Table 2 Regression estimates for...

Table 2

Regression estimates for financial distress, COVID-19 pandemic and tax avoidance

Variable	Pre-pandemic	During	Pooled	Pooled
Variable	(1)	(2)	(3)	(4)
Intercept	−11.938***	−11.503***	−11.976***	−11.947***
	(−19.646)	(−7.399)	(−21.730)	(−21.689)
ZDUM	−2.709***	−3.280***	−2.866***	−2.572***
	(−26.824)	(−16.871)	(−32.018)	(−25.922)
COVID			0.187**	0.553***
			(2.255)	(5.607)
COVIDZDUM*				−1.215***
				(−6.837)
CONTROLS	Included	Included	Included	Included
Fixed effects	Included	Included	Included	Included
Adj.R²	0.21	0.24	0.21	0.22
N	31,118	7,840	38,958	38,958
F-stat	319.775	95.993	395.457	383.451

Variable	Pre-pandemic	During	Pooled	Pooled
Variable	(1)	(2)	(3)	(4)
Intercept	−11.938***	−11.503***	−11.976***	−11.947***
	(−19.646)	(−7.399)	(−21.730)	(−21.689)
ZDUM	−2.709***	−3.280***	−2.866***	−2.572***
	(−26.824)	(−16.871)	(−32.018)	(−25.922)
COVID			0.187**	0.553***
			(2.255)	(5.607)
COVID*ZDUM				−1.215***
				(−6.837)
CONTROLS	Included	Included	Included	Included
Fixed effects	Included	Included	Included	Included
Adj.R²	0.21	0.24	0.21	0.22
N	31,118	7,840	38,958	38,958
F-stat	319.775	95.993	395.457	383.451

Note(s): *, ** and *** represent signiﬁcance at p < 0.10, < 0.05 and < 0.01, respectively. The t-values are reported in parentheses

Source(s): Authors’ own work

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