Table 3 Regression results Model 1 Model...

Table 3

Regression results

	Model 1	Model 2	Model 3	Model 4
ETR	OLS	Random effect	Fixed effect	SGMM
Constant	−0.166 (0.030)**	−0.211 (0.040)**	−0.290 (0.050)**	−0.359 (0.064)**
IR	0.130 (0.033)**	0.113 (0.037)**	0.116 (0.041)**	0.174 (0.048)**
LEV	−0.071 (0.024)**	−0.125 (0.030)**	−0.197 (0.040)**	−0.165 (0.052)**
FA	−0.045 (0.028)	0.007 (0.033)	0.039 (0.039)	−0.002 (0.054)
ROA	−0.228 (0.040)**	−0.174 (0.044)**	−0.137 (0.049)**	−0.136 (0.060)**
FS	0.379 (0.132)**	0.442 (0.119)**	0.462 (0.120)**	0.527 (0.149)**
TAN	−0.140 (0.022)**	−0.131 (0.030)**	−0.095 (0.042)**	−0.174 (0.057)**
BI	0.318 (0.032)**	0.254 (0.039)**	0.171 (0.047)**	0.155 (0.062)**
INOW	0.452 (0.126)**	0.413 (0.121)**	0.414 (0.125)**	0.368 (0.151)**
AR(2)				0.165
Hansen test				0.433
Wald χ²/F	43.12	181.30	14.41	81.26
Prob > χ²/F	0.0000	0.0000	0.0000	0.0000
R²	0.3758	0.3611	0.2839
No. of obs.	621	621	621	483
No. of groups	69	69	69	69

	Model 1	Model 2	Model 3	Model 4
ETR	OLS	Random effect	Fixed effect	SGMM
Constant	−0.166 (0.030)**	−0.211 (0.040)**	−0.290 (0.050)**	−0.359 (0.064)**
IR	0.130 (0.033)**	0.113 (0.037)**	0.116 (0.041)**	0.174 (0.048)**
LEV	−0.071 (0.024)**	−0.125 (0.030)**	−0.197 (0.040)**	−0.165 (0.052)**
FA	−0.045 (0.028)	0.007 (0.033)	0.039 (0.039)	−0.002 (0.054)
ROA	−0.228 (0.040)**	−0.174 (0.044)**	−0.137 (0.049)**	−0.136 (0.060)**
FS	0.379 (0.132)**	0.442 (0.119)**	0.462 (0.120)**	0.527 (0.149)**
TAN	−0.140 (0.022)**	−0.131 (0.030)**	−0.095 (0.042)**	−0.174 (0.057)**
BI	0.318 (0.032)**	0.254 (0.039)**	0.171 (0.047)**	0.155 (0.062)**
INOW	0.452 (0.126)**	0.413 (0.121)**	0.414 (0.125)**	0.368 (0.151)**
AR(2)				0.165
Hansen test				0.433
Wald χ²/F	43.12	181.30	14.41	81.26
Prob > χ²/F	0.0000	0.0000	0.0000	0.0000
R²	0.3758	0.3611	0.2839
No. of obs.	621	621	621	483
No. of groups	69	69	69	69

Note(s): ETR is the ratio of the cash tax paid to the pre-tax income of the company. IR is integrated reporting. LEV is leverage estimated as total debt scaled by total asset. FA is firm age measured as the natural logarithm of difference between the year in which the firm was incorporated and the year under which the financial statement is considered. ROA is return on assets measured as earnings before interest and taxes deflated by total asset. TANG is asset tangibility measured as non-current asset scaled by total assets. BI is board independence. INOW is proportion of institutional ownership. FS is firm size measured as the logarithm of total assets. Standard error in parentheses, **significant at 5%

Source(s): Author’s computation

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