Variable properties

Var abbreviation

(1) RE

(2) RE

Dependent variable

DAR

DAR

DAR

Independent variables

ETR

0.0341***

(2.98)

0.0317***

(2.78)

NDTS

−0.7653***

(−4.17)

−0.5329***

(−2.88)

Control variables

SIZE

0.0569***

(19.39)

0.0567***

(19.42)

AS

−0.0189

(−0.65)

−0.0331

(−1.13)

ROA

−0.5448***

(−15.80)

−0.5389***

(−15.64)

GROW

0.0218***

(5.40)

0.0233***

(5.76)

CASH

−0.0066

(−0.49)

−0.0062

(−18.63)

CA

−0.0161***

(−18.42)

−0.0163***

(−18.63)

Z

0.0001

(0.87)

0.0001

(0.89)

Constant

-0.7287***

(-9.58)

−0.0163***

(−18.63)

Industry

Not control

Control

Sample

3584

3584

Degree of fit

0.3868

0.4650