variables

Model

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

lntaxrate

0.556***

(0.078)

0.549***

(0.078)

0.428***

(0.074)

0.421***

(0.074)

0.407***

(0.074)

0.602***

(0.076)

0.582***

(0.075)

lntaxrate1

0.483***

(0.102)

curassrate1

0.025*

(0.013)

−0.014

(0.013)

−0.020

(0.013)

−0.007

(0.014)

0.188***

(0.016)

0.170***

(0.016)

0.164***

(0.021)

per_output1

0.286***

(0.010)

0.286***

(0.010)

0.286***

(0.010)

0.180***

(0.010)

0.203***

(0.010)

0.215***

(0.013)

idebtrate1

0.016**

(0.007)

0.007

(0.007)

0.022***

(0.007)

0.029***

(0.007)

0.033***

(0.009)

longidebt1

0.404***

(0.079)

0.242***

(0.078)

0.195**

(0.078)

0.250**

(0.098)

age

0.153***

(0.007)

0.141***

(0.007)

0.143***

(0.009)

kldensity1

0.020***

(0.001)

0.020***

(0.002)

constant

3.272***

(1.045)

3.316***

(1.047)

0.718

(0.980)

0.743

(0.978)

0.737

(0.979)

0.891

(1.016)

0.585

(1.019)

1.074

(1.298)

year dummies

YES

YES

YES

YES

YES

YES

YES

YES

city dummies

YES

YES

YES

YES

YES

YES

YES

YES

industry dummies

YES

YES

YES

YES

YES

YES

YES

YES

observation

56523

56521

56521

56301

56301

56301

56301

37581

R2

0.107

0.107

0.125

0.125

0.125

0.131

0.136

0.136