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The Effects of Economic Substance Act on Offshore Investment Structures and Tax Avoidance

(17) 1.0000

(16) 1.0000 0.0490 <.0001

(15) 1.0000 -0.0619 <.0001 -0.2109 <.0001

(14) 1.0000 0.0658 <.0001 -0.0539 <.0001 -0.0321 0.0085

(13) 1.0000 -0.0047 0.6972 -0.2598 <.0001 0.0005 0.9699 0.0812 <.0001

(12) 1.0000 -0.1379 <.0001 -0.0661 <.0001 -0.0410 0.0008 0.0209 0.0856 0.0512 <.0001

樣本變數相關係數 (11) (10) 1.0000 1.0000 0.2202 <.0001 0.1799 -0.1618 <.0001 <.0001 -0.1684 -0.2526 <.0001 <.0001 -0.0235 0.0417 0.0532 0.0006 0.2466 0.1159 <.0001 <.0001 -0.0872 -0.0711 <.0001 <.0001 -0.0970 -0.0047 <.0001 0.7002 顯著水準（雙尾）。

H4-2 (9) (8) 1.0000 1.0000 0.2493 <.0001 0.0461 0.0798 0.0002 <.0001 0.1226 0.4268 <.0001 <.0001 0.0592 0.0291 <.0001 0.0169 -0.0675 -0.0641 <.0001 <.0001 -0.1850 -0.1814 <.0001 <.0001 -0.0204 0.0869 0.0934 <.0001 0.1901 0.2338 <.0001 <.0001 -0.0100 0.0056 0.4140 0.6470 1%

及 表示
H4-1 (7) 1.0000 0.1125 <.0001 0.0652 <.0001 0.0270 0.0266 0.0966 <.0001 0.0182 0.1359 -0.0184 0.1310 -0.0465 0.0001 0.0294 0.0157 0.0270 0.0263 0.0227 0.0624

7 假說 (6) 1.0000 0.0641 <.0001 0.1603 <.0001 0.0368 0.0025 -0.0045 0.7118 0.0949 <.0001 -0.0079 0.5164 0.0185 0.1286 -0.0313 0.0101 0.0291 0.0167 0.0333 0.0062 -0.0194 0.1104 顯著水準（雙尾）；***

表 (5) 1.0000 0.0568 <.0001 0.0460 0.0002 0.1418 <.0001 0.0561 <.0001 0.0041 0.7337 0.0852 <.0001 0.0253 0.0380 -0.0034 0.7782 -0.0437 0.0003 -0.0041 0.7374 0.0442 0.0003 -0.0047 0.6978

(4) 1.0000 -0.0256 0.0353 -0.0132 0.2771 0.1424 <.0001 -0.0122 0.3175 -0.0566 <.0001 0.0425 0.0005 0.0400 0.0010 0.0665 <.0001 0.0169 0.1660 -0.0333 0.0062 0.0686 <.0001 -0.0516 <.0001 0.1892 <.0001 5% 表示

(3) 1.0000 0.7153 <.0001 -0.0357 0.0034 -0.0159 0.1909 0.1116 <.0001 -0.0025 0.8346 -0.0563 <.0001 0.0465 0.0001 0.0383 0.0016 0.0382 0.0017 0.0238 0.0509 -0.0304 0.0126 0.0693 <.0001 -0.0508 <.0001 0.2012 <.0001

(2) 1.0000 -0.0308 0.0115 -0.1397 <.0001 -0.0165 0.1752 -0.0328 0.0070 -0.0249 0.0406 -0.0641 <.0001 -0.0435 0.0004 0.0141 0.2473 -0.0365 0.0027 -0.0755 <.0001 -0.0386 0.0015 0.0705 <.0001 0.0034 0.7812 0.0214 0.0783 -0.0204 0.0936 1。 顯著水準（雙尾）；**

1.0000 0.4816 <.0001 -0.0934 <.0001 -0.1304 <.0001 -0.0124 0.3073 -0.0028 0.8205 -0.0245 0.0442 -0.0097 0.4259 -0.0352 0.0038 0.0222 0.0686 -0.0388 0.0014 0.0018 0.8805 -0.0449 0.0002 0.0636 <.0001 0.0112 0.3585 0.0641 <.0001 -0.0311 0.0105 1：變數定義詳見表 10%
(1)

ETR (1) CASHETR (2) ES (3) REPAT (4) HSET (5) HPUTOUT (6) HMIGRA (7) LAYER (8) INVREV (9) DEBT (10) SIZE (11) ROA (12) RD (13) CAPINT (14) ESTY (15) TAXR (16) INDEP (17) 註 表示 2：* 註

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