Global Shocks Regimes Inducing the Law Firm's Structural Shifts Between Limited versus Unlimited Liability: The Nature of Uncertainty Effect

The dataset supports the study “Global Shock Regimes Inducing the Law Firm’s Structural Shifts Between Limited versus Unlimited Liability” and contains cross-country observations of newly founded law firms used to examine whether firms adopt limited-liability (LL) or unlimited-liability (UL) organisational forms at entry. The main dependent variable is a binary indicator for LL versus UL structure, while the key explanatory variables capture exposure to four global shock regimes: FATF, WTO, the 2008 global financial crisis, and COVID-19. The dataset also includes legal-origin classification distinguishing common-law from civil-law systems, interaction terms between global shock regimes and legal origin, and control variables such as birth-year frequency, city/national cluster ratio, capital-city location, male/female top-management-team ratio, and cultural dimensions including uncertainty avoidance. The data are used to estimate logit, probit, and DiD-style event-window models testing how global shocks reshape law-firm entry modes across institutional contexts. The reported sample includes approximately 49,989 to 57,571 firm-level observations, depending on model specification and variable availability.