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臺大管理論叢
第
28
卷第
1
期
Table 8 The Effect of Layer on Tax Avoidance: Non High-Tech Firms
(1)
(2)
(3)
(4)
GAAP_ETR CASH_ETR LT_ETR_3Y LT_ETR_5Y
INTERCEPT
0.513
0.417
0.373
0.458
(15.66)***
(11.25)***
(10.96)***
(13.92)***
LAYER
-0.008
-0.014
0.007
-0.011
(-1.85)*
(-2.10)**
(-2.13)**
(-1.94)*
SIZE
-0.021
-0.019
-0.016
-0.021
(-9.46)***
(-7.48)***
(-6.99)***
(-9.43)***
MB
-9.993
-4.428
-4.559
-6.902
(-3.46)***
(-1.35)
(-1.52)
(-2.38)*
LEV
0.017
-0.062
-0.036
-0.023
(0.75)
(-2.47)*
(-1.59)
(-1.03)
ROA
-0.148
0.133
0.204
0.152
(-3.82)***
(3.04)**
(5.06)***
(3.90)***
NOL
-0.250
-0.175
-0.086
-0.080
(-35.70)***
(-22.07)***
(-11.85)***
(-11.38)***
∆NOI
-0.207
-0.699
-0.399
-0.314
(-5.40)***
(-16.14)***
(-10.01)***
(-8.16)***
STD_ROA
0.001
-0.001
-0.003
-0.002
(1.61)
(-0.75)
(-3.66)***
(-2.54)*
∆SALES
-0.021
-0.037
-0.020
-0.006
(-2.86)**
(-4.42)***
(-2.67)**
(-0.81)
CASH
0.065
0.071
0.098
0.053
(2.89)**
(2.81)**
(4.20)***
(2.36)*
INTAN
0.095
0.308
0.237
0.089
(1.02)
(2.93)**
(2.45)*
(0.95)
RD
-0.401
-0.435
-0.254
-0.278
(-3.18)**
(-3.05)**
(-1.94)
(-2.19)*
PPE
0.024
0.034
0.041
0.023
(2.01)*
(2.56)*
(3.36)***
(1.93)
ADV
-0.062
0.014
0.304
0.048
(-0.41)
(0.08)
(1.91)
(0.32)
SGA
0.017
0.007
-0.025
-0.034
(0.84)
(0.31)
(-1.17)
(-1.65)
ln(NUM_INVESTEE)
0.013
0.013
0.008
0.011
(3.56)***
(3.16)**
(2.13)*
(3.22)**
N
3677
3677
3677
3677
adj.
R
2
0.321
0.235
0.130
0.109
Note:
t
statistics in parentheses. Asterisks *, **, and *** denote two-tailed significance levels at 5%,
1% and 0.1%, respectively.