Table 15 Polynomial regression results for firms with reputational risk (MP_ BTD).

From: Companies adjust tax payments to offset changes in publicly perceived impact on environment, social, and governance factors

   

Low-Risk Firms

   

High-Risk Firms

 
 

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

 

Fixed Effects Model

Fixed Effects Model

Pooled Regression

Pooled Regression

Fixed Effects Model

Fixed Effects Model

Pooled Regression

Pooled Regression

RRIave

0.0022

 

0.0016

 

−0.0020

 

−0.0016

 
 

(0.0014)

 

(0.0015)

 

(0.0014)

 

(0.0011)

 

RRIave^2

−0.0001*

 

−0.0001

 

0.0000

 

0.0000

 
 

(0.0001)

 

(0.0001)

 

(0.0000)

 

(0.0000)

 

RRImedian

 

0.0008

 

0.0005

 

−0.0022*

 

−0.0017

  

(0.0011)

 

(0.0012)

 

(0.0013)

 

(0.0011)

RRImedian^2

 

−0.0000

 

−0.0000

 

0.0000

 

0.0000

  

(0.0001)

 

(0.0001)

 

(0.0000)

 

(0.0000)

SCTR

−0.0536

−0.0514

−0.0318

−0.0296

0.1635***

0.1639***

0.1583*

0.1588*

 

(0.0757)

(0.0761)

(0.0883)

(0.0885)

(0.0629)

(0.0627)

(0.0814)

(0.0814)

Intang

0.0713**

0.0717**

0.0167

0.0164

0.0230

0.0241

0.0065

0.0065

 

(0.0321)

(0.0322)

(0.0137)

(0.0137)

(0.0147)

(0.0147)

(0.0093)

(0.0093)

RandD

−0.0414

−0.0858

0.3822***

0.3775***

−0.2388

−0.2186

0.1159

0.1150

 

(0.6985)

(0.7004)

(0.1039)

(0.1041)

(0.4495)

(0.4491)

(0.0792)

(0.0788)

Leverage

−0.0559*

−0.0537*

−0.0079

−0.0073

−0.0490

−0.0502*

−0.0095

−0.0091

 

(0.0293)

(0.0293)

(0.0167)

(0.0167)

(0.0301)

(0.0300)

(0.0185)

(0.0185)

SGA

−0.0126

−0.0137

−0.0016

−0.0016

0.0153

0.0133

−0.0080

−0.0082

 

(0.0268)

(0.0269)

(0.0058)

(0.0058)

(0.0227)

(0.0228)

(0.0056)

(0.0056)

CASH

0.1147**

0.1170**

0.0901***

0.0911***

0.0036

0.0014

0.0251

0.0256

 

(0.0511)

(0.0513)

(0.0342)

(0.0342)

(0.0653)

(0.0650)

(0.0324)

(0.0324)

GOV

0.0055

0.0065

0.0017

0.0026

−0.0037

−0.0039

−0.0050

−0.0050

 

(0.0138)

(0.0139)

(0.0157)

(0.0157)

(0.0107)

(0.0107)

(0.0138)

(0.0138)

COM

  

−0.0213

−0.0234

  

0.0155

0.0153

   

(0.0526)

(0.0526)

  

(0.0498)

(0.0497)

Year

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Country

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Firms

Yes

Yes

No

No

Yes

Yes

No

No

Constant

−0.0287

−0.0288

−0.1164

−0.1994∗∗

0.0033

0.0049

−0.0287

−0.0288

 

(0.0805)

(0.0805)

(0.1301)

(0.0958)

(0.0624)

(0.0623)

(0.0495)

(0.0495)

N

156

156

468

468

129

129

387

387

R2

0.632

0.629

0.277

0.275

0.739

0.740

0.353

0.354

  1. Standard errors in parentheses.
  2. ∗p < 0.1, ∗∗p < 0.05, ∗∗∗p < 0.01.
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