| Regression Results | ||||
|
| ETR | RATE | ||
| f_CEO_fturnover | f_CEO_fturnover | f_CEO_fturnover | f_CEO_fturnover | |
| ETR | −0.043* |
|
|
|
|
| (−1.64) |
|
|
|
| highETR |
| 0.146** |
|
|
|
|
| (2.01) |
|
|
| lowETR |
| 0.350*** |
|
|
|
|
| (4.73) |
|
|
| RATE |
|
| −0.084*** |
|
|
|
|
| (−3.16) |
|
| highRATE |
|
|
| 0.028 |
|
|
|
|
| (0.40) |
| lowRATE |
|
|
| 0.184*** |
|
|
|
|
| (2.65) |
| size | −0.012 | −0.010 | −0.019 | −0.015 |
|
| (−0.55) | (−0.46) | (−0.84) | (−0.68) |
| leverage | 0.199 | 0.158 | 0.202 | 0.190 |
|
| (0.76) | (0.60) | (0.77) | (0.73) |
| dsales | −0.137 | −0.119 | −0.128 | −0.123 |
|
| (−1.04) | (−0.91) | (−0.97) | (−0.93) |
| dROA | −0.121 | −0.117 | −0.121 | −0.123 |
|
| (−0.53) | (−0.53) | (−0.54) | (−0.54) |
| ownership | 0.499*** | 0.493*** | 0.492*** | 0.493*** |
|
| (9.18) | (9.05) | (9.04) | (9.06) |
| duality | 0.583*** | 0.587*** | 0.582*** | 0.580*** |
|
| (8.08) | (8.13) | (8.06) | (8.05) |
| meat_beat | −0.204*** | −0.189*** | −0.204*** | −0.202*** |
|
| (−3.45) | (−3.20) | (−3.46) | (−3.43) |
| Industry | Control | Control | Control | Control |
| Year | Control | Control | Control | Control |
| _cons | −2.727*** | −3.065*** | −2.588*** | −2.759*** |
|
| (−5.28) | (−5.88) | (−5.01) | (−5.30) |
| N | 13,943 | 13,943 | 13,943 | 13,943 |