Table A2. Long-term effects Dependent...

Table A2.

Long-term effects

Dependent variable	F_GAAP_ETR			F2_GAAP_ETR
Panel A: GAAP ETR
Const	−1.289 (2.699)	−1.157 (2.701)	−1.172 (2.701)	1.002 (3.050)	1.185 (3.050)	1.166 (3.051)
NegM_peak_FY	0.016** (0.007)			0.017** (0.008)
NegM_peak_Q4		0.013** (0.006)			0.019*** (0.007)
NegM_peak_Q4Q1			0.013* (0.007)			0.018** (0.008)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
N	2,309	2,309	2,309	2,309	2,309	2,309
R² (overall)	0.07	0.07	0.07	0.06	0.07	0.07
Wald Chi²	122.24***	122.27***	121.52***	110.83***	113.68***	112.65***
Panel B: Cash ETR
Dependent variable	F_Cash_ETR			F2_Cash_ETR
Const	−2.667 (3.131)	−2.443 (3.135)	−2.512 (3.139)	0.036 (3.411)	0.362 (3.408)	0.371 (3.406)
NegM_peak_FY	0.030*** (0.009)			0.034*** (0.010)
NegM_peak_Q4		0.025*** (0.008)			0.036*** (0.008)
NegM_peak_Q4Q1			0.019** (0.008)			0.040*** (0.009)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
N	2,190	2,190	2,190	2,224	2,224	2,224
R² (overall)	0.07	0.07	0.07	0.07	0.07	0.07
Wald Chi²	118.45***	118.20***	112.82***	109.57***	116.37***	117.87***

Dependent variable	F_GAAP_ETR			F2_GAAP_ETR
Panel A: GAAP ETR
Const	−1.289 (2.699)	−1.157 (2.701)	−1.172 (2.701)	1.002 (3.050)	1.185 (3.050)	1.166 (3.051)
NegM_peak_FY	0.016** (0.007)			0.017** (0.008)
NegM_peak_Q4		0.013** (0.006)			0.019*** (0.007)
NegM_peak_Q4Q1			0.013* (0.007)			0.018** (0.008)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
N	2,309	2,309	2,309	2,309	2,309	2,309
R² (overall)	0.07	0.07	0.07	0.06	0.07	0.07
Wald Chi²	122.24***	122.27***	121.52***	110.83***	113.68***	112.65***
Panel B: Cash ETR
Dependent variable	F_Cash_ETR			F2_Cash_ETR
Const	−2.667 (3.131)	−2.443 (3.135)	−2.512 (3.139)	0.036 (3.411)	0.362 (3.408)	0.371 (3.406)
NegM_peak_FY	0.030*** (0.009)			0.034*** (0.010)
NegM_peak_Q4		0.025*** (0.008)			0.036*** (0.008)
NegM_peak_Q4Q1			0.019** (0.008)			0.040*** (0.009)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
N	2,190	2,190	2,190	2,224	2,224	2,224
R² (overall)	0.07	0.07	0.07	0.07	0.07	0.07
Wald Chi²	118.45***	118.20***	112.82***	109.57***	116.37***	117.87***

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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