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NTU Management Review Vol. 33 No. 2 Aug. 2023

表 5 避稅程度、財務報表可讀性與會計師事務所產業專精之實證結果
Panel A: 以有效稅率 (ETR) 衡量避稅程度 (TA)
應變數 = Readability (N = 7,827)
SPEC = ISC SPEC = ISC_D
變數 預期符號 (1) (2) (3)
Intercept ？ 1.320 4.765*** 2.414*
(0.89) (3.27) (1.65)
TA ＋ 2.332*** 3.794*** 3.522***
(2.98) (2.57) (3.59)
SPEC － -17.440*** -3.206***
(-19.92) (-13.76)
TA×SPEC － -6.644** -3.122***
(-1.79) (-3.11)
Size ＋ 2.288*** 2.469*** 2.335***
(25.10) (27.85) (25.80)
MTB ？ -2.235*** -2.305*** -2.270***
(-17.84) (-19.14) (-18.14)
Earnings － -12.679*** -12.720*** -12.725***
(-8.46) (-8.72) (-8.58)
Loss ＋ 0.287 0.217 0.280
(0.96) (0.75) (0.96)
Age ？ 0.938*** 0.332* 0.760***
(4.87) (1.78) (4.00)
WD ＋ 38.872*** 34.526*** 37.373***
(2.59) (2.42) (2.58)
EarnVol ＋ -1.126 -2.038 -1.476
(-0.51) (-0.94) (-0.67)
RetVol ＋ 3.479** 2.572* 2.946**
(2.06) (1.60) (1.78)
SEG ＋ 1.799*** 1.701*** 1.769***
(9.99) (9.65) (9.81)
SUB ＋ 2.242*** 2.300*** 2.210***
(17.23) (18.27) (17.18)
Merge ＋ 2.312*** 2.450*** 2.428***
(5.35) (5.79) (5.60)
SEO ＋ 1.364*** 1.375*** 1.435***
(3.86) (4.03) (4.11)
Year and Industry Dummy Yes Yes Yes
Model F value 98.99*** 118.24*** 102.90***
Adj. R 2 30.47% 35.66% 32.51%

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