Table 3

Regression results

Ln(price)	Specification 1 random erffect	Specification 1 fixed effect	Specification 2 random effect	Specification 2 fixed effect	Specification 3 random effect	Specification 3 fixed effect
Tiers	−0.071	−0.074	−0.072	−0.029	−0.069	−0.029
Tiers	(74.29)***	(66.83)***	(70.84)***	(19.61)***	(52.20)***	(16.19)***
Ln(Tax)	0.178	0.131	0.182	0.158	0.170	0.128
Ln(Tax)	(77.22)***	(35.88)***	(66.55)***	(44.36)***	(65.48)***	(39.99)***
Mixed x Ln(Tax)	−0.006	−0.003	−0.007	−0.005	0.046	0.043
Mixed x Ln(Tax)	(8.53)***	(3.83)***	(8.87)***	(5.86)***	(47.98)***	(43.65)***
Spec x Ln(Tax)	0.024	0.033	0.023	−0.010	0.036	0.009
Spec x Ln(Tax)	(21.37)***	(24.70)***	(21.24)***	(6.04)***	(29.47)***	(4.72)***
SKM x Ln(Tax)			−0.004	0.285	−0.006	0.210
SKM x Ln(Tax)			(4.00)***	(34.28)***	(4.85)***	(26.82)***
SPM x Ln(Tax)			0.008	0.688	0.007	0.620
SPM x Ln(Tax)			(3.81)***	(45.88)***	(3.46)***	(46.63)***
AC					0.018	0.016
AC					(24.37)***	(20.83)***
D2006					0.129	0.120
D2006					(48.01)***	(44.65)***
D2008					−0.214	−0.175
D2008					(63.37)***	(51.47)***
ACR					0.030	0.055
ACR					(10.88)***	(19.45)***
Constant	5.451	5.632	5.447	4.882	5.396	5.020
Constant	(565.04)***	(389.66)***	(549.34)***	(212.11)***	(584.53)***	(234.82)***
N	32 711	32 711	32 711	32 711	32 711	32 711
					Hausman Test Result Chi Square : 4390.42 Prob.>Chi Square : 0.0000 Decision : Fixed Effect

***P<0.01.
AC, Affiliated Company; ACR, Affiliated Company Rule; SKM, Sigaret Kretek Mesin; SPM, Sigaret Putih Mesin.