E T R i , t = α 0 + α 1 D Y 09 i , t + α 2 D Y 09 i , t × O P E R i t , + α 3 S I Z E i , t + α 4 R O A i , t + α 5 L E V i , t + α 6 P P E i , t + α 7 T E C H i , t + α 8 L _ E T R i , t + ε i , t (1)

Variables

Pred. Sign

Coefficient

t-stat.

p-value

Intercept

0.003

0.05

0.9580

DY09

+

0.028

4.53***

<0.001

DY09 × OPER

+

0.048

2.11**

0.0348

SIZE

±

0.008

3.36***

0.0008

ROA

±

−0.038

−0.90

0.3686

LEV

0.024

0.76

0.4481

PPE

−0.039

−2.55**

0.0106

TECH

−0.014

−2.82***

0.0049

L_ETR

+

0.405

47.45***

<0.001

Adj R-squared

0.1339

F-value

326.70 (p-value < 0.0001)

n

16,848