臺大管理論叢第31卷第2期

161 NTU Management Review Vol. 31 No. 2 Aug. 2021 After×Treatment, are not significant. These results show that for both pharmaceutical and non-pharmaceutical firms, the Biopharmaceutical Act does not have any effect on innovation quality. The second subsample analysis is related to the level of a firm’s R&D intensity. The level of a firm’s R&D intensity appears to be relevant to the incentive effect of the Biopharmaceutical Act because the results in Table 4 show that the treated firms, which have lower R&D intensity, are more likely to be encouraged by the Biopharmaceutical Act. Therefore, we divide the sample into low and high R&D intensity groups. Table 6 shows the results of the DID regression for low and high R&D intensity firms in the intraindustry analysis. Table 6 DID Regression Result of Intra-industry: Subsample Analysis for Different R&D Intensity Level Panel A.1 DID Regression Result for R&D Investment in Inter-industry Analysis: Low R&D Intensity Firms One Matched Firm Two Matched Firms Three Matched Firms Four Matched Firms (1) (2) (1) (2) (1) (2) (1) (2) Aftert 1.3733 2.2328** 0.8936 1.3061* 0.9967* 1.3142** 0.9299** 1.1481** (0.1935) (0.0310) (0.6327) (0.0596) (0.0898) (0.0236) (0.0499) (0.0150) Treatmenti -2.2599** -0.4240 -1.5121** 0.1130 -1.2300* 0.0025 -0.7428 0.1777 (0.0140) (0.6495) (0.0325) (0.8764) (0.0597) (0.9970) (0.2006) (0.7659) Aftert × Treatmenti 2.9642** 2.2799* 2.8348*** 2.5107*** 2.4333*** 2.2252*** 2.3672*** 2.1840*** (0.0164) (0.0581) (0.0027) (0.0065) (0.0052) (0.0095) (0.0023) (0.0045) LN (TA)t -1.6298*** -1.8108*** -1.1485*** -1.5388*** -1.1644*** -1.4693*** -0.9882*** -1.2245*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) RDt-1 0.1710*** 0.1849*** 0.2128*** 0.2242*** 0.2617*** 0.2746*** 0.2878*** 0.2975*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) ROAt -0.4561*** -0.4169*** -0.3771*** -0.3451*** -0.3382*** -0.3183*** -0.3015*** -0.2859*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) Debt Ratiot 0.0977*** 0.0808*** 0.0689*** 0.0481*** (0.0000) (0.0000) (0.0000) (0.0000) Observations 746 746 1,121 1,121 1,474 1,474 1,859 1,859 Adjusted R2 0.5761 0.5999 0.5265 0.5475 0.5174 0.5322 0.4932 0.5021

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