Accelerated Depreciation Tax Credit and Corporate Financialization Based on the PSM-DID Model

Table 3

Impact of accelerated depreciation and tax credit policies for fixed assets.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	RD	FASS	DTax	FIN	RD	FASS	DTax	FIN
DID	0.241	0.203	0.171	-0.160	0.112	0.170	0.090	-0.192
	(0.07)	(0.02)	(0.09)	(0.03)	(0.04)	(0.02)	(0.04)	(0.05)
Size					0.157	0.281	0.220	0.218
					(0.07)	(0.09)	(0.07)	(0.05)
Lev					-0.185	-0.229	-0.142	-0.562
					(0.03)	(0.03)	(0.05)	(0.06)
Htech					0.152	0.320	0.302	0.200
					(0.03)	(0.03)	(0.05)	(0.04)
Age					-0.138	-0.225	-0.341	-0.221
					(0.07)	(0.06)	(0.04)	(0.05)
Cash					0.332	0.148	0.225	0.255
					(0.07)	(0.06)	(0.04)	(0.05)
ROE					0.128	0.096	0.242	0.160
					(0.05)	(0.03)	(0.06)	(0.07)
GPM					0.057	0.020	0.325	0.226
					(0.08)	(0.07)	(0.05)	(0.07)
Tobin					0.057	0.020	0.076	0.064
					(0.04)	(0.04)	(0.06)	(0.05)
Cons	-1.543	-2.062	2.526	3.722	-4.181	-1.254	1.528	5.366
	(0.08)	(0.06)	(0.09)	(0.04)	(0.04)	(0.06)	(0.05)	(0.07)
Obs	10850	10850	10850	10850	10850	10850	10850	10850
Samples	1085	1085	1085	1085	1085	1085	1085	1085

Note: , , and are significant, respectively, at the levels of 1%, 5%, and 10%.