Page 19 - SUSTAINABILITY ISSUES & COVID-19

The present study has several limitations. First, this study does not calculate the actual tax burden of the company and
instead, uses tax regulation to infer the possible tax burden. Second, since there is very limited number of a national
pawn companies that will be affected by the government regulation, this study only uses one unit of analysis. These
limitations call for future research to fill the gap in explaining the tax implications of an involuntary divestiture in a more
comprehensive way.

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