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Table 4.

Results of difference-in-differences analysis (N = 126, significance of the models: 0000).

		Parameter of the treatment effect	Robust standard error	Z	Significance (p)	95% confidence intervals
Year of the ‘reform’	2014–2015	0.0598	0.0406	1.4728	0.1408	−0.0198	0.1394
One year after the ‘reform’	2014–2016	0.1311	0.0448	2.9235	0.0035	0.0432	0.2189
Two years after the ‘reform’	2014–2017	0.1109	0.0582	1.9063	0.0566	−0.0031	0.2250

		Parameter of the treatment effect	Robust standard error	Z	Significance (p)	95% confidence intervals
Year of the ‘reform’	2014–2015	0.0598	0.0406	1.4728	0.1408	−0.0198	0.1394
One year after the ‘reform’	2014–2016	0.1311	0.0448	2.9235	0.0035	0.0432	0.2189
Two years after the ‘reform’	2014–2017	0.1109	0.0582	1.9063	0.0566	−0.0031	0.2250

Note: All estimations include year and municipality fixed effects. Standard errors are clustered at the level of the municipality and they are robust to heteroscedasticity.

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