**Table 3: Effect of the information intervention on business practices and performance**

||(1)<br>Service<br>other than<br>SEBRAE|(2)<br>Business<br>practices<br>used (%)|(3)<br>IHS sales|IHS profits<br>(4)|(5)<br>Number of<br>employees<br>(RAIS)|(6)<br>Business<br>closed<br>(RFB)|
|---|---|---|---|---|---|---|
|_Panel A: Pooled treatment effect_|||||||
|Any information sheet|-0.035|-0.015|-0.101|-0.461|-0.466|-0.007|
||(0.036)|(0.018)|(0.154)|(0.300)|(0.500)|(0.017)|
|R2|0.171|0.291|0.131|0.174|0.334|0.067|
|Control mean|0.154|0.658|11.330|9.875|5.904|0.042|
|_Panel B: Effects for each treatment gro_|_up_||||||
|(1) No motiv, no pre-enroll|-0.007|-0.030|-0.201|-1.075**|-0.499|-0.000|
||(0.044)|(0.024)|(0.178)|(0.484)|(0.702)|(0.022)|
|(2) No motiv, pre-enroll|-0.103**|-0.009|-0.191|-0.511|-0.393|-0.018|
||(0.040)|(0.024)|(0.176)|(0.412)|(0.606)|(0.020)|
|(3) Motiv, no pre-enroll|-0.036|-0.010|0.100|0.031|-0.409|-0.009|
||(0.043)|(0.024)|(0.176)|(0.317)|(0.671)|(0.022)|
|(4) Motiv, pre-enroll|0.002|-0.010|-0.119|-0.339|-0.563|0.000|
||(0.046)|(0.022)|(0.178)|(0.367)|(0.607)|(0.022)|
|R2|0.182|0.292|0.140|0.188|0.320|0.068|
|F-test p-value (2=1)|0.011|0.388|0.941|0.269|0.874|0.357|
|F-test p-value (3=1)|0.464|0.421|0.039|0.014|0.908|0.667|
|F-test p-value (4=1)|0.838|0.374|0.551|0.125|0.927|0.989|
|F-test p-value (1=2=3=4)|0.018|0.787|0.149|0.078|0.992|0.746|
|<br>_Panel C: Heterogenous treatment effec_|_ts by baseline_|_business pra_|_ctices (BPs)_||||
|Any information sheet*Low BPs|0.010|-0.042|-0.245|-0.731*|-0.148|-0.042|
||(0.044)|(0.027)|(0.302)|(0.403)|(0.728)|(0.031)|
|Any information sheet*High BPs|-0.083|0.012|0.018|-0.229|-0.480|0.027|
||(0.061)|(0.027)|(0.147)|(0.504)|(0.536)|(0.019)|
|R2|0.185|0.293|0.158|0.180|0.445|0.074|
|F-test p-value (Low BPs=High BPs)|0.231|0.169|0.464|0.450|0.712|0.068|
|Control mean low BPs|0.075|0.622|11.324|10.015|5.617|0.070|
|Control mean high BPs|0.242|0.699|11.344|9.705|6.167|0.013|
|N|683|665|542|516|782|866|

Notes: This table shows OLS estimates for the effect of receiving the information sheet on business practices and performance. The outcome variables in columns 1 through 4 are from the follow-up survey, conducted in 2019. The number of observations varies due to nonresponse. The outcome in column 1 is equal to one if the firm reported having received business development services from a provider other than SEBRAE and zero otherwise. The outcome in column 2 is the percentage of 16 business practices the firm reported using. IHS stands for inverse hyperbolic sine. Number of employees in column 5 is from 2019 RAIS. It is missing for firms that did not report to RAIS in 2019. The outcome in column 6 is a dummy variable equal to one if the firm was officially closed by end of 2019 according to the Federal Tax Authority (RFB) and zero otherwise. Panel A pools all treatment groups. Panel B shows separate treatment effects for each of the four different versions of the information sheet. Panel C shows heterogenous treatment effects for firms using below and above the median percentage of baseline business practices. BP stands for business practices. Low BP refers to below the median (50%), while high BP refers to above the median. All regressions control for strata fixed effects. The regressions in Panel C additionally control for a dummy variable equal to one if the firm had low BPs at baseline. Columns 2 also controls for percentage of business practices used in 2018, and column 5 for number of employees in 2015. Baseline outcome variables are not available for columns 1, 3, and 4. All firms were open in 2018, so that the baseline outcome for column 6 is zero for all firms. ***, **, and * indicate significance at the 1, 5, and 10 percent level. To deal with multiple hypothesis testing, †††, ††, and † indicate sharpened q-values statistically significant at the 1, 5, and 10 percent level.

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