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29
臺大管理論叢
第
28
卷第
1
期
Table 6 Layer, the Number of Subsidiaries Operating in Tax Haven Countries and
Tax Avoidance. The Definition of Tax Haven Countries Is Based on Dyreng
and Lindsey (2009).
(1)
(2)
(3)
(4)
GAAP_ETR CASH_ETR LT_ETR_3Y LT_ETR_5Y
INCERPT
0.540
0.499
0.381
0.495
(12.56)***
(9.58)***
(7.55)***
(10.79)***
LAYER
-0.017
-0.021
-0.026
-0.031
(-2.88)**
(-2.86)**
(-3.69)***
(-4.82)***
TAXH2
-0.000
0.045
0.043
0.037
(-0.00)
(1.12)
(1.10)
(1.05)
LALER×TAXH2
-0.026
-0.032
-0.044
-0.037
(-2.22)**
(-2.05)**
(-2.84)***
(-2.66)***
SIZE
-0.020
-0.019
-0.015
-0.024
(-7.49)***
(-5.80)***
(-4.66)***
(-8.39)***
MB
-4.520
-1.506
-6.344
-8.754
(-1.47)
(-0.40)
(-1.76)
(-2.67)**
LEV
-0.024
-0.017
-0.042
0.105
(-0.85)
(-0.50)
(-1.27)
(3.48)***
ROA
-0.222
-0.220
0.195
0.300
(-5.06)***
(-4.13)***
(3.78)***
(6.41)***
NOL
-0.357
-0.310
-0.105
-0.091
(-39.81)***
(-28.56)***
(-10.02)***
(-9.51)***
∆NOI
-0.133
-0.687
-0.353
-0.375
(-3.10)**
(-13.24)***
(-7.03)***
(-8.22)***
STD_ROA
-0.001
0.001
-0.003
-0.004
(-1.34)
(0.99)
(-3.76)***
(-5.07)***
∆SALES
-0.023
-0.093
-0.017
-0.024
(-2.34)*
(-7.80)***
(-1.45)
(-2.28)*
CASH
0.008
0.032
0.005
0.012
(0.41)
(1.27)
(0.19)
(0.53)
INTAN
0.161
0.121
0.247
0.044
(1.52)
(0.95)
(1.99)*
(0.39)
RD
-0.369
-0.457
-0.484
-0.598
(-4.64)***
(-4.75)***
(-5.18)***
(-7.05)***
PRE
-0.017
0.000
-0.037
-0.060
(-1.10)
(0.02)
(-2.02)*
(-3.58)***
ADV
0.406
-0.026
0.137
0.245
(1.46)
(-0.08)
(0.42)
(0.83)
SGA
-0.077
-0.073
-0.052
-0.062
(-2.24)*
(-1.76)
(-1.30)
(-1.70)
ln(NUM_INVESTEE)
0.000
(0.48)
0.000
(0.17)
0.000
0.47)
0.000
(0.99)
N
8244
8244
8244
8244
adj.
R
2
0.241
0.157
0.050
0.069
Note:
t
statistics in parentheses. Asterisks *, **, and *** denote two-tailed significance levels at 5%,
1% and 0.1%, respectively.