I have an outcome variable with three categories, and I noticed that when I run a multinomial logistic regression Stata shows slightly different results than when I run two binary logistic regressions. Specifically, when I compare outcome "1" and outcome "2" to base outcome "0" using mlogit, I get slightly different results than when I compare outcome "1" with outcome "0" and outcome "2" with outcome "0" in two separate binary logistic regression models (using the logit command).

Why is that?

My understanding is that both approaches should get me the same results, since both approaches compare outcomes "1" and "2" to baseline outcome "0".