Table 5 Log regression (\({\text{TFPQ}}_{si} /\overline{\text{TFPQ}}_{s} )\) on formality situation

Completely informal

− 0.552

− 0.445

− 0.557

− 0.545

− 0.553

[0.050]***

[0.046]***

[0.086]***

[0.087]***

[0.086]***

Semi-formal

− 0.085

− 0.064

− 0.073

− 0.054

− 0.069

[0.022]***

[0.020]***

[0.028]***

[0.028]*

[0.028]**

Median A

0.543

0.588

0.586

0.586

[0.022]***

[0.021]***

[0.021]***

[0.021]***

Median B

0.878

0.953

0.946

0.951

[0.024]***

[0.023]***

[0.023]***

[0.023]***

Large

1

2

2

2

[0.023]***

[0.023]***

[0.023]***

[0.023]***

Level of informality

− 0.021

0.004

− 0.044

[0.074]

[0.075]

[0.075]

Region fixed effects

No

No

No

Yes

Yes

ISIC fixed effects

No

No

Yes

Yes

Yes

Year fixed effects

Yes

Yes

Yes

No

Yes

Constant

− 0.97

− 1.322

− 1.322

− 1.935

− 1.738

[0.034]***

[0.032]***

[0.088]***

[0.134]***

[0.138]***

Observations

16,517

16,517

16,517

16,511

16,511

R-squared

0.018

0.194

0.267

0.264

0.269