|**Table 7: Smallholders’ profits, output, an**|**d input use r**|**elative to their**|**location to a**|**gricultural es**|**tates**||
|---|---|---|---|---|---|---|
||**Profit**<br>**(US$/ha)**|**Output val.**<br>**(US$/ha)**|**Fertilizer**<br>**(US$/ha)**|**Manure**<br>**(US$/ha)**|**Seed**<br>**(US$/ha)**|**Output**<br>**(US$)**|
|**Panel A: No controls**|||||||
|Squatter|-9.612|-6.170|-1.628|-2.159***|-3.076|47.456***|
||(7.236)|(7.275)|(5.181)|(0.807)|(3.068)|(14.504)|
|Non-squatter * dist. to|<br>-1.107|<br>-1.281|<br>-0.915**|<br>-0.060|<br>0.557*|<br>-4.706***|
|<br>next agric. estate|(1.382)|(1.278)|(0.452)|(0.065)|(0.284)|(1.008)|
|<br>Observations|<br>16,439|<br>17,568|<br>20,225|<br>17,124|<br>19,568|<br>17,568|
|R-squared|0.031|0.031|0.146|0.022|0.075|0.020|
|**Panel B: With controls**|||||||
|Squatter|-15.871*|-9.795|-1.639|-2.463**|-5.719***|48.675***|
||(8.290)|(7.997)|(3.353)|(0.992)|(1.535)|(14.647)|
|Non-squatter * dist. to|<br>-2.016|<br>-0.362|<br>-0.108|<br>-0.028|<br>0.789**|<br>-3.723***|
|next agric. estate|(1.550)|(1.305)|(0.471)|(0.098)|(0.333)|(0.924)|
|<br>Observations|<br>13,100|<br>14,074|<br>16,155|<br>13,714|<br>15,596|<br>14,074|
|R-squared|<br>0.047|<br>0.054|<br>0.160|<br>0.035|<br>0.088|<br>0.061|
|**Panel C: Distinguishing lease validity**|||||||
|<br>Squatter (β0)|-41.057*|-39.113**|1.718|-2.306|-3.448|-5.440|
||(21.187)|(19.171)|(10.263)|(1.412)|(4.286)|(17.158)|
|Squatter|<br>28.090|<br>32.673|<br>-3.946|<br>-0.184|<br>-2.618|<br>60.890**|
|* ag. estate w/ invalid lease (β1)|(22.546)|(20.555)|(10.699)|(1.532)|(4.541)|(23.902)|
|Non-squatter * dist. to next ag. estate (γ0)|-8.244***|-3.527|-0.132|0.113|0.968*|-3.000|
||(3.147)|(3.451)|(0.794)|(0.163)|(0.511)|(1.953)|
|Non-squatter * dist. to next ag. estate|<br>7.321**|<br>3.744|<br>0.059|<br>-0.169|<br>-0.207|<br>-0.957|
|* ag. estate w/ invalid lease (γ1)|(3.386)|(3.703)|(0.954)|(0.203)|(0.594)|(2.262)|
|<br>Ag. estate w/ invalid lease|<br>-12.616|<br>-18.185|<br>-5.368|<br>0.121|<br>-1.391|<br>6.223|
||(14.968)|(12.779)|(5.174)|(1.120)|(2.509)|(9.816)|
|Observations|<br>13,100|<br>14,074|<br>16,155|<br>13,714|<br>15,596|<br>14,074|
|R-squared|<br>0.048|<br>0.054|<br>0.160|<br>0.035|<br>0.088|<br>0.061|
|<br>**Tests:**|||||||
|Test β0+ β1= 0|2.17|0.57|0.41|5.46**|13.89***|11.51***|
|<br>Testγ0+γ1= 0|0.35|0.03|0.02|0.23|4.15**|14.23***|

_Note:_ Profits are for maize, rice & tobacco. Regressions in panels B and C include village-, household-, and parcel level controls. Village controls include access to all season road and inheritance regimes; household controls include the number of children, adults, and old; head’s characteristics (gender, age, education, birth place); ownership of durable goods, housing conditions, the value of livestock and agricultural assets; parcel controls include topography and district fixed effects are included throughout. In panel C, β0 (γ0) is the estimated coefficient for squatters (non-squatters) for agricultural estates with valid leases and the sum of β0 and β1 (γ0 and γ1) tests effects on squatters (non-squatters) for agricultural estates with invalid lease whereas β1 (γ1) tests for the difference of effects for squatters (non-squatters) on estates with invalid leases.

Standard errors in parentheses are clustered by the closest agricultural estate. *** p<0.01, ** p<0.05, * p<0.1.

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