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Table 7 Parametric regressions for effects of TRRRCs on corporate tax avoidance

From: Does access to credit reduce SMEs’ tax avoidance? Evidence from a regression discontinuity design

  (1) (2) (3) (4) (5) (6) (7) (8)
  \(BTD\) \(BTD\) \(DDBTD\) \(DDBTD\) \(BTD\) \(BTD\) \(DDBTD\) \(DDBTD\)
\(SME\) − 0.041*** − 0.036*** − 0.026** − 0.025** − 0.029*** − 0.028*** − 0.021*** − 0.023***
  (0.011) (0.011) (0.010) (0.010) (0.008) (0.008) (0.007) (0.008)
\(SALEDIFF\) 0.007 − 0.000 − 0.006 − 0.011 − 0.010 − 0.009 − 0.018 − 0.015
  (0.013) (0.011) (0.012) (0.011) (0.015) (0.018) (0.012) (0.018)
\(SME\times SALEDIFF\) − 0.003 0.003 0.020 0.021 − 0.005 − 0.001 0.027 0.027
  (0.022) (0.020) (0.021) (0.019) (0.029) (0.035) (0.022) (0.034)
\({SALEDIFF}^{2}\)      0.002 0.000 − 0.005 − 0.003
      (0.009) (0.012) (0.006) (0.012)
\(CFO\)   0.072***   0.012   0.071***   0.021**
   (0.013)   (0.012)   (0.009)   (0.009)
   − 0.017   − 0.021*   − 0.004   − 0.006
\(LEVERAGE\)   (0.013)   (0.012)   (0.009)   (0.009)
   − 0.019   0.014    − 0.029    − 0.001
\(INVESTMENT\)   (0.027)   (0.025)   (0.020)   (0.019)
   0.038**   0.083***   0.020   0.071***
\(FIXED\)   (0.018)   (0.016)   (0.013)   (0.012)
   0.072***   0.012   0.071***   0.021**
Constant − 0.027 − 0.042 − 0.010 − 0.055 0.008 − 0.005 0.045 − 0.006
  (0.071) (0.070) (0.063) (0.063) (0.034) (0.038) (0.029) (0.035)
Industry Yes Yes Yes Yes Yes Yes Yes Yes
Year Yes Yes Yes Yes Yes Yes Yes Yes
N 2,212 2,402 2,244 2,445 4,832 4,228 5,816 4,193
\({R}^{2}\) 0.096 0.125 0.094 0.109 0.096 0.124 0.076 0.101
  1. This table presents estimates of parametric regressions using sample firms falling in the bandwidth based on CCTF. \(BTD\) and \(DDBTD\) are variables to measure tax avoidance. Columns (1)–(4) exclude the quadratic term of \(SALEDIFF\) and Columns (5)–(8) include. All regressions control for industry and year fixed effects. Standard errors are in the parentheses. *, **, and *** represent statistical significance level at the 1%, 5% and 10% levels, respectively.