One-way and Two-way cluster effect(s)
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Dependent variable: ETR | ||||
| FPBOD | −0.148** (0.071) | −0.078 (0.079) | −0.148** (0.062) | −0.078 (0.084) |
| FPAC | 0.112 (0.076) | 0.112 (0.088) | ||
| FPBOD × FPAC | −0.599** (0.264) | −0.599* (0.308) | ||
| Constant | 0.497 (0.378) | 0.440 (0.382) | 0.497 (0.320) | 0.440 (0.343) |
| Firm-wise clustering | Yes | Yes | Yes | Yes |
| Year-wise clustering | No | No | Yes | Yes |
| All controls | Yes | Yes | Yes | Yes |
| Year fixed | Yes | Yes | Yes | Yes |
| Observations | 341 | 341 | 341 | 341 |
| Adjusted R-squared | 0.319 | 0.327 | 0.319 | 0.327 |
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| −0.148** (0.071) | −0.078 (0.079) | −0.148** (0.062) | −0.078 (0.084) | |
| 0.112 (0.076) | 0.112 (0.088) | |||
| FPBOD × FPAC | −0.599** (0.264) | −0.599* (0.308) | ||
| Constant | 0.497 (0.378) | 0.440 (0.382) | 0.497 (0.320) | 0.440 (0.343) |
| Firm-wise clustering | Yes | Yes | Yes | Yes |
| Year-wise clustering | No | No | Yes | Yes |
| All controls | Yes | Yes | Yes | Yes |
| Year fixed | Yes | Yes | Yes | Yes |
| Observations | 341 | 341 | 341 | 341 |
| Adjusted | 0.319 | 0.327 | 0.319 | 0.327 |
Superscripts ***, ** and * denote significance at the 1, 5 and 10% levels, respectively. Robust standard errors are reported in parentheses. The definitions of variables are given in Appendix
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