Multivariate regression (income shifting and ownership concentration)
| ln (PBT) | Sign | Model 3 | Model 4 | ||
|---|---|---|---|---|---|
| Coefficient | p-value | Coefficient | p-value | ||
| C subsidiaries | − | 0.031 | 0.633 | ||
| Ownership90 | ? | 0.183 | 0.048 | 0.223 | 0.144 |
| C subsidiaries × Ownership90 | − | −0.165 | 0.003 | ||
| C parent | − | −0.943 | 0.409 | ||
| C parent × Ownership90 | ? | 0.264 | 0.836 | ||
| ln (TangibleAssets) | + | 0.154 | <0.000 | 0.116 | <0.000 |
| ln (CompExp) | + | 0.588 | <0.000 | 0.636 | <0.000 |
| ln (GDP) | ? | 0.414 | 0.009 | 0.577 | 0.004 |
| Constant | Omitted | Omitted | |||
| Parent firm and year fixed effect | Yes | Yes | |||
| Adj. R2 | 0.461 | 0.501 | |||
| Observations | 6,560 | 2,551 | |||
| ln (PBT) | Sign | Model 3 | Model 4 | ||
|---|---|---|---|---|---|
| Coefficient | Coefficient | ||||
| C subsidiaries | − | 0.031 | 0.633 | ||
| Ownership90 | ? | 0.183 | 0.048 | 0.223 | 0.144 |
| C subsidiaries × Ownership90 | − | −0.165 | 0.003 | ||
| C parent | − | −0.943 | 0.409 | ||
| C parent × Ownership90 | ? | 0.264 | 0.836 | ||
| ln (TangibleAssets) | + | 0.154 | <0.000 | 0.116 | <0.000 |
| ln (CompExp) | + | 0.588 | <0.000 | 0.636 | <0.000 |
| ln (GDP) | ? | 0.414 | 0.009 | 0.577 | 0.004 |
| Constant | Omitted | Omitted | |||
| Yes | Yes | ||||
| 0.461 | 0.501 | ||||
| Observations | 6,560 | 2,551 | |||
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