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

表 4 敘述性統計
Panel A 假說一之敘述性統計
百分位數
變數名稱 樣本數 平均數 標準差 最大值 最小值 25 50 75
CompAcct4 28,320 -0.008 0.013 -0.001 -0.090 -0.007 -0.004 -0.002
CompAcct3 28,320 -0.007 0.012 -0.001 -0.086 -0.006 -0.003 -0.002
KY 28,320 0.043 0.204 1 0 0 0 0
InstHold 28,320 40.983 22.381 91.420 1.800 23.220 39.365 57.840
BHold 28,320 5.896 10.911 51.080 0 0.150 1.040 5.160
THold 28,320 23.225 12.189 62.790 4.450 14.280 21.030 30.015
CFO 28,320 0.014 0.040 0.137 -0.119 -0.007 0.013 0.035
Grth 28,320 10.533 49.622 318.280 -79.010 -10.820 3.415 19.880
RD 28,320 0.057 0.133 1.088 0 0.003 0.021 0.054
MB 28,320 1.982 1.617 10.500 0.490 1.020 1.500 2.310
Lev 28,320 42.023 18.065 84.760 5.110 28.415 42.420 55.090
Size 28,320 15.404 1.451 19.923 12.478 14.411 15.227 16.192
Age 28,320 16.469 9.272 53 1 10 16 21

Panel B 假說二之敘述性統計
百分位數
變數名稱 樣本數 平均數 標準差 最大值 最小值 25 50 75
CompAcct4 27,092 -0.008 0.013 -0.001 -0.089 -0.007 -0.004 -0.002
CompAcct3 27,092 -0.007 0.012 -0.001 -0.085 -0.006 -0.003 -0.002
BoardLink 27,092 0.149 0.357 1 0 0 0 0
InstHold 27,092 40.427 22.203 90.630 1.640 22.820 38.870 56.920
BHold 27,092 5.983 10.986 51.480 0 0.160 1.060 5.380
THold 27,092 22.945 11.909 61.520 4.440 14.190 20.835 29.590
CFO 27,092 0.014 0.040 0.137 -0.118 -0.007 0.013 0.035
Grth 27,092 10.663 50.025 321.790 -78.830 -10.700 3.400 19.790
RD 27,092 0.057 0.129 1.038 0 0.003 0.021 0.054
MB 27,092 1.968 1.585 10.190 0.500 1.020 1.495 2.290
Lev 27,092 41.991 18.027 84.880 5.260 28.340 42.400 55.055
Size 27,092 15.402 1.451 19.931 12.469 14.410 15.219 16.192
Age 27,092 16.914 9.227 53 1 11 17 21

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