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Aghion et al. (2003) Openness and Economic Performance Table 4: Delicensing, Labor Regulation, Investment and Employment in India: 1980-1997 (1) (2) (3) (4) (5) (3) Log Real Fixed Capital Log Real Fixed Capital Log Real Fixed Capital Log Employment Log Employment Log Employment Labor Regulation -0.066* -0.030 -0.092*** -0.037 (0.040) (0.044) (0.033) (0.028) Delicense 0.011 0.015 0.032 0.038 (0.056) (0.056) (0.034) (0.034) Labor Regulation × Delicense -0.039** -0.054*** -0.060*** -0.050*** (0.020) (0.020) (0.013) (0.019) Observations 18324 18324 18324 18324 18324 18324 R-squared 0.85 0.85 0.89 0.90 0.90 0.93 State-industry fixed effects YES YES YES YES YES YES Year effects YES YES YES YES State-year effects YES YES Industry-year effects YES YES Notes: Robust standard errors adjusted for clustering on state×year delicensed are reported in parentheses. *** denotes statistical significance at the 1% level; ** denotes statistical significance at the
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