Change specification
| Dependent variable | ΔAvg3_GAAP_ETR | ΔAvg3_cash_ETR |
|---|---|---|
| Const | −0.010 (0.009) | −0.023** (0.011) |
| Ch_NegM | 0.015** (0.008) | 0.020** (0.009) |
| ΔSize | 0.022** (0.011) | 0.024* (0.013) |
| ΔLeverage | 0.014 (0.032) | −0.023 (0.038) |
| ΔProfitability | 0.023 (0.031) | −0.031 (0.038) |
| ΔPPE | −0.042* (0.025) | −0.015*** (0.029) |
| ΔIntangibles | −0.025 (0.015) | 0.003 (0.018) |
| ΔRD | −0.046 (0.125) | 0.008 (0.147) |
| ΔCash | −0.002 (0.028) | −0.012 (0.033) |
| ΔMTBV | 0.002** (0.001) | 0.002* (0.001) |
| ΔGDP | 0.075 (0.194) | 0.165 (0.230) |
| ΔJud_ind | −0.018* (0.011) | −0.032*** (0.013) |
| ΔShar_gov | −0.002 (0.005) | 0.001 (0.006) |
| BTC | −0.027 (0.019) | 0.016 (0.022) |
| ΔCTSR | −0.285 (0.275) | −0.256 (0.342) |
| Industry FE | Yes | Yes |
| Country FE | Yes | Yes |
| Year FE | Yes | Yes |
| N | 2,091 | 1,924 |
| R2 (overall) | 0.06 | 0.05 |
| Wald Chi2 | 128.24*** | 100.27*** |
| ΔAvg3_GAAP_ETR | ΔAvg3_cash_ETR | |
|---|---|---|
| Const | −0.010 ( | −0.023** ( |
| ΔSize | 0.022** ( | 0.024* ( |
| ΔLeverage | 0.014 ( | −0.023 ( |
| ΔProfitability | 0.023 ( | −0.031 ( |
| ΔPPE | −0.042* ( | −0.015*** ( |
| ΔIntangibles | −0.025 ( | 0.003 ( |
| ΔRD | −0.046 ( | 0.008 ( |
| ΔCash | −0.002 ( | −0.012 ( |
| ΔMTBV | 0.002** ( | 0.002* ( |
| ΔGDP | 0.075 ( | 0.165 ( |
| ΔJud_ind | −0.018* ( | −0.032*** ( |
| ΔShar_gov | −0.002 ( | 0.001 ( |
| BTC | −0.027 ( | 0.016 ( |
| ΔCTSR | −0.285 ( | −0.256 ( |
| Industry FE | Yes | Yes |
| Country FE | Yes | Yes |
| Year FE | Yes | Yes |
| 2,091 | 1,924 | |
| 0.06 | 0.05 | |
| Wald Chi2 | 128.24*** | 100.27*** |
Notes:
Standard errors in parentheses. Size, Leverage, Profitability, PPE, Intangibles, RD, Cash and MTBV are winsorised at the 1st and 99th percentiles; ***, ** and * indicate significance levels at 1, 5 and 10, respectively. Coefficients in bold refer to hypothesis testing
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