Table 1. Sample composition, descriptive...

Table 1.

Sample composition, descriptive statistics for firm-level variables and correlation matrix

Country	Business equipment	Chemicals and allied products	Consumer durables	Consumer non-durables	Finance	Health care	Manufacturing	Media	Oil, gas and coal extraction	Utilities	Wholesale, retail and services	Others	Total
Panel A – Sample composition
Austria	1	0	0	0	1	1	2	0	0	1	1	1	8
Belgium	1	1	1	3	4	1	0	0	0	2	1	3	17
Denmark	5	0	0	0	7	4	0	1	0	2	1	1	21
Finland	3	0	2	4	4	1	2	0	0	0	1	0	17
France	2	8	3	3	21	9	9	5	4	1	6	15	86
Germany	9	8	2	4	22	2	9	2	2	1	5	10	76
Ireland	0	1	1	1	2	1	0	0	0	0	1	0	7
Italy	4	1	0	3	8	0	3	2	0	3	7	2	33
Luxembourg	0	0	0	0	1	0	0	0	0	0	0	0	1
The Netherlands	7	2	1	3	5	0	4	0	1	1	1	5	30
Norway	1	0	2	1	7	0	3	0	0	0	1	1	16
Poland	0	1	0	2	2	1	1	0	0	0	0	1	8
Portugal	0	1	0	0	0	0	0	1	0	1	0	0	3
South Africa	0	0	0	0	1	0	0	0	0	0	0	0	1
Spain	2	0	0	1	5	3	3	2	1	1	5	2	25
Sweden	2	0	4	2	11	3	6	0	1	3	4	10	46
Switzerland	3	1	1	3	9	5	6	4	0	3	4	12	51
UK	7	5	3	7	36	12	26	8	7	6	13	24	154
Total	47	29	20	37	146	43	74	25	16	25	51	87	600

Country	Business equipment	Chemicals and allied products	Consumer durables	Consumer non-durables	Finance	Health care	Manufacturing	Media	Oil, gas and coal extraction	Utilities	Wholesale, retail and services	Others	Total
Panel A – Sample composition
Austria	1	0	0	0	1	1	2	0	0	1	1	1	8
Belgium	1	1	1	3	4	1	0	0	0	2	1	3	17
Denmark	5	0	0	0	7	4	0	1	0	2	1	1	21
Finland	3	0	2	4	4	1	2	0	0	0	1	0	17
France	2	8	3	3	21	9	9	5	4	1	6	15	86
Germany	9	8	2	4	22	2	9	2	2	1	5	10	76
Ireland	0	1	1	1	2	1	0	0	0	0	1	0	7
Italy	4	1	0	3	8	0	3	2	0	3	7	2	33
Luxembourg	0	0	0	0	1	0	0	0	0	0	0	0	1
The Netherlands	7	2	1	3	5	0	4	0	1	1	1	5	30
Norway	1	0	2	1	7	0	3	0	0	0	1	1	16
Poland	0	1	0	2	2	1	1	0	0	0	0	1	8
Portugal	0	1	0	0	0	0	0	1	0	1	0	0	3
South Africa	0	0	0	0	1	0	0	0	0	0	0	0	1
Spain	2	0	0	1	5	3	3	2	1	1	5	2	25
Sweden	2	0	4	2	11	3	6	0	1	3	4	10	46
Switzerland	3	1	1	3	9	5	6	4	0	3	4	12	51
UK	7	5	3	7	36	12	26	8	7	6	13	24	154
Total	47	29	20	37	146	43	74	25	16	25	51	87	600

Variable	N	Mean	Median	SD
Panel B – Descriptive statistics
Avg3_GAAP_ETR	2,309	0.247	0.232	0.134
Avg3_Cash_ETR	2,142	0.249	0.232	0.152
NegM_Peak_FY (unscaled)	2,309	25.188	25.000	17.386
NegM_Peak_Q4 (unscaled)	2,309	19.636	20.000	16.317
NegM_Peak_Q4Q1 (unscaled)	2,309	21.903	22.000	16.919
Size	2,309	16.255	16.108	1.515
Leverage	2,309	0.198	0.185	0.146
Profitability	2,309	0.081	0.066	0.085
PPE	2,309	0.278	0.208	0.264
Intangibles	2,309	0.278	0.215	0.259
RD	2,309	0.017	0	0.033
Cash	2,309	0.091	0.064	0.095
MTBV	2,309	3.289	2.417	3.439

Panel C – Correlation matrix
	Avg3_GAAP_ETR	Avg3_Cash_ETR	NegM_peak_FY	NegM_peak_Q4	NegM_peak_Q4Q1	Size	Leverage	Profitability	PPE
Avg3_Cash_ETR	0.644***
NegM_peak_FY	0.152***	0.167***
NegM_peak_Q4	0.159***	0.172***	0.937***
NegM_peak_Q4Q1	0.163***	0.167***	0.893***	0.939***
Size	0.129***	0.106***	0.527***	0.548***	0.542***
Leverage	0.030	−0.054**	−0.04	−0.005	−0.006	−0.016**
Profitability	−0.074***	−0.071***	−0.177***	−0.177***	−0.185***	−0.435***	−0.169***
PPE	−0.104***	−0.188***	−0.011	0.003	−0.001	−0.001	0.397***	−0.043**
Intangibles	0.061**	0.136***	−0.100***	−0.124***	−0.116***	−0.196***	0.216***	0.049**	−0.321***
RD	−0.059***	0.008	0.008	−0.007	−0.010	−0.120***	−0.125***	0.166***	−0.163***
Cash	0.048***	0.026	−0.074***	−0.078***	−0.062***	−0.281***	−0.217***	0.217***	−0.233***
MTBV	−0.043**	−0.034	−0.108***	−0.126***	−0.127***	−0.349***	−0.016	0.528***	−0.153***
GDP	−0.039*	−0.038*	−0.055***	−0.053**	−0.049**	−0.070***	−0.105**	0.064***	−0.100***
Jud_ind	−0.148***	−0.122***	−0.113***	−0.105***	−0.107***	−0.166***	−0.133***	0.116***	−0.085***
Shar_gov	0.043**	0.010	−0.023	−0.020	−0.009	0.014	−0.030	0.029	−0.055***
BTC	0.090***	0.074***	0.116***	0.107***	0.116***	0.144***	0.017	−0.129***	0.002
CSTR	0.161***	0.152***	0.128***	0.137***	0.141***	0.203***	0.068***	−0.155***	−0.012

	Intangibles	RD	Cash	MTBV	GDP	Jud_ind	Shar_gov	BTC
RD	0.212***
Cash	0.054***	0.163***
MTBV	0.151***	0.184***	0.257***
GDP	0.046**	0.113***	−0.034	0.043***
Jud_ind	0.014	0.057***	−0.030	0.130***	0.634***
Shar_gov	0.056***	−0.001	0.027	−0.011	0.268***	0.098***
BTC	−0.029	0.111***	0.015	0.39*	−0.188***	−0.446***	−0.051**
CSTR	0.060***	0.027	0.027	−0.192***	−0.308***	−0.529***	−0.046**	0.549***

Notes:

Size, Leverage, Profitability, PPE, Intangibles, RD, Cash and MTBV are winsorized at the 1st and 99th percentiles; ***, ** and * indicate significance levels at 1, 5 and 10%, respectively

Source: Authors own creation

[ViewLarge]

Panel C – Correlation matrix
	Avg3_GAAP_ETR	Avg3_Cash_ETR	NegM_peak_FY	NegM_peak_Q4	NegM_peak_Q4Q1	Size	Leverage	Profitability	PPE
Avg3_Cash_ETR	0.644***
NegM_peak_FY	0.152***	0.167***
NegM_peak_Q4	0.159***	0.172***	0.937***
NegM_peak_Q4Q1	0.163***	0.167***	0.893***	0.939***
Size	0.129***	0.106***	0.527***	0.548***	0.542***
Leverage	0.030	−0.054**	−0.04	−0.005	−0.006	−0.016**
Profitability	−0.074***	−0.071***	−0.177***	−0.177***	−0.185***	−0.435***	−0.169***
PPE	−0.104***	−0.188***	−0.011	0.003	−0.001	−0.001	0.397***	−0.043**
Intangibles	0.061**	0.136***	−0.100***	−0.124***	−0.116***	−0.196***	0.216***	0.049**	−0.321***
RD	−0.059***	0.008	0.008	−0.007	−0.010	−0.120***	−0.125***	0.166***	−0.163***
Cash	0.048***	0.026	−0.074***	−0.078***	−0.062***	−0.281***	−0.217***	0.217***	−0.233***
MTBV	−0.043**	−0.034	−0.108***	−0.126***	−0.127***	−0.349***	−0.016	0.528***	−0.153***
GDP	−0.039*	−0.038*	−0.055***	−0.053**	−0.049**	−0.070***	−0.105**	0.064***	−0.100***
Jud_ind	−0.148***	−0.122***	−0.113***	−0.105***	−0.107***	−0.166***	−0.133***	0.116***	−0.085***
Shar_gov	0.043**	0.010	−0.023	−0.020	−0.009	0.014	−0.030	0.029	−0.055***
BTC	0.090***	0.074***	0.116***	0.107***	0.116***	0.144***	0.017	−0.129***	0.002
CSTR	0.161***	0.152***	0.128***	0.137***	0.141***	0.203***	0.068***	−0.155***	−0.012

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