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The Effects of Economic Substance Act on Offshore Investment Structures and Tax Avoidance
(17) 1.0000
(16) 1.0000 0.1290 <.0001
(15) 1.0000 -0.0342 0.0050 0.0092 0.4505
(14) 1.0000 -0.0339 0.0053 0.0877 <.0001 0.0606 <.0001
(13) 1.0000 -0.0212 0.0818 -0.0738 <.0001 -0.0026 0.8281 -0.0295 0.0154
(12) 1.0000 0.0616 <.0001 -0.0986 <.0001 0.0401 0.0010 -0.0067 0.5816 0.4470 <.0001
(11) 1.0000 -0.0705 <.0001 -0.2240 <.0001 -0.0237 0.0519 0.0277 0.0231 -0.0463 0.0001 0.1034 <.0001
樣本變數相關係數 (10) (9) 1.0000 1.0000 0.0065 0.5924 -0.0815 -0.2586 <.0001 <.0001 -0.0041 0.0077 0.7380 0.5254 0.0559 0.0960 <.0001 <.0001 0.0622 -0.0929 <.0001 <.0001 0.0430 -0.0421 0.0004 0.0005 -0.0092 0.0767 0.4480 <.0001 -0.0754 -0.0599 <.0001 <.0001 顯著水準（雙尾）。
H2 (8) 1.0000 -0.1361 <.0001 0.0749 <.0001 -0.0429 0.0004 0.0159 0.1908 0.0503 <.0001 0.1741 <.0001 0.0117 0.3365 0.0291 0.0169 0.0651 <.0001 1% 表示
5 假說 (7) 1.0000 0.1673 <.0001 -0.1760 <.0001 -0.0059 0.6280 0.2494 <.0001 -0.0828 <.0001 -0.0934 <.0001 0.4534 <.0001 0.0058 0.6333 0.1158 <.0001 0.3665 <.0001
表 (6) 1.0000 0.2263 <.0001 -0.1454 <.0001 -0.2632 <.0001 -0.0104 0.3939 0.1209 <.0001 -0.0694 <.0001 -0.0079 0.5177 0.0266 0.0291 0.0268 0.0275 -0.0560 <.0001 -0.0070 0.5637 顯著水準（雙尾）；***
(5) 1.0000 0.0309 0.0113 0.0970 <.0001 0.0203 0.0961 -0.0138 0.2562 -0.0268 0.0277 0.0273 0.0247 0.0200 0.1004 0.0242 0.0466 0.0267 0.0284 -0.0210 0.0852 0.0440 0.0003 0.0703 <.0001
(4) 1.0000 0.0641 <.0001 0.0088 0.4704 0.1343 <.0001 0.0120 0.3265 -0.0008 0.9452 -0.0153 0.2077 0.0583 <.0001 0.0721 <.0001 0.0082 0.5014 0.0342 0.0050 -0.0111 0.3613 0.0571 <.0001 0.0113 0.3540 5% 表示
(3) 1.0000 0.0568 <.0001 0.0460 0.0002 0.0123 0.3111 0.0822 <.0001 0.0183 0.1323 -0.0051 0.6766 -0.0219 0.0724 -0.0073 0.5486 0.0528 <.0001 -0.0180 0.1403 0.0293 0.0160 -0.0149 0.2205 0.0375 0.0021 0.0839 <.0001
(2) 1.0000 -0.0357 0.0034 -0.0159 0.1909 0.1116 <.0001 0.0361 0.0030 0.0073 0.5475 0.0033 0.7836 0.0397 0.0011 -0.0038 0.7524 0.0459 0.0002 -0.0353 0.0038 0.2191 <.0001 0.0323 0.0079 -0.0916 <.0001 0.0168 0.1689 0.0413 0.0007 1。 顯著水準（雙尾）；**
1.0000 -0.0129 0.2885 0.1388 <.0001 0.1137 <.0001 0.1054 <.0001 0.0826 <.0001 0.4365 <.0001 0.0474 <.0001 -0.0808 <.0001 -0.0741 <.0001 0.0771 <.0001 0.2200 <.0001 0.0203 0.0961 0.0854 <.0001 -0.0055 0.6508 0.1557 <.0001 0.5694 <.0001 1：變數定義詳見表 10%
(1)
LAYER (1) ES (2) HSET (3) HPUTOUT (4) HMIGRA (5) DEBT (6) SIZE (7) ROA (8) RD (9) CAPEXP (10) ESTY (11) TAXR (12) INDEP (13) INST (14) PETR (15) TP (16) TCOST (17) 註 表示 2：* 註
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