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臺大管理論叢
第
28
卷第
1
期
Table 3 The Effect of Layer on Tax Avoidance
(1)
(2)
(3)
(4)
GAAP_ETR CASH_ETR LT_ETR_3Y LT_ETR_5Y
INTERCEPT
0.533
0.421
0.443
0.482
(26.23)***
(18.55)***
(21.98)***
(24.97)***
LAYER
-0.011
-0.017
-0.008
-0.010
(-2.82)**
(-3.73)***
(-1.99)*
(-2.52)*
SIZE
-0.021
-0.017
-0.019
-0.021
(-14.93)***
(-10.94)***
(-13.53)***
(-15.68)***
MB
-5.775
-4.193
-6.781
-8.465
(-3.61)***
(-2.34)*
(-4.26)***
(-5.56)***
LEV
0.008
-0.038
-0.016
0.000
(0.56)
(-2.33)*
(-1.11)
(0.03)
ROA
-0.208
0.062
0.167
0.154
(-9.23)***
(2.47)*
(7.45)***
(7.17)***
NOL
-0.252
-0.184
-0.084
-0.063
(-54.27)***
(-35.39)***
(-18.24)***
(-14.20)***
∆NOI
-0.119
-0.533
-0.306
-0.261
(-5.38)***
(-21.53)***
(-13.93)***
(-12.38)***
STD_ROA
-0.000
-0.001
-0.003
-0.003
(-0.96)
(-2.23)*
(-8.61)***
(-7.40)***
∆SALES
-0.017
-0.054
-0.022
-0.011
(-3.54)***
(-10.00)***
(-4.62)***
(-2.39)*
CASH
0.026
0.022
0.018
0.006
(2.37)*
(1.84)
(1.67)
(0.54)
INTAN
0.235
0.316
0.279
0.185
(4.25)***
(5.12)***
(5.09)***
(3.53)***
RD
-0.349
-0.396
-0.388
-0.502
(-8.24)***
(-8.37)***
(-9.23)***
(-12.46)***
PPE
-0.007
0.004
-0.014
-0.026
(-0.95)
(0.41)
(-1.81)
(-3.56)***
ADV
0.107
0.073
0.350
0.283
(0.83)
(0.51)
(2.72)**
(2.31)*
SGA
-0.000
-0.009
-0.032
-0.049
(-0.03)
(-0.49)
(-2.05)*
(-3.29)**
ln(NUM_INVESTEE)
0.012
(4.97)***
0.011
(3.91)***
0.013
(5.12)***
0.013
(5.66)***
N
8244
8244
8244
8244
adj.
R
2
0.332
0.251
0.148
0.130
Note:
t
statistics in parentheses. Asterisks *, **, and *** denote two-tailed significance levels at 5%,
1% and 0.1%, respectively.