|**Table A11: Panel data: heterogeneous imp**<br>_Heterogenous variables:_|**act of for**<br>(1)<br>**F**|**malization**<br>(2)<br>**emale own**|**on firm ou**<br>(3)<br>**er**|**tcomes**<br>(4)<br>**Oper**|(5)<br>**ating in Da**<br>**market**|(6)<br>**ntokpa**|(7)<br>**Doesn**|(8)<br>**'t look like**<br>**species**|(9)<br>**formal**|(10)<br>**Does n**|(11)<br>**ot have se**<br>**education**|(12)<br>**condary**<br>|(13)<br>**Index of**|(14)<br>**business**<br>**median**|(15)<br>**size below**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||Index of|Number||Index of|Number||Index of|Number||Index of|Number||Index of|Number|
|_Dependent variables:_|Profits<sup>α</sup>|profits<br>and sales|of emplo‐<br>yees<sup>α</sup>|Profits<sup>α</sup><br>|profits<br>and sales|of emplo‐<br>yees<sup>α</sup>|Profits<sup>α</sup>|profits<br>and sales|of emplo‐<br>yees<sup>α</sup>|Profits<sup>α</sup>|profits<br>and sales|of emplo‐<br>yees<sup>α</sup>|Profits<sup>α</sup>|profits<br>and sales|of emplo‐<br>yees<sup>α</sup>|
|_Impact of Formalization on dep. var. for het_|_erogeneou_|_s variable_|_=0_|||||||||||||
|Formalized (Gufe data)|‐16,140|0.039|0.29|‐15,696|‐0.225*|‐0.09|‐47,233|0.015|‐0.46|‐22,447|0.111|‐0.44|‐11,342|‐0.097|‐0.05|
|(Instrumented by treatment assignment)|(19,827)|(0.177)|(0.49)|(12,898)|(0.124)|(0.34)|(29,063)|(0.295)|(0.77)|(18,721)|(0.189)|(0.37)|(22,347)|(0.228)|(0.54)|
|Sharpened two‐stage q‐values<sup>μ</sup>|1|1|1|1|1|1|1|1|1|1|1|1|1|1|1|
|_Impact of Formalization on dep. var. for het_|_erogeneou_|_s variable_|_=1_|||||||||||||
|Formalized (Gufe data) x Heterog. var.|10,419|‐0.100|‐0.86|66,261|1.978**|‐0.05|53,158|‐0.009|0.46|27,451|‐0.277|0.73|6,628|0.154|‐0.16|
|(Instrumented by Groupix yearjx Heterog.|(26,919)|(0.280)|(0.62)|(59,162)|(0.781)|(0.63)|(33,261)|(0.340)|(0.85)|(31,897)|(0.347)|(0.71)|(26,586)|(0.284)|(0.62)|
|Sharpened two‐stage q‐values<sup>μ</sup>|1|1|1|1|0.52|1|1|1|1|1|0.982|1|1|1|1|
|Observations|5,874|5,926|6,206|5,874|5,926|6,206|5,874|5,926|6,206|5,874|5,926|6,206|5,874|5,926|6,206|
|R‐squared|0.328|0.406|0.471|0.326|0.370|0.474|0.326|0.407|0.474|0.327|0.406|0.471|0.329|0.404|0.474|
|Mean heterogenous variable|0.621|0.622|0.624|0.193|0.196|0.198|0.823|0.824|0.820|0.594|0.593|0.59|0.506|0.505|0.502|
|Formalization rate in Control hetero=0|0.037|0.037|0.035|0.025|0.024|0.024|0.053|0.052|0.049|0.039|0.038|0.036|0.031|0.03|0.03|
|Formalization rate in Control hetero=1|0.014|0.013|0.014|0.015|0.013|0.014|0.016|0.015|0.016|0.011|0.01|0.012|0.014|0.014|0.014|
|Mean Outcome control year1 hetero=0|60,623|‐0.067|1.606|45,481|‐0.124|1.316|81,683|0.241|1.744|62,789|0.023|1.074|68,219|0.159|1.669|
|Mean Outcome control year2 hetero=0|62,985|‐0.037|1.646|50,227|‐0.085|1.347|83,543|0.232|1.792|62,399|0.011|1.248|68,881|0.16|1.703|
|Mean Outcome control year1 hetero=1|48,918|0.009|0.856|83,291|0.393|0.433|46,930|‐0.078|0.996|46,554|‐0.05|1.179|39,120|‐0.188|0.617|
|Mean Outcome controlyear2 hetero=1<br>Note : Panel data from midline and endlin<br>for each triplet). α: truncated at the 99th p|49,424<br>e surveys i<br>ercentile.|0.018<br>n 2015 an<br>μ: Sharpe|0.986<br>d 2016. Al<br>ned two‐st|72,117<br>l regressio<br>age q‐valu|0.326<br>ns includ<br>es as desc|0.771<br>ing contro<br>ribed in An|47,799<br>l for basel<br>derson (2|‐0.057<br>ine values<br>008). ***,|1.101<br>of the depe<br>**, * indica|48,966<br>ndent vari<br>te statistic|‐0.012<br>able (if av<br>al signific|1.221<br>ailable) a<br>ance at 1,|40,281<br>nd strata d<br>5 and 10%|‐0.166<br>ummies (<br>|0.759<br>dummies|

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