46 / 330
銀行業資訊科技支出之價值攸關性
46
Table 4 Regression for the Influence of IT Expenditures on Banks’ Profitability
(1)
(2)
Dependent Var.
ROA
i,t+1
ROE
i,t+1
ITD
it
0.003***
(0.001)
0.039***
(0.002)
ROA
it
0.432***
(0.002)
(2)
ROE
it
0.799***
(0.003)
LNMV
it
0.001***
(0.000)
0.013***
(0.000)
DER
it
-0.095***
(0.000)
-2.030***
(0.000)
Intercept
0.081***
(0.000)
1.742***
(0.000)
Adj-R
2
47.57%
49.33%
No. of obs.
2,952
2,952
a: All coefficients and p values are estimated based on double-clustered (year and firm) standard
errors. ROA = return on assets; ROE = return on equities; ITD = 1 if ITR > the median value in a
specific year where ITR = Information-technology related expenditures/total operating expenses.
LNMV = the natural log of market values; DER = the ratio of total debts to total assets.
b: p values are presented in parentheses. *:
p
< 0.10; **:
p
< 0.05; ***:
p
< 0.01.
Table 5 presents the results from the four regressions (Model 1.1, Model 1.2, Model 2.1,
and Model 2.2), which are estimated based on double-clustered (year and firm) standard
errors. In Column (1), we find the IT related costs (IT
it
) to have the expected positive sign
(coefficient = 2.034) and to be statistically significant (
p
= 0.001), consistent with H1.
According to the logic of the Ohlson model, the result indicates that IT related costs are
value-increasing or highly correlated with other value-relevant information.
13
Column (2)
reports the result based on Model 1.2 in which net income is separated into two parts: net
income excluding IT costs and IT costs. If IT related costs are considered as merely an
13 Some studies include dividends as one of the explanatory variables when applying the Ohlson (1995)
model, such as Cahan, Courtenay, Gronnewoller, and Upton (2000). Therefore, we include dividends as
additional variables in all of our regressions that use the market value as the dependent variable. The
results show that dividends (DV) are negative and significant (which is similar to the results documented
in Cahan et al., 2000), while the coefficients and significance of IT related variables are not materially
affected.