Table 7 Robustness Country subsidiary... | Emerald Publishing

Table 7

Robustness

		Country subsidiary firms fixed effect		π_i statutory tax rate i > 0.300 Countries of the subsidiaries with tax rate above the median
Dependent variable ln(PBT)	Exp. Sign	Estimate	p-value	Estimate	p-value
Ownership subsidiaries	+	0.562	0.020	0.211	0.027
ln(TangibleAssets)	+	0.116	<0.001	0.151	<0.001
ln(CompExp)	+	0.644	0.290	0.559	<0.001
ln(GDP)	?	−0.122	<0.001	1.342	0.213
Year and parent firm fixed effects		included		included
Country subsidiary firms fixed effect		included		–
Adj. R²		0.481		0.477
Number of observation		1,690		861

		Country subsidiary firms fixed effect		π_i statutory tax rate i > 0.300 Countries of the subsidiaries with tax rate above the median
Dependent variable ln(PBT)	Exp. Sign	Estimate	p-value	Estimate	p-value
Ownership subsidiaries	+	0.562	0.020	0.211	0.027
ln(TangibleAssets)	+	0.116	<0.001	0.151	<0.001
ln(CompExp)	+	0.644	0.290	0.559	<0.001
ln(GDP)	?	−0.122	<0.001	1.342	0.213
Year and parent firm fixed effects		included		included
Country subsidiary firms fixed effect		included		–
Adj. R²		0.481		0.477
Number of observation		1,690		861

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