Table 3

Tests of hypothesis 1

(1)(2)(3)(4)
VariablesCashETRCashETRCashETRCashETR
Prospect−0.064***−0.084***−0.084***−0.078***
(0.000)(0.000)(0.000)(0.000)
SOE 0.035***  
 (0.000)  
Prospect × SOE 0.064**  
 (0.014)  
PC_Board  −0.001 
  (0.796) 
Prospect × PC_Board  0.047** 
  (0.021) 
PC_MGT   0.032***
   (0.001)
Prospect × PC_MGT   0.110**
   (0.034)
Defend0.0010.0070.0080.006
(0.906)(0.451)(0.479)(0.545)
Defend × SOE −0.014  
 (0.502)  
Defend × PC_Board  −0.020 
  (0.238) 
Defend × PC_MGT   −0.043
   (0.144)
Size0.006**0.0010.006**0.006**
(0.043)(0.659)(0.044)(0.048)
ROA−0.337***−0.297***−0.337***−0.341***
(0.000)(0.000)(0.000)(0.000)
Debt−0.004−0.002−0.004−0.003
(0.884)(0.943)(0.882)(0.904)
Intan0.0390.0520.0400.031
(0.417)(0.274)(0.403)(0.506)
Inventory−0.007−0.011−0.007−0.006
(0.752)(0.634)(0.762)(0.787)
Cross_list0.0010.0010.001−0.000
(0.933)(0.953)(0.943)(0.982)
Constant0.829***0.905***0.832***0.833***
(0.000)(0.000)(0.000)(0.000)
IndustriesIncludedIncludedIncludedIncluded
YearsIncludedIncludedIncludedIncluded
ClusterFirmsFirmsFirmsFirms
Observations10,83010,66310,83010,830
R-squared0.2370.2430.2370.239

Note(s): 1. The dependent measures and independent variables are defined in  Appendix

2. p-values are presented in parentheses

3. ***, ** and * denote statistical significance at the 1, 5 and 10% levels, respectively

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