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公司避稅與金字塔結構
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Appendix 1 Variable Definitions
GAAP_ETR
Tax expense divided by pre-tax accounting income.
CASH_ETR
Cash taxes paid divided by pre-tax book income.
LT_ETR_3Y
Average cash taxes paid to pre-tax book income over three years.
LT_ETR_5Y
Average cash taxes paid to pre-tax book income over five years.
CASHRATIO
Cash taxes paid in year t divided by pre-tax cash flows, where pre-tax cash flows is
defined as cash flow from operations plus cash taxes paid.
TAXH1
The number of investees in tax haven divided by the total number of investees,
based on the list of tax haven as in Durnev et al. (2017).
TAXH2
The number of investees in tax haven divided by the total number of investees,
based on the list of tax haven as in Dyreng and Lindsey (2009).
LAYER
The natural log of the number of investment layers of the longest investment chain
in firm’s investment structure.
SIZE
Natural log of total assets.
MB
The ratio of the market value of equity to the book value of equity.
LEV
The ratio of long term debts to total assets.
ROA
The ratio of pre-tax income to total assets.
NOL
An indicator variable which equals to one if net income from continuing operations
is smaller than zero and zero otherwise.
∆NOI
The change in net income from continuing operations in current year, scaled by total
assets in the prior year.
STD_ROA
The standard deviation of the ratio of pre-tax income to total assets over five years.
∆SALES
The annual percentage change in net sales.
CASH
Cash and cash equivalents in current year divided by beginning of the year total
assets.
INTAN
Intangible assets in current year divided by beginning of the year total assets.
RD
Total research and development expense divided by beginning of the year total
assets.
PPE
The ratio of property, plant, and equipment to total assets.
ADV
Advertising expense in year t divided by net sale in year t; when missing, reset to 0.
SGA
Selling, general, and administrative expense in year t divided by net sales in year t;
missing values of SGandA are set to 0.
NUM_
INVESTEE
The number of the investees of the firm.
NUM_TAX_
HAVEN
The number of subsidiaries in tax haven countries.
DOWN
Director ownership.
MOWN
Management ownership.