**<u>Table A9 : Impact on  other intermediate outcomes</u>**

||(1)<br>**Has done**<br>**any type of**<br>**advertising**|(2)<br>**Standardized**<br>**index of**|(3)<br> <br>**Value of**<br>**inventories**|(4)<br> <br>**Actual value**<br>**of all**<br>**investments**|(5)<br>**Number of**<br>**customers in**|(6)<br> <br>**Has gained a**<br>**new regular**<br>**customer in**|(7)<br>**Introduced**<br>**a new**<br>**product or**<br>**services in**|(8)<br>**Standard‐**<br>**ized index**|(9)<br>**Subjective**<br>**standard of**<br>**living on a**|(10)<br> <br>**Anticipated**<br>**Subjective**<br>**standard of**<br>**living in 5 years**|
|---|---|---|---|---|---|---|---|---|---|---|
||**in the last**<br>**6 months**<sup>**Β**</sup><br>|**business**<br>**presentation**<sup>**η**</sup>|**and raw**<br>**materials**<sup>**α**</sup>|**done in the**<br>**firm**<sup>**α**</sup>|**a typical**<br>**week**<sup>**α**</sup>|**the past 3**<br>**months**|**the last 12**<br>**months**|**of trust in**<br>**institutions**|**Cantril**<br>**ladder**<sup>**λ**</sup>|**on a Cantril**<br>**ladder**<sup>**λ**</sup>|
|**1st stage: impact of treatment allocation:**|||||||||||
|Group1 X year1 (b1)|‐0.021|‐0.016|‐81,855|‐492,949***|‐3.33|‐0.034|0|0.077|‐0.046|‐0.033|
||(0.026)|(0.053)|(118,108)|(175,080)|(4.46)|(0.031)|0|(0.081)|(0.147)|(0.139)|
|Group2 X year1 (b2)|‐0.037**|‐0.025|‐141,562*|‐116,823|‐3.63|‐0.015|0|‐0.001|‐0.177*|‐0.034|
||(0.016)|(0.033)|(72,254)|(114,176)|(2.98)|(0.019)|0|(0.049)|(0.094)|(0.082)|
|Group3 X year1 (b3)|‐0.031**|‐0.008|‐20,556|‐102,287|‐1.74|‐0.020|0|0.068|‐0.051|‐0.080|
||(0.014)|(0.029)|(66,740)|(101,130)|(2.62)|(0.017)|0|(0.043)|(0.086)|(0.076)|
|Group1 X year2 (c1)|0.037|‐0.020|507,258**|306,979|‐1.36|0.002|0.025|0|0.170|0.239*|
||(0.029)|(0.050)|(243,549)|(256,853)|(4.74)|(0.031)|(0.035)|0|(0.173)|(0.145)|
|Group2 X year2 (c2)|0.016|‐0.059*|364,556***|206,022|‐6.07**|0.008|‐0.012|0|0.189*|0.285***|
||(0.018)|(0.031)|(122,084)|(139,484)|(2.96)|(0.020)|(0.023)|0|(0.099)|(0.080)|
|Group3 X year2 (c3)|0.002|‐0.026|449,110***|143,176|‐1.98|‐0.003|0.003|0|0.279***|0.171**|
||(0.015)|(0.027)|(127,183)|(127,976)|(2.59)|(0.018)|(0.021)|0|(0.091)|(0.074)|
|Observations|5,390|4,367|4,503|5,102|5,071|5,357|2,561|2,623|5,294|5,109|
|Mean Dep. var in control year1|0.134|00|572,740|1,693,253|46.46|0.799|.|‐0.002|4.602|8.638|
|Mean Dep. var in control year2|0.153|‐0.012|1,151,506|1,971,251|45.23|0.805|0.162|.|4.845|8.950|
|Adjusted R‐squared|0.067|0.092|0.293|0.281|0.133|0.059|0.051|0.033|0.092|0.041|
|_Test for impact constant..._|||||||||||
|...accross treatments, year1 (b1=b2=b3)|0.849|0.900|0.232|0.088|0.820|0.854|0.000|0.369|0.461|0.869|
|...accross treatments, year 2 (c1=c2=c3)|0.455|0.588|0.820|0.805|0.421|0.877|0.621|0.000|0.660|0.442|
|Coef. are jointly 0 (b1=b2=b3=c1=c2=c3=0)|0.007|0.658|0.000|0.000|0.566|0.732|0.812|0.336|0.000|0.000|
|**(IV) impact of Formalization:**|||||||||||
|Formalization instrumented by 1st stage|‐0.078|‐0.150|679,408*|52,453|‐15.20|‐0.055|‐0.000|0.243|0.352|0.323|
|treatment variables|(0.062)|(0.117)|(362,873)|(478,538)|(10.78)|(0.070)|(0.099)|(0.196)|(0.356)|(0.286)|
|P‐values|0.213|0.200|0.061|0.913|0.158|0.437|0.999|0.214|0.323|0.259|
|Sharpened two‐stageq‐values<sup>μ</sup>|0.749|0.749|0.749|0.76|0.749|0.749|0.76|0.749|0.749|0.749|

Note : Panel data from midline and endline surveys in 2015 and 2016. All regressions are controlling for strata dummies (dummies for each triplet). Standard errors (in parentheses) are clustered at the firm level. **α:** top‐coded at the 99th percentile. **Β:** controling for baseline value. **η:** the standardized summary index includes the following questions: "Is the business premise generally well organized?", "Is the premise generally clean and in good shape?", Are there posters or pictures advertizing some products or services in particular?", "Are prices of merchandizes visible inside the premise?", "Are commodities grouped by type?", "Are commodities globally clean and in good shape?" (last three questions were only asked to traders). **λ** : The Cantril ladder goes from 0 to 10 with 10 for the best situation possible. **μ** : Sharpened two‐stage q‐values as described in Anderson (2008) ***, **, * indicate statistical significance at 1, 5 and 10% 50