed are coded as having zero profits and sales. **Monthly sales** is real (January 2018) sales in the past month; **Yearly Sales** are real sales in the past year; **Monthly profits** and **Yearly profits** are real profits in the past month and past year respectively. **Sales and Profits Index** is the average of <mark>standardized z-scores of these first four sales and profits measures.</mark> **<mark>Total Employment</mark>** <mark>is total number of workers.</mark> 40