Table 4.

Cumulative abnormal returns in the Energy industry during different event window periods.

Scenario	Variables	Window	Statistical analysis
			Mean	Std. dev.	t-test	Wilcoxon
Before the rising value-added tax, 2019 (VAT = 5 %)	$TA$	[-7,+7]	24.3400	33.7800	3.8692	2.4913∗∗
	$SE$	[-7,+7]	5.3400	5.4600	2.2455	1.7104
	$TLSE$	[-7,+7]	24.3400	33.7800	15.1238	8.6791
	$TI$	[-7,+7]	0.9500	1.2300	0.2962∗∗∗	0.1212
	$TR$	[-7,+7]	1.0300	1.2900	0.2292	0.5615
	$TE$	[-7,+7]	0.4500	0.5700	0.0597	0.0589
	$NI$	[-7,+7]	0.5700	0.7500	0.2485	0.2745
	$COA$	[-7,+7]	−0.2300	0.3900	−0.0762∗	−0.2232∗
	$CIA$	[-7,+7]	0.2800	0.8700	0.2781	0.1217
	$CFA$	[-7,+7]	−0.2500	0.4600	−0.2084	−0.1341∗∗
	$CEP$	[-7,+7]	0.8900	0.9900	0.8758	0.6249
After the rising value-added tax, 2020 (VAT = 15 %)	$TA$	[-7,+7]	22.9700	32.1300	3.1489	1.6710
	$SE$	[-7,+7]	3.9700	4.0200	0.3563	0.2177
	$TLSE$	[-7,+7]	22.9700	32.9900	12.7117	11.5261
	$TI$	[-7,+7]	0.6100	0.9100	0.0791∗∗∗	0.0995
	$TR$	[-7,+7]	0.6300	1.1300	0.1488	0.1292∗∗
	$TE$	[-7,+7]	0.6000	0.6300	0.4537	0.1347
	$NI$	[-7,+7]	0.0110	0.5200	0.0571	0.3590
	$COA$	[-7,+7]	0.1100	−0.2400	0.0111∗	0.0818
	$CIA$	[-7,+7]	−0.00068	−0.0012	−0.0065	−0.0032∗∗
	$CFA$	[-7,+7]	−0.5700	0.8400	−0.4987	−1.9266
	$CEP$	[-7,+7]	0.5000	0.8000	0.3650	1.8250

∗∗∗, ∗∗, and ∗ represent 1, 5, and 10 % significance levels, respectively.