Table 7.

Cumulative abnormal returns in the business and professional services 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]	1.820	0.700	1.8426∗∗	1.1033
	$SE$	[-7,+7]	0.820	0.400	0.5215∗∗	−0.3424
	$TLSE$	[-7,+7]	1.820	0.700	2.0387	−1.0295
	$TI$	[-7,+7]	0.120	0.089	0.0150	0.0161∗∗∗
	$TR$	[-7,+7]	0.120	0.088	0.0570	0.0438
	$TE$	[-7,+7]	0.031	0.050	0.0314	0.0206
	$NI$	[-7,+7]	0.071	0.066	0.0182∗∗∗	0.0208
	$COA$	[-7,+7]	0.059	0.082	0.0318	0.0545
	$CIA$	[-7,+7]	0.055	0.091	0.1274	0.1498∗∗
	$CFA$	[-7,+7]	−0.330	0.280	−0.9165	−0.7558
	$CEP$	[-7,+7]	0.110	0.107	0.2225	0.5923
After the rising value-added tax, 2020 (VAT = 15 %)	$TA$	[-7,+7]	1.680	0.700	0.9205	1.2775
	$SE$	[-7,+7]	0.700	0.200	0.5601∗∗∗	0.4360
	$TLSE$	[-7,+7]	1.680	0.700	0.9438	0.6842
	$TI$	[-7,+7]	0.024	0.044	0.0134	0.0153
	$TR$	[-7,+7]	0.026	0.046	0.02303∗∗	0.0184∗∗
	$TE$	[-7,+7]	−0.017	0.055	−0.0216	−0.0159
	$NI$	[-7,+7]	−0.018	0.075	−0.0745	−0.0662
	$COA$	[-7,+7]	0.014	0.075	0.0302	−0.0494∗
	$CIA$	[-7,+7]	−0.0088	0.019	−0.0616	−0.0112
	$CFA$	[-7,+7]	−0.120	0.350	−0.2097	−0.2433∗∗
	$CEP$	[-7,+7]	0.130	0.099	0.1687	0.16039

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