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27
臺大管理論叢
第
28
卷第
1
期
Table 4 The Effect of Layer on Tax Avoidance Using Industry-Adjusted Effective
Tax Rate
(1)
(2)
(3)
(4)
GAAP_ETR CASH_ETR LT_ETR_3Y LT_ETR_5Y
INTERCEPT
0.231
0.207
0.251
0.251
(9.18)***
(9.85)***
(9.87)***
(10.91)***
LAYER
-0.011
-0.010
-0.005
-0.011
(-2.31)**
(-2.42)**
(2.07)**
(-2.46)**
SIZE
-0.013
-0.012
-0.015
-0.015
(-7.38)***
(-7.87)***
(-8.38)***
(-9.32)***
MB
-11.341
-0.442
-9.437
-9.921
(-5.73)***
(-0.27)
(-4.70)***
(-5.47)***
LEV
0.026
-0.016
-0.011
0.043
(1.45)
(-1.05)
(-0.60)
(2.61)**
ROA
-0.026
-0.001
0.114
0.090
(-0.94)
(-0.05)
(4.03)***
(3.52)***
NOL
-0.138
-0.158
-0.042
-0.038
(-24.00)***
(-32.93)***
(-7.13)***
(-7.23)***
∆NOI
-0.111
-0.390
-0.190
-0.134
(-4.06)***
(-17.02)***
(-6.82)***
(-5.33)***
STD_ROA
-0.001
-0.001
-0.002
-0.001
(-1.23)
(-1.38)
(-3.75)***
(-3.53)***
∆SALES
-0.009
-0.035
-0.016
-0.007
(-1.50)
(-6.90)***
(-2.55)*
(-1.25)
CASH
0.007
0.009
-0.008
-0.007
(0.53)
(0.80)
(-0.61)
(-0.54)
INTAN
0.156
0.238
0.269
0.155
(2.29)*
(4.16)***
(3.88)***
(2.48)*
RD
-0.307
-0.345
-0.374
-0.458
(-5.86)***
(-7.88)***
(-7.04)***
(-9.55)***
PPE
-0.040
-0.027
-0.054
-0.056
(-4.11)***
(-3.35)***
(-5.56)***
(-6.38)***
ADV
0.077
-0.006
0.316
0.205
(0.48)
(-0.05)
(1.95)
(1.40)
SGA
-0.025
-0.008
-0.047
-0.029
(-1.29)
(-0.48)
(-2.42)*
(-1.63)
ln(NUM_INVESTEE)
0.013
(4.11)***
0.010
(3.84)***
0.018
(5.71)***
0.014
(4.91)***
N
8244
8244
8244
8244
adj.
R
2
0.112
0.201
0.052
0.055
Note:
t
statistics in parentheses. Asterisks *, **, and *** denote two-tailed significance levels at 5%,
1% and 0.1%, respectively.