Panel A: Descriptive Statistics of Total Sample (n = 17,157)

Variables

Mean

Std.

Median

Min

Max

ETR

0.272

0.250

0.212

0.000

1.000

DY09

0.785

0.411

1.000

0.000

1.000

OPER

0.055

0.132

0.005

0.000

1.162

DY09 × OPER

0.037

0.110

0.000

0.000

1.162

SIZE

21.732

1.174

21.596

18.833

25.582

ROA

0.049

0.059

0.045

−0.289

0.266

LEV

0.063

0.091

0.017

0.000

0.456

PPE

0.238

0.166

0.206

0.002

0.752

TECH

0.466

0.499

0.000

0.000

1.000

L_ETR

0.242

0.241

0.193

0.000

1.000

Panel B: Descriptive Statistics related to Pre-Implementation Year of Measures for Special Tax Adjustment (n = 3691)

Variables

Mean

Std.

Median

Min

Max

ETR

0.231

0.216

0.186

0.000

1.000

OPER

0.084

0.162

0.018

0.000

1.150

SIZE

21.353

1.040

21.267

18.837

25.528

ROA

0.042

0.064

0.039

−0.285

0.265

LEV

0.066

0.089

0.027

0.000

0.455

PPE

0.302

0.176

0.281

0.002

0.752

TECH

0.380

0.486

0.000

0.000

1.000

L_ETR

0.192

0.185

0.160

0.000

1.000

Panel C: Descriptive Statistics related to Post-Implementation Year of Measures for Special Tax Adjustment (n = 13,466)

Variables

Mean

Std.

Median

Min

Max

ETR

0.284

0.258

0.219

0.000

1.000

OPER

0.048

0.122

0.004

0.000

1.162

SIZE

21.835

1.187

21.694

18.833

25.582

ROA

0.051

0.057

0.047

−0.289

0.266

LEV

0.062

0.092

0.013

0.000

0.456

PPE

0.220

0.159

0.188

0.002

0.752

TECH

0.490

0.500

0.000

0.000

1.000

L_ETR

0.256

0.252

0.199

0.000

1.000