Table A5. Subsamples Dependent variable...

Table A5.

Subsamples

Dependent variable	Avg3_GAAP_ETR			Avg3_Cash_ETR
Panel A: removing loss-making firms
Const	−1.164 (1.425)	−1.017 (1.425)	−0.960 (1.424)	−0.996 (1.657)	−0.753 (1.654)	−0.714 (1.659)
NegM_peak_FY	0.014*** (0.005)			0.026*** (0.006)
NegM_peak_Q4		0.014*** (0.004)			0.026*** (0.005)
NegM_peak_Q4Q1			0.016*** (0.004)			0.023*** (0.005)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
N	2,155	2,155	2,155	2,004	2,004	2,004
R² (overall)	0.15	0.15	0.15	0.17	0.18	0.17
Wald Chi²	163.10***	166.04***	167.78***	188.11***	196.01***	187.01***
Panel B: removing financial firms
Const	−0.886 (1.647)	−0.749 (1.648)	−0.767 (1.647)	−0.841 (1.836)	−0.646 (1.835)	−0.729 (1.838)
NegM_peak_FY	0.012** (0.006)			0.019*** (0.006)
NegM_peak_Q4		0.013*** (0.005)			0.020*** (0.006)
NegM_peak_Q4Q1			0.015*** (0.005)			0.018*** (0.006)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
N	1,760	1,760	1,760	1,633	1,633	1,633
R² (overall)	0.12	0.13	0.13	0.15	0.15	0.15
Wald Chi²	129.64***	131.99***	133.58***	141.38***	146.53***	142.55***
Panel C: removing UK firms
Const	−0.960 (1.571)	−0.849 (1.571)	−0.839 (1.571)	−0.668 (1.760)	−0.468 (1.758)	−0.499 (1.763)
NegM_peak_FY	0.012** (0.006)			0.022*** (0.007)
NegM_peak_Q4		0.012** (0.005)			0.024*** (0.006)
NegM_peak_Q4Q1			0.013** (0.005)			0.022*** (0.006)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
N	1,716	1,716	1,716	1,564	1,564	1,564
R² (overall)	0.15	0.15	0.15	0.16	0.17	0.16
Wald Chi²	135.23***	136.71***	137.42***	128.96***	135.93***	131.13***

Dependent variable	Avg3_GAAP_ETR			Avg3_Cash_ETR
Panel A: removing loss-making firms
Const	−1.164 (1.425)	−1.017 (1.425)	−0.960 (1.424)	−0.996 (1.657)	−0.753 (1.654)	−0.714 (1.659)
NegM_peak_FY	0.014*** (0.005)			0.026*** (0.006)
NegM_peak_Q4		0.014*** (0.004)			0.026*** (0.005)
NegM_peak_Q4Q1			0.016*** (0.004)			0.023*** (0.005)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
N	2,155	2,155	2,155	2,004	2,004	2,004
R² (overall)	0.15	0.15	0.15	0.17	0.18	0.17
Wald Chi²	163.10***	166.04***	167.78***	188.11***	196.01***	187.01***
Panel B: removing financial firms
Const	−0.886 (1.647)	−0.749 (1.648)	−0.767 (1.647)	−0.841 (1.836)	−0.646 (1.835)	−0.729 (1.838)
NegM_peak_FY	0.012** (0.006)			0.019*** (0.006)
NegM_peak_Q4		0.013*** (0.005)			0.020*** (0.006)
NegM_peak_Q4Q1			0.015*** (0.005)			0.018*** (0.006)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
N	1,760	1,760	1,760	1,633	1,633	1,633
R² (overall)	0.12	0.13	0.13	0.15	0.15	0.15
Wald Chi²	129.64***	131.99***	133.58***	141.38***	146.53***	142.55***
Panel C: removing UK firms
Const	−0.960 (1.571)	−0.849 (1.571)	−0.839 (1.571)	−0.668 (1.760)	−0.468 (1.758)	−0.499 (1.763)
NegM_peak_FY	0.012** (0.006)			0.022*** (0.007)
NegM_peak_Q4		0.012** (0.005)			0.024*** (0.006)
NegM_peak_Q4Q1			0.013** (0.005)			0.022*** (0.006)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
N	1,716	1,716	1,716	1,564	1,564	1,564
R² (overall)	0.15	0.15	0.15	0.16	0.17	0.16
Wald Chi²	135.23***	136.71***	137.42***	128.96***	135.93***	131.13***

Notes:

Standard errors in parentheses. Controls include all the controls used in the baseline model; ***, ** and * indicate significance levels at 1, 5 and 10%, respectively; Coefficients in bold refer to hypothesis testing

Source: Authors own creation

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