6.2. Cash ETR
The results of estimating Eq. (1) with the Cash ETR are presented in Table 3, columns (5) through (8), and parallel our
analysis of the GAAP ETR. When we consider the level of compensation as the measure of incentives in columns (5) and (6),
we fail to find a significant relationship between the incentives of any of the executives and the Cash ETR. When
compensation mix is used as the measure of incentives in columns (7) and (8), we again find no relationship between
executive incentives and the Cash ETR in any of the specifications.27