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 |