Table 4 Change of political connections...

Table 4

Change of political connections

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Variables	ΔETR				CashETR
Prospect	−0.024^*	−0.024^*	−0.041^***	−0.040^***	−0.076^***	−0.075^***	−0.072^***	−0.071^***
Prospect	(0.068)	(0.055)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
New_PC_Board	0.033^**		−0.001		−0.086^***		−0.015^*
New_PC_Board	(0.023)		(0.967)		(0.000)		(0.096)
Prospect × New_PC_Board	0.074^**		0.089^**		0.088^***		0.094^***
Prospect × New_PC_Board	(0.046)		(0.023)		(0.003)		(0.001)
New_PC_MGT		0.051^*		0.021		−0.063^***		0.003
New_PC_MGT		(0.068)		(0.376)		(0.001)		(0.885)
Prospect × New_PC_MGT		0.264^*		0.337^***		0.295^***		0.302^***
Prospect × New_PC_MGT		(0.059)		(0.002)		(0.001)		(0.002)
Defend	0.008	0.013	−0.006	−0.004	−0.004	−0.001	−0.001	0.002
Defend	(0.423)	(0.186)	(0.501)	(0.593)	(0.750)	(0.907)	(0.888)	(0.810)
Defend × New_PC_Board	0.031		0.005		0.020		0.028
Defend × New_PC_Board	(0.518)		(0.919)		(0.516)		(0.345)
Defend × New_PC_MGT		−0.104		−0.060		−0.084^***		−0.066^**
Defend × New_PC_MGT		(0.238)		(0.146)		(0.002)		(0.014)
ΔSize	0.026^***	0.027^***	0.007^***	0.007^***	−0.007^**	−0.008^***	0.006^**	0.006^**
ΔSize	(0.000)	(0.000)	(0.001)	(0.001)	(0.016)	(0.008)	(0.043)	(0.049)
ΔROA	0.123^***	0.126^***	0.133^***	0.136^***	−0.146^***	−0.142^***	−0.339^***	−0.335^***
ΔROA	(0.001)	(0.001)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
ΔDebt	−0.041^*	−0.041^*	−0.012	−0.013	0.060^*	0.060^*	−0.003	−0.003
ΔDebt	(0.098)	(0.096)	(0.588)	(0.583)	(0.058)	(0.058)	(0.903)	(0.902)
ΔIntan	−0.009	−0.006	−0.055	−0.055	−0.037	−0.043	0.038	0.038
ΔIntan	(0.802)	(0.869)	(0.130)	(0.125)	(0.474)	(0.409)	(0.431)	(0.431)
ΔInventory	−0.086^***	−0.087^***	−0.059^***	−0.058^***	0.121^***	0.121^***	−0.006	−0.006
ΔInventory	(0.000)	(0.000)	(0.001)	(0.001)	(0.000)	(0.000)	(0.801)	(0.791)
ΔCross_list	−0.054^***	−0.057^***	−0.007	−0.008	0.053^***	0.056^***	0.002	0.001
ΔCross_list	(0.000)	(0.000)	(0.491)	(0.422)	(0.002)	(0.002)	(0.919)	(0.948)
Constant	−0.677^***	−0.680^***	−0.161^***	−0.157^***	0.412^***	0.422^***	0.829^***	0.833^***
Constant	(0.000)	(0.000)	(0.002)	(0.002)	(0.000)	(0.000)	(0.000)	(0.000)
Industries			Included	Included			Included	Included
Years			Included	Included			Included	Included
Cluster	Firms	Firms	Firms	Firms	Firms	Firms	Firms	Firms
Observations	11,247	11,247	10,830	10,830	11,247	11,247	10,830	10,830
R-squared	0.008	0.008	0.353	0.354	0.013	0.010	0.438	0.438

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Variables	ΔETR				CashETR
Prospect	−0.024^*	−0.024^*	−0.041^***	−0.040^***	−0.076^***	−0.075^***	−0.072^***	−0.071^***
Prospect	(0.068)	(0.055)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
New_PC_Board	0.033^**		−0.001		−0.086^***		−0.015^*
New_PC_Board	(0.023)		(0.967)		(0.000)		(0.096)
Prospect × New_PC_Board	0.074^**		0.089^**		0.088^***		0.094^***
Prospect × New_PC_Board	(0.046)		(0.023)		(0.003)		(0.001)
New_PC_MGT		0.051^*		0.021		−0.063^***		0.003
New_PC_MGT		(0.068)		(0.376)		(0.001)		(0.885)
Prospect × New_PC_MGT		0.264^*		0.337^***		0.295^***		0.302^***
Prospect × New_PC_MGT		(0.059)		(0.002)		(0.001)		(0.002)
Defend	0.008	0.013	−0.006	−0.004	−0.004	−0.001	−0.001	0.002
Defend	(0.423)	(0.186)	(0.501)	(0.593)	(0.750)	(0.907)	(0.888)	(0.810)
Defend × New_PC_Board	0.031		0.005		0.020		0.028
Defend × New_PC_Board	(0.518)		(0.919)		(0.516)		(0.345)
Defend × New_PC_MGT		−0.104		−0.060		−0.084^***		−0.066^**
Defend × New_PC_MGT		(0.238)		(0.146)		(0.002)		(0.014)
ΔSize	0.026^***	0.027^***	0.007^***	0.007^***	−0.007^**	−0.008^***	0.006^**	0.006^**
ΔSize	(0.000)	(0.000)	(0.001)	(0.001)	(0.016)	(0.008)	(0.043)	(0.049)
ΔROA	0.123^***	0.126^***	0.133^***	0.136^***	−0.146^***	−0.142^***	−0.339^***	−0.335^***
ΔROA	(0.001)	(0.001)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
ΔDebt	−0.041^*	−0.041^*	−0.012	−0.013	0.060^*	0.060^*	−0.003	−0.003
ΔDebt	(0.098)	(0.096)	(0.588)	(0.583)	(0.058)	(0.058)	(0.903)	(0.902)
ΔIntan	−0.009	−0.006	−0.055	−0.055	−0.037	−0.043	0.038	0.038
ΔIntan	(0.802)	(0.869)	(0.130)	(0.125)	(0.474)	(0.409)	(0.431)	(0.431)
ΔInventory	−0.086^***	−0.087^***	−0.059^***	−0.058^***	0.121^***	0.121^***	−0.006	−0.006
ΔInventory	(0.000)	(0.000)	(0.001)	(0.001)	(0.000)	(0.000)	(0.801)	(0.791)
ΔCross_list	−0.054^***	−0.057^***	−0.007	−0.008	0.053^***	0.056^***	0.002	0.001
ΔCross_list	(0.000)	(0.000)	(0.491)	(0.422)	(0.002)	(0.002)	(0.919)	(0.948)
Constant	−0.677^***	−0.680^***	−0.161^***	−0.157^***	0.412^***	0.422^***	0.829^***	0.833^***
Constant	(0.000)	(0.000)	(0.002)	(0.002)	(0.000)	(0.000)	(0.000)	(0.000)
Industries			Included	Included			Included	Included
Years			Included	Included			Included	Included
Cluster	Firms	Firms	Firms	Firms	Firms	Firms	Firms	Firms
Observations	11,247	11,247	10,830	10,830	11,247	11,247	10,830	10,830
R-squared	0.008	0.008	0.353	0.354	0.013	0.010	0.438	0.438

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

[ViewLarge]

Sharing Unavailable