Weighted least squares
| Dependent variable = ETR1 | ||||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| Financial_D | −0.009*** | |||
| (−2.904) | ||||
| Financial_Ratio | −0.031** | |||
| (−2.347) | ||||
| RegulatoryFinancial | 0.005 | |||
| (0.247) | ||||
| NonregulatoryFinancial | −0.010*** | |||
| (−3.168) | ||||
| RegulatoryFinancial_Ratio | 0.013 | |||
| (0.179) | ||||
| NonregulatoryFinancial_Ratio | −0.034** | |||
| (−2.102) | ||||
| SOE | 0.003 | 0.003 | 0.002 | 0.003 |
| (0.652) | (0.771) | (0.618) | (0.789) | |
| Size | 0.012*** | 0.011*** | 0.012*** | 0.011*** |
| (7.590) | (7.442) | (7.594) | (7.440) | |
| Age | −0.000 | −0.000 | −0.000 | −0.000 |
| (−0.213) | (−0.080) | (−0.228) | (−0.124) | |
| Tangibility | 0.028 | 0.028 | 0.028 | 0.028 |
| (1.562) | (1.569) | (1.590) | (1.580) | |
| Lev | 0.028*** | 0.028*** | 0.028*** | 0.028*** |
| (2.844) | (2.878) | (2.828) | (2.862) | |
| RD | −0.679*** | −0.685*** | −0.680*** | −0.679*** |
| (−6.550) | (−6.605) | (−6.577) | (−6.551) | |
| ROA | 0.150*** | 0.150*** | 0.149*** | 0.150*** |
| (5.049) | (5.053) | (5.034) | (5.072) | |
| Growth | 0.013*** | 0.013*** | 0.013*** | 0.013*** |
| (5.006) | (4.964) | (5.003) | (4.985) | |
| Duality | 0.002 | 0.002 | 0.002 | 0.002 |
| (0.466) | (0.482) | (0.459) | (0.477) | |
| Independence | 0.045* | 0.045 | 0.045* | 0.045* |
| (1.646) | (1.639) | (1.654) | (1.649) | |
| Female | 0.028* | 0.028* | 0.028* | 0.028* |
| (1.858) | (1.871) | (1.862) | (1.875) | |
| Loss | −0.018** | −0.018** | −0.018** | −0.018** |
| (−2.052) | (−2.070) | (−2.049) | (−2.059) | |
| TotalAccruals | −0.011 | −0.012 | −0.011 | −0.012 |
| (−0.561) | (−0.593) | (−0.558) | (−0.600) | |
| TMT_Age | −0.020 | −0.019 | −0.019 | −0.018 |
| (−0.948) | (−0.923) | (−0.926) | (−0.875) | |
| TMT_Foreign | 0.020 | 0.021 | 0.020 | 0.020 |
| (1.334) | (1.358) | (1.335) | (1.324) | |
| TMT_Academic | 0.006 | 0.006 | 0.006 | 0.006 |
| (0.593) | (0.603) | (0.570) | (0.563) | |
| _cons | −0.182** | −0.181** | −0.184** | −0.185** |
| (−2.144) | (−2.121) | (−2.166) | (−2.165) | |
| Year fixed effects? | Yes | Yes | Yes | Yes |
| Industry fixed effects? | Yes | Yes | Yes | Yes |
| Province fixed effects? | Yes | Yes | Yes | Yes |
| SEs. Clustered at | Firm, Year | Firm, Year | Firm, Year | Firm, Year |
| No. of obs | 18,253 | 18,253 | 18,253 | 18,253 |
| Adj. R-square | 0.056 | 0.056 | 0.056 | 0.055 |
| Dependent variable | ||||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| −0.009*** | ||||
| (−2.904) | ||||
| −0.031** | ||||
| (−2.347) | ||||
| 0.005 | ||||
| (0.247) | ||||
| −0.010*** | ||||
| (−3.168) | ||||
| 0.013 | ||||
| (0.179) | ||||
| −0.034** | ||||
| (−2.102) | ||||
| 0.003 | 0.003 | 0.002 | 0.003 | |
| (0.652) | (0.771) | (0.618) | (0.789) | |
| 0.012*** | 0.011*** | 0.012*** | 0.011*** | |
| (7.590) | (7.442) | (7.594) | (7.440) | |
| −0.000 | −0.000 | −0.000 | −0.000 | |
| (−0.213) | (−0.080) | (−0.228) | (−0.124) | |
| 0.028 | 0.028 | 0.028 | 0.028 | |
| (1.562) | (1.569) | (1.590) | (1.580) | |
| 0.028*** | 0.028*** | 0.028*** | 0.028*** | |
| (2.844) | (2.878) | (2.828) | (2.862) | |
| −0.679*** | −0.685*** | −0.680*** | −0.679*** | |
| (−6.550) | (−6.605) | (−6.577) | (−6.551) | |
| 0.150*** | 0.150*** | 0.149*** | 0.150*** | |
| (5.049) | (5.053) | (5.034) | (5.072) | |
| 0.013*** | 0.013*** | 0.013*** | 0.013*** | |
| (5.006) | (4.964) | (5.003) | (4.985) | |
| 0.002 | 0.002 | 0.002 | 0.002 | |
| (0.466) | (0.482) | (0.459) | (0.477) | |
| 0.045* | 0.045 | 0.045* | 0.045* | |
| (1.646) | (1.639) | (1.654) | (1.649) | |
| 0.028* | 0.028* | 0.028* | 0.028* | |
| (1.858) | (1.871) | (1.862) | (1.875) | |
| −0.018** | −0.018** | −0.018** | −0.018** | |
| (−2.052) | (−2.070) | (−2.049) | (−2.059) | |
| −0.011 | −0.012 | −0.011 | −0.012 | |
| (−0.561) | (−0.593) | (−0.558) | (−0.600) | |
| −0.020 | −0.019 | −0.019 | −0.018 | |
| (−0.948) | (−0.923) | (−0.926) | (−0.875) | |
| 0.020 | 0.021 | 0.020 | 0.020 | |
| (1.334) | (1.358) | (1.335) | (1.324) | |
| 0.006 | 0.006 | 0.006 | 0.006 | |
| (0.593) | (0.603) | (0.570) | (0.563) | |
| −0.182** | −0.181** | −0.184** | −0.185** | |
| (−2.144) | (−2.121) | (−2.166) | (−2.165) | |
| Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | |
| Firm, Year | Firm, Year | Firm, Year | Firm, Year | |
| 18,253 | 18,253 | 18,253 | 18,253 | |
| 0.056 | 0.056 | 0.056 | 0.055 |
Note(s): This table presents the weighted least squares estimation results examining the relationship between managerial financial experience and corporate tax aggressiveness. All independent variables are lagged by one year except for Growth and Loss. Detailed variable definitions can be found in Table A1 of the Appendix section. Statistical significance is indicated by ***, **, and * corresponding to the 1%, 5%, and 10% levels, respectively