Table 5 Multivariate analysis of... | Emerald Publishing

Table 5

Multivariate analysis of ownership-motivated income shifting

		Ownership-motivated income shifting between pairs of subsidiaries		Moderation of minority protection
Dependent variable ln(PBT)	Exp. Sign	Model 1		Model 2
Dependent variable ln(PBT)	Exp. Sign	Estimate	p-value	Estimate	p-value
Ownership subsidiaries	+	0.450	0.017	2.609	0.058
Ownership subsidiaries * protection of minorities	−			−0.489	0.095
ln(TangibleAssets)	+	0.157	<0.001	0.157	<0.001
ln(CompExp)	+	0.571	<0.001	0.571	<0.001
ln(GDP)	?	0.531	<0.001	0.538	<0.001
Constant		−3.915	<0.001	–
Year and parent firm fixed effects		included		included
Adj. R²		0.472		0.472
Number of observation		1,690		1,690

		Ownership-motivated income shifting between pairs of subsidiaries		Moderation of minority protection
Dependent variable ln(PBT)	Exp. Sign	Model 1		Model 2
Dependent variable ln(PBT)	Exp. Sign	Estimate	p-value	Estimate	p-value
Ownership subsidiaries	+	0.450	0.017	2.609	0.058
Ownership subsidiaries * protection of minorities	−			−0.489	0.095
ln(TangibleAssets)	+	0.157	<0.001	0.157	<0.001
ln(CompExp)	+	0.571	<0.001	0.571	<0.001
ln(GDP)	?	0.531	<0.001	0.538	<0.001
Constant		−3.915	<0.001	–
Year and parent firm fixed effects		included		included
Adj. R²		0.472		0.472
Number of observation		1,690		1,690

Note(s): Coefficient p-values are one-tailed. Refer to Appendix for variable definitions