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NTU Management Review Vol. 35 No. 1 Apr. 2025

(13) 1.0000

(12) 1.0000 0.0670 <.0001

(11) 1.0000 -0.0363 0.0029 -0.0112 0.3582

(10) 1.0000 0.0490 <.0001 -0.1063 <.0001 0.4806 <.0001

(9) 1.0000 -0.0619 <.0001 -0.2109 <.0001 0.0050 0.6839 0.1117 <.0001

樣本變數相關係數 (8) (7) 1.0000 1.0000 -0.0126 0.2991 -0.0865 -0.2598 <.0001 <.0001 -0.0145 0.0005 0.2326 0.9699 0.0295 0.0812 0.0153 <.0001 0.0691 -0.0968 <.0001 <.0001 -0.0558 -0.0594 <.0001 <.0001 顯著水準（雙尾）。

H3 (6) 1.0000 -0.1379 <.0001 0.0929 <.0001 -0.0410 0.0008 0.0209 0.0856 0.0512 <.0001 0.1597 <.0001 0.0885 <.0001 1% 表示
6 假說 (5) 1.0000 0.1799 <.0001 -0.1684 <.0001 0.0259 0.0336 0.2466 <.0001 -0.0872 <.0001 -0.0970 <.0001 0.4659 <.0001 0.3877 <.0001

表 顯著水準（雙尾）；***

(4) 1.0000 0.2202 <.0001 -0.1618 <.0001 -0.2526 <.0001 0.0018 0.8860 0.1159 <.0001 -0.0711 <.0001 -0.0047 0.7002 0.0283 0.0202 -0.0096 0.4296

5%
(3) 1.0000 0.0798 <.0001 0.4268 <.0001 0.0291 0.0169 -0.0641 <.0001 -0.0705 <.0001 0.0869 <.0001 0.2338 <.0001 0.0056 0.6470 0.0818 <.0001 0.5829 <.0001 表示

(2) 1.0000 -0.0025 0.8346 0.0465 0.0001 0.0383 0.0016 0.0382 0.0017 0.0238 0.0509 0.0148 0.2244 0.0693 <.0001 -0.0508 <.0001 0.2012 <.0001 0.0406 0.0009 -0.0113 0.3527 顯著水準（雙尾）；**

1。
(1) 1.0000 -0.0563 <.0001 0.2493 <.0001 0.0461 0.0002 0.1226 <.0001 0.0592 <.0001 -0.0675 <.0001 -0.0863 <.0001 -0.0204 0.0934 0.1901 <.0001 -0.0100 0.4140 -0.0049 0.6855 0.3033 <.0001 10%

INVREV (1) ES (2) LAYER (3) DEBT (4) SIZE (5) ROA (6) RD (7) CAPEXP (8) ESTY (9) TAXR (10) INDEP (11) INST (12) TCOST (13) 1：變數定義詳見表 註 表示 2：* 註

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