An Empirical Analysis of the Impact of Environmental Protection Tax on Corporate Earnings Management

Table 4

Heterogeneity analysis.

Variable	Earnings management (DA)
	State-owned enterprises	State-owned enterprises	Pollution-intensive industry	Non-pollution-intensive industries	Economically developed area	Economically underdeveloped areas
ET	0.0002	0.0001	0.0003	0	0.0002	0.0001
	−0.0001	−0.0001	−0.0001	−0.0001	−0.0001	−0.0002
Sizew	−0.0071	−0.0063	−0.0071	−0.0069	−0.0064	−0.0109
	−0.0006	−0.0008	−0.0008	−0.0006	−0.0005	−0.0017
Levw	0.0299	0.0385	0.0243	0.0371	0.0327	0.0393
	−0.0048	−0.0047	−0.0054	−0.0043	−0.0037	−0.0105
Roaw	−0.1408	−0.2457	−0.2477	−0.2022	−0.2078	−0.2392
	−0.0255	−0.0189	−0.0265	−0.0188	−0.0169	−0.0432
Growthw	0.0327	0.0298	0.0397	0.0281	0.0313	0.0301
	−0.0023	−0.0021	−0.003	−0.0018	−0.0017	−0.0044
Cfow	−0.0375	−0.0904	−0.0323	−0.0837	−0.0701	−0.0038
	−0.0187	−0.0168	−0.0212	−0.0155	−0.0137	−0.0363
Age	0.0088	−0.0009	0.0042	0.0033	0.0042	−0.0008
	−0.0023	−0.0022	−0.0028	−0.0019	−0.0017	−0.0063
Shrcr1w	0.0001	0.0001	0.0002	0	0.0001	0.0002
	0	0	0	0	0	−0.0001
Independ	0.001	−0.0135	0.0059	−0.0155	−0.0143	0.0257
	−0.0113	−0.0131	−0.0134	−0.0106	−0.0092	−0.0245
Boardw	−0.0049	−0.0083	−0.0062	−0.0081	−0.0098	0.0178
	−0.0032	−0.004	−0.004	−0.0032	−0.0027	−0.0083
Dual	−0.0036	0.0001	0	−0.0012	−0.0003	0.0013
	−0.002	−0.0012	−0.0017	−0.0012	−0.0011	−0.0039
State	0	0	−0.0062	−0.0055	−0.0068	−0.0012
	(.)	(.)	−0.0016	−0.0012	−0.0011	−0.0033
_cons	0.1964	0.2203	0.1975	0.2298	0.2128	0.2270
	−0.0157	−0.0195	−0.019	−0.015	−0.0127	−0.0378
Adj.R^2	0.161	0.187	0.181	0.172	0.17	0.197
F	26.4662	31.0235	.	36.77	43.1705	.
N	10281	12733	7856	15158	19804	2271

Note: , , .