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31
臺大管理論叢
第
28
卷第
1
期
Table 7 The Effect of Layer on Tax Avoidance: Weighted Number of Investment
Layers
(1)
(2)
(3)
(4)
GAAP_ETR CASH_ETR LT_ETR_3Y LT_ETR_5Y
INTERCEPT
0.527
0.384
0.407
0.451
(23.00)***
(14.88)***
(17.76)***
(20.78)***
LAYER
-0.012
-0.009
-0.007
-0.010
(-4.71)***
(-3.29)**
(-2.75)**
(-4.26)***
SIZE
-0.021
-0.015
-0.017
-0.020
(-12.47)***
(-7.89)***
(-10.08)***
(-12.51)***
MB
-5.463
-4.324
-7.301
-8.836
(-3.08)**
(-2.16)*
(-4.11)***
(-5.25)***
LEV
0.008
-0.033
0.002
0.021
(0.48)
(-1.82)
(0.14)
(1.38)
ROA
-0.235
0.030
0.159
0.157
(-9.29)***
(1.05)
(6.28)***
(6.53)***
NOL
-0.257
-0.189
-0.082
-0.061
(-49.77)***
(-32.46)***
(-15.89)***
(-12.49)***
∆NOI
-0.112
-0.534
-0.312
-0.263
(-4.55)***
(-19.26)***
(-12.67)***
(-11.28)***
STD_ROA
0.000
-0.001
-0.003
-0.002
(0.13)
(-1.10)
(-6.72)***
(-5.47)***
∆SALES
-0.007
-0.053
-0.019
-0.011
(-1.20)
(-8.19)***
(-3.40)***
(-2.03)*
CASH
0.023
0.035
0.021
0.001
(1.91)
(2.61)**
(1.76)
(0.08)
INTAN
0.227
0.304
0.206
0.147
(3.68)***
(4.37)***
(3.34)***
(2.52)*
RD
-0.432
-0.462
-0.421
-0.521
(-9.18)***
(-8.72)***
(-8.93)***
(-11.67)***
PPE
-0.035
-0.014
-0.038
-0.052
(-3.89)***
(-1.38)
(-4.20)***
(-6.05)***
ADV
0.454
0.172
0.361
0.511
(2.63)**
(0.88)
(2.09)*
(3.12)**
SGA
-0.013
-0.003
-0.014
-0.041
(-0.65)
(-0.12)
(-0.70)
(-2.15)*
ln(NUM_INVESTEE)
0.020
0.018
0.017
0.022
(7.63)***
(5.85)***
(6.36)***
(8.46)***
N
8244
8244
8244
8244
adj.
R
2
0.342
0.248
0.138
0.129
Note:
t
statistics in parentheses. Asterisks *, **, and *** denote two-tailed significance levels at 5%,
1% and 0.1%, respectively.