Variable properties | Var abbreviation | (3) FE | (4) OLS |
Dependent variable | DAR | DAR | DAR |
Independent variables | ETR | 0.0259** (2.27) | 0.1317*** (6.85) |
NDTS | −0.5906*** (−2.88) | −1.7445*** (−11.91) | |
Control variables | SIZE | 0.0584*** (12.66) | 0.0459*** (25.82) |
AS | −0.0283 (−0.91) | 0.0943*** (3.48) | |
ROA | −0.4944*** (−14.41) | −1.4498*** (−25.95) | |
GROW | 0.0191*** (4.68) | 0.1029*** (10.55) | |
CASH | −0.0075 (−0.57) | 0.0397 (1.22) | |
CA | −0.0144*** (−16.10) | −0.0305*** (−26.50) | |
Z | 0.0001 (0.81) | 0.0002 (0.83) | |
Constant | −0.7640*** (−27.23) | −0.5219*** (−10.54) | |
Industry | Not control | Not control | |
Degree of fit | 0.3662 | 0.4839 |