Table 6.

Cumulative abnormal returns in the capital goods 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]	1.420	1.030	1.4376	0.860838
	$SE$	[-7,+7]	0.510	0.380	0.3244	−0.21294
	$TLSE$	[-7,+7]	1.420	1.030	1.5906∗∗	−0.80323
	$TI$	[-7,+7]	0.036	0.046	0.0045∗∗	0.004831∗∗
	$TR$	[-7,+7]	0.038	0.044	0.0180	0.013875
	$TE$	[-7,+7]	0.013	0.052	0.0132	0.008664
	$NI$	[-7,+7]	−0.00014	0.015	−0.00036	−0.0041
	$COA$	[-7,+7]	0.015	0.390	0.0081	0.0138∗∗∗
	$CIA$	[-7,+7]	−0.017	0.053	−0.0394	−0.0463
	$CFA$	[-7,+7]	−0.017	0.026	−0.0472	−0.0389
	$CEP$	[-7,+7]	0.041	0.050	0.0829	0.2207∗
After the rising value-added tax, 2020 (VAT = 15 %)	$TA$	[-7,+7]	1.440	0.960	0.7894	1.095
	$SE$	[-7,+7]	0.530	0.410	0.4241	−0.1444
	$TLSE$	[-7,+7]	1.440	0.960	0.8090∗∗	0.5864∗
	$TI$	[-7,+7]	0.035	0.053	0.0195∗∗	0.0224∗
	$TR$	[-7,+7]	0.046	0.055	0.0407	0.0326
	$TE$	[-7,+7]	0.013	0.054	0.01658	0.0122
	$NI$	[-7,+7]	0.0065	0.025	0.0269	0.0239
	$COA$	[-7,+7]	0.0025	0.043	0.0054∗∗∗	−0.0880
	$CIA$	[-7,+7]	0.0048	0.0088	0.0033	0.0614
	$CFA$	[-7,+7]	−0.010	0.024	−0.0174	−0.0203∗∗∗
	$CEP$	[-7,+7]	0.044	0.044	0.0571	0.0543

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