Dependent variable is total factor productivity (TFP). Column headings indicate whether the sample includes all firms, only formal firms, only large formal firms, or only informal
firms. “NTB” is a dummy variable equal to one for non-consumer goods industries (which were generally subject to non-tariff barrier liberalization), and zero for consumer goods
industries (which were not generally subject to non-tariff barrier liberalization). All specifications include year and industry dummy variables. Standard errors are in parentheses,
and are clustered at the state-industry level. *, **, and *** represent significance at the 10%, 5% and 1% levels, respectively.