Table 6 Robustness tests Variables (1)...

Table 6

Robustness tests

Variables	(1)	(2)	(3)	(4)	(5)	(6)
	Alternative ETR			Prospectors and defenders only
	GaapETR	GaapETR	GaapETR	CashETR	CashETR	CashETR
Prospect	−0.026^***	−0.027^***	−0.023^***	−0.094^***	−0.088^***	−0.080^***
Prospect	(0.000)	(0.001)	(0.004)	(0.000)	(0.000)	(0.000)
SOE	0.007			0.016
SOE	(0.298)			(0.482)
Prospect × SOE	0.035^*			0.092^***
Prospect × SOE	(0.067)			(0.006)
PC_Board		−0.005			−0.022
PC_Board		(0.310)			(0.204)
Prospect × PC_Board		0.030^*			0.063^**
Prospect × PC_Board		(0.058)			(0.014)
PC_MGT			0.008			−0.005
PC_MGT			(0.254)			(0.886)
Prospect × PC_MGT			0.067^***			0.145^**
Prospect × PC_MGT			(0.005)			(0.015)
Defend	0.002	−0.005	−0.005
Defend	(0.825)	(0.541)	(0.409)
Defend × SOE	−0.017
Defend × SOE	(0.238)
Defend × PC_Board		0.005
Defend × PC_Board		(0.689)
Defend × PC_MGT			0.022
Defend × PC_MGT			(0.373)
Size	0.011^***	0.012^***	0.012^***	0.011	0.017^*	0.016^*
Size	(0.000)	(0.000)	(0.000)	(0.244)	(0.075)	(0.079)
ROA	−0.019	−0.026	−0.027	−0.227^***	−0.270^***	−0.271^***
ROA	(0.505)	(0.345)	(0.326)	(0.005)	(0.001)	(0.001)
Debt	−0.021	−0.018	−0.018	−0.043	−0.075	−0.059
Debt	(0.364)	(0.431)	(0.443)	(0.643)	(0.418)	(0.509)
Intan	0.088^**	0.090^**	0.087^**	0.112	0.111	0.064
Intan	(0.024)	(0.021)	(0.025)	(0.428)	(0.436)	(0.623)
Inventory	0.051^***	0.052^***	0.053^***	0.049	0.065	0.078
Inventory	(0.005)	(0.004)	(0.004)	(0.448)	(0.314)	(0.221)
Cross_list	−0.002	−0.005	−0.005	−0.015	−0.039	−0.030
Cross_list	(0.902)	(0.716)	(0.705)	(0.719)	(0.392)	(0.513)
Constant	−0.159^**	−0.176^***	−0.175^***	0.479^**	0.372	0.371
Constant	(0.011)	(0.005)	(0.005)	(0.042)	(0.109)	(0.105)
Industries	Included	Included	Included	Included	Included	Included
Years	Included	Included	Included	Included	Included	Included
Cluster	Firms	Firms	Firms	Firms	Firms	Firms
Observations	10,663	10,830	10,830	1,568	1,584	1,584
R-squared	0.043	0.042	0.043	0.167	0.156	0.163

Variables	(1)	(2)	(3)	(4)	(5)	(6)
	Alternative ETR			Prospectors and defenders only
	GaapETR	GaapETR	GaapETR	CashETR	CashETR	CashETR
Prospect	−0.026^***	−0.027^***	−0.023^***	−0.094^***	−0.088^***	−0.080^***
Prospect	(0.000)	(0.001)	(0.004)	(0.000)	(0.000)	(0.000)
SOE	0.007			0.016
SOE	(0.298)			(0.482)
Prospect × SOE	0.035^*			0.092^***
Prospect × SOE	(0.067)			(0.006)
PC_Board		−0.005			−0.022
PC_Board		(0.310)			(0.204)
Prospect × PC_Board		0.030^*			0.063^**
Prospect × PC_Board		(0.058)			(0.014)
PC_MGT			0.008			−0.005
PC_MGT			(0.254)			(0.886)
Prospect × PC_MGT			0.067^***			0.145^**
Prospect × PC_MGT			(0.005)			(0.015)
Defend	0.002	−0.005	−0.005
Defend	(0.825)	(0.541)	(0.409)
Defend × SOE	−0.017
Defend × SOE	(0.238)
Defend × PC_Board		0.005
Defend × PC_Board		(0.689)
Defend × PC_MGT			0.022
Defend × PC_MGT			(0.373)
Size	0.011^***	0.012^***	0.012^***	0.011	0.017^*	0.016^*
Size	(0.000)	(0.000)	(0.000)	(0.244)	(0.075)	(0.079)
ROA	−0.019	−0.026	−0.027	−0.227^***	−0.270^***	−0.271^***
ROA	(0.505)	(0.345)	(0.326)	(0.005)	(0.001)	(0.001)
Debt	−0.021	−0.018	−0.018	−0.043	−0.075	−0.059
Debt	(0.364)	(0.431)	(0.443)	(0.643)	(0.418)	(0.509)
Intan	0.088^**	0.090^**	0.087^**	0.112	0.111	0.064
Intan	(0.024)	(0.021)	(0.025)	(0.428)	(0.436)	(0.623)
Inventory	0.051^***	0.052^***	0.053^***	0.049	0.065	0.078
Inventory	(0.005)	(0.004)	(0.004)	(0.448)	(0.314)	(0.221)
Cross_list	−0.002	−0.005	−0.005	−0.015	−0.039	−0.030
Cross_list	(0.902)	(0.716)	(0.705)	(0.719)	(0.392)	(0.513)
Constant	−0.159^**	−0.176^***	−0.175^***	0.479^**	0.372	0.371
Constant	(0.011)	(0.005)	(0.005)	(0.042)	(0.109)	(0.105)
Industries	Included	Included	Included	Included	Included	Included
Years	Included	Included	Included	Included	Included	Included
Cluster	Firms	Firms	Firms	Firms	Firms	Firms
Observations	10,663	10,830	10,830	1,568	1,584	1,584
R-squared	0.043	0.042	0.043	0.167	0.156	0.163

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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