Table 5 The regression analysis (the...

Table 5

The regression analysis (the role of political connections)

Variables	ETR	CFETR	BTD
CSR	0.0537	0.0137	0.222***
CSR	(0.330)	(0.602)	(0.00248)
PCON	−0.0841***	−0.0224***	−0.0223
PCON	(0.000)	(0.000)	(0.172)
Size	0.00148***	−0.000364**	0.00127***
Size	(0.000)	(0.0166)	(0.00284)
ROA	−0.0190	−0.0196	0.0117
ROA	(0.658)	(0.440)	(0.811)
AGE	−0.00590	0.00424***	−0.00409
AGE	(0.395)	(0.000109)	(0.209)
LEV	−0.0279	0.0177	−0.0454
LEV	(0.550)	(0.442)	(0.436)
Constant	0.241	−0.127***	0.0920
Constant	(0.325)	(0.00730)	(0.461)
Observations	396	396	396
R-squared	0.280	0.127	0.146
Number of idno	33	33	33

Variables	ETR	CFETR	BTD
CSR	0.0537	0.0137	0.222***
CSR	(0.330)	(0.602)	(0.00248)
PCON	−0.0841***	−0.0224***	−0.0223
PCON	(0.000)	(0.000)	(0.172)
Size	0.00148***	−0.000364**	0.00127***
Size	(0.000)	(0.0166)	(0.00284)
ROA	−0.0190	−0.0196	0.0117
ROA	(0.658)	(0.440)	(0.811)
AGE	−0.00590	0.00424***	−0.00409
AGE	(0.395)	(0.000109)	(0.209)
LEV	−0.0279	0.0177	−0.0454
LEV	(0.550)	(0.442)	(0.436)
Constant	0.241	−0.127***	0.0920
Constant	(0.325)	(0.00730)	(0.461)
Observations	396	396	396
R-squared	0.280	0.127	0.146
Number of idno	33	33	33

Note(s): This table presents the regression results of TA measured by ETR, CFETR and BTD on the CSR and PC. CF errors are adjusted for firm-level clustering and are robust to heteroscedasticity and autocorrelation. Two-tailed p-values are presented in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1

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