Fig 1.
Inquiry process of financial reporting in China’s stock exchanges.
Table 1.
Annual sample distribution of comment letters.
Table 2.
Variables definitions.
Table 3.
Descriptive statistics of the main variables.
Table 4.
Tax avoidance and likelihood of receiving tax-related comment letter.
Table 5.
The effect of tax-related comment letters on subsequent tax avoidance.
Table 6.
Dynamic effect.
Table 7.
Covariate balance of PSM sample.
Fig 2.
Dynamic effect of stagger DID.
Fig 3.
Kdensity pscore of sample before and after PSM.
Fig 4.
The regression results based on PSM samples are shown in Table 8. The coefficient of taxfirm*post is significantly negative in both Column(1) and Column(2), indicating that the conclusions of baseline still hold after controlling the difference of treated and controlled groups.
Table 8.
PSM sample regression results.
Fig 5.
Placebo test.
Table 9.
Effect of tax-related comment letter on ETR and cash ETR.
Table 10.
Controls the impact of tax policy impacts.
Table 11.
The impact of tax-related comment letter text information.
Table 12.
Impact of revising accounting information.
Table 13.
Effect of tax-related comment letters on firms’ tax avoidance among different ownership.
Table 14.
The impact of political connections.
Table 15.
The intensity of tax collection and administration.