Table 6 The regression analysis...

Table 6

The regression analysis (moderating effect of political connections)

Variables	ETR	CFETR	BTD
CSR	0.0528	0.00748	0.224***
CSR	(0.361)	(0.770)	(0.00313)
PC	−0.0837***	−0.0192***	−0.0230
PC	(0.0000)	(0.000918)	(0.145)
CSR*PC	0.00226	0.0154**	−0.00352
CSR*PC	(0.855)	(0.0156)	(0.791)
SIZE	0.00149***	−0.000245**	0.00125***
SIZE	(0.0000)	(0.0454)	(0.00383)
ROA	−0.0209	−0.0322	0.0146
ROA	(0.623)	(0.201)	(0.765)
AGE	−0.00593	0.00405***	−0.00405
AGE	(0.398)	(0.000250)	(0.202)
LEV	−0.0284	0.0143	−0.0446
LEV	(0.545)	(0.515)	(0.436)
Constant	0.226	−0.229***	0.115
Constant	(0.357)	(0.00118)	(0.482)
Observations	396	396	396
R-squared	0.280	0.164	0.146
Number of idno	33	33	33

Variables	ETR	CFETR	BTD
CSR	0.0528	0.00748	0.224***
CSR	(0.361)	(0.770)	(0.00313)
PC	−0.0837***	−0.0192***	−0.0230
PC	(0.0000)	(0.000918)	(0.145)
CSR*PC	0.00226	0.0154**	−0.00352
CSR*PC	(0.855)	(0.0156)	(0.791)
SIZE	0.00149***	−0.000245**	0.00125***
SIZE	(0.0000)	(0.0454)	(0.00383)
ROA	−0.0209	−0.0322	0.0146
ROA	(0.623)	(0.201)	(0.765)
AGE	−0.00593	0.00405***	−0.00405
AGE	(0.398)	(0.000250)	(0.202)
LEV	−0.0284	0.0143	−0.0446
LEV	(0.545)	(0.515)	(0.436)
Constant	0.226	−0.229***	0.115
Constant	(0.357)	(0.00118)	(0.482)
Observations	396	396	396
R-squared	0.280	0.164	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 PC and interaction terms. 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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