Since you can actually pickpocket enemies and enemies can use items in their inventory, some loot are set by its class. E.g. Potions, scrolls, arrows. If the enemy used up that item you won't receive it as a drop after it dies.
The other drops seem be affected by, for lack of a better word, the enemy's quality. Bosses drop greens and oranges while common enemies drop whites.
Tldr I don't think LC affects your enemy loot
