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| TESTED HYPOTHESIS | RESULT | ARGUMENTATION |
| H1 | The tax burden has a significant impact on the HTBLFS (High Tax Burden/Low Financial Stability) group:
H11 has a positive (+) effect
H12 has a negative (−) effect
H13 significant impact not determined | Accepted H11 has a positive (+) effect
Rejected H12 has a negative (−) effect
Rejected H13 significant impact not determined | The tax burden has a significant positive impact on state financial stability for the HTBLFS (High Tax Burden/Low Financial Stability) countries: A positive effect of the tax burden for this group was found in all indices. The tax burden influence to Financial system stability index has the lowest positive effect on HTBLFS (0.00026) group countries compared to other countries groups, which also have a positive effect (0.00083 in LTBHFS and 0.00221 in HTBHFS). |
| H2 | The tax burden has a significant impact on the LTBHFS (Low Tax Burden/High Financial Stability) group:
H21 has a positive (+) effect
H22 has a negative (−) effect
H23 significant impact not determined | Accepted H21 has a positive (+) effect
Rejected H22 has a negative (−) effect
Rejected H23 significant impact not determined | The tax burden has a significant positive impact on state financial stability for the LTBHFS (Low Tax Burden/High Financial Stability) group: This country group had the most indicators (10) with positive effects compared to other groups of countries, which was determined by the positive change in all three state financial stability indices. In the LTBHFS countries, the impact of the tax burden has the highest positive effect on public finance (0.03011) and economic stability (0.00789) between all country groups. |
| H3 | The tax burden has a significant impact on the HTBHFS (High Tax Burden/High Financial Stability) group:
H31 has a positive (+) effect
H32 has a negative (−) effect
H33 significant impact not determined | Rejected H31 has a positive (+) effect
Accepted H32 has a negative (−) effect
Rejected H33 significant impact not determined | The tax burden has a significant negative impact on state financial stability for the HTBHFS (High Tax Burden/High Financial Stability) countries:
The negative impact of the tax burden for this country group is found only in the Public finance stability index (-0.02639). However, the negative impact is stronger than the cumulative positive impact of Financial system stability (0.00221) and Economic stability (0.01218) indices, even considering that between all countries groups both indices have the highest positive effect in HTBHFS countries. |
| H4 | The tax burden has a significant impact on the LTBLFS (Low Tax Burden/Low Financial Stability) group:
H41 has a positive (+) effect
H42 has a negative (−) effect
H43 significant impact not determined | Accepted H41 has a positive (+) effect
Rejected H42 has a negative (−) effect
Rejected H33 significant impact not determined | The tax burden has a significant positive impact on state financial stability for the LTBLFS (Low Tax Burden/Low Financial Stability) countries. A positive effect is found for the Public finance stability index and the Economic stability index, but a negative impact on Financial system stability (-0.00279). Tax burden positively influences Economic stability in all country groups, but the lowest effect is found in LTBLFS countries (0.00005). |