臺大管理論叢 NTU Management Review VOL.29 NO.2

The Relationship between Board Interlocks and Corporate Tax Avoidance 216 表 3 迴歸分析結果 (N = 5,821) Panel A: 應變數為 PBTD 變數 預期方向 (1) (2) (3) (4) (5) cons -0.0622 (-11.46***) -0.0615 (-10.68***) -0.0717 (-12.99***) -0.0675 (-11.84***) -0.0664 (-12.05***) LTTIE-BOA + 0.0367 (25.34***) 0.0290 (14.47***) LTTIE-EXE + 0.0291 (3.92***) 0.0044 (0.61) LTTIE-FAM + 0.0311 (20.91***) 0.0018 (1.74*) LTTIE-CPA + 0.0078 (7.34***) 0.0108 (5.41***) CAPINT +/- -0.0091 (-2.53**) -0.0096 (-2.55**) -0.0086 (-2.37**) -0.0106 (-2.82**) -0.0091 (-2.54**) EQINC + 0.9359 (3.58***) 1.3936 (5.06***) 1.0592 (3.98***) 1.4429 (5.27***) 0.9091 (3.47***) SIZE +/- 0.0021 (5.53***) 0.0027 (6.74***) 0.0032 (8.09***) 0.0030 (7.41***) 0.0024 (6.18***) PTROA +/- 0.2194 (26.74***) 0.2425 (28.27***) 0.2263 (27.19***) 0.2393 (27.94***) 0.2178 (26.60***) DEBT - -0.0157 (-4.43***) -0.0202 (-5.39***) -0.0179 (-4.94***) -0.0202 (-5.41***) -0.0157 (-4.43***) RD +/- -0.1005 (-10.58***) -0.0977 (-9.77***) -0.0925 (-9.59***) -0.1011 (-10.13***) -0.0991 (-10.43***) IND yes yes yes yes yes YEAR yes yes yes yes yes Adj. R 2 0.2657 0.1867 0.2416 0.1921 0.2695 F -statistics 301.89 191.82 265.91 198.67 215.72