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 |