Table 5

2SLS for hypothesis 1

(1)(2)
VariablesCashETRCashETR
Prospect−0.447**−0.209**
(0.024)(0.014)
PC_Board_Hat−0.237** 
(0.046) 
Prospect × PC_Board_hat0.949* 
(0.053) 
PC_MGT_Hat −0.849**
 (0.045)
Prospect × PC_MGT_hat 1.277*
 (0.078)
Defend0.008−0.141*
(0.941)(0.062)
Defend × PC_Board_hat−0.041 
(0.887) 
Defend × PC_MGT_hat 1.317*
 (0.064)
Size0.012**0.006
(0.019)(0.131)
ROA−0.346***−0.244***
(0.000)(0.001)
Debt−0.0190.036
(0.552)(0.405)
Intan0.0460.064
(0.394)(0.346)
Inventory0.0340.043
(0.248)(0.206)
Cross_list0.0020.065*
(0.904)(0.074)
Constant0.813***0.836***
(0.000)(0.000)
IndustriesIncludedIncluded
YearsIncludedIncluded
ClusterFirmsFirms
Observations10,73510,735
R-squared0.2530.191

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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