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銀行業資訊科技支出之價值攸關性
50
Table 7 Results of Additional Tests on the Non-Linearity Effect of IT Expenditures
(1)
(2)
Dependent Var.
ROA
i,t+1
Dependent Var.
MV
it
ITD
it
0.004***
(0.000)
IT
it
2.134***
(0.000)
ITD
it
×ITD
it
-0.061*
(0.090)
IT
it
×IT
it
-1.009*
(0.094)
ROA
it
0.432***
(0.000)
BV
it
0.906***
(0.000)
LNMV
it
0.001***
(0.000)
NI
it
1.878***
(0.000)
DER
it
-0.095***
(0.000)
Intercept
0.079***
(0.000)
Intercept
0.044***
(0.008)
Adj-R
2
49.51%
Adj-R
2
60.93%
No. of obs.
2,952
No. of obs.
2,952
a: All coefficients and p values are estimated based on double-clustered (year and firm) standard
errors. Refer to Tables 3 and 4 for variable definitions.
b: p values are presented in parentheses. *:
p
< 0.10; **:
p
< 0.05; ***:
p
< 0.01.
Table 8 The Effect of IT Expenditures on Subsequent ROAs
Dep. Var.
(1)FROA1
it
(2)FROA12
it
(3)FROA13
it
(4)FROA14
it
(5)FROA15
it
IT
it
0.034
(0.223)
0.087**
(0.024)
0.143**
(0.050)
0.207***
(0.002)
0.229***
(0.003)
ROA
it
0.579***
(0.000)
0.504***
(0.000)
0.489***
(0.000)
0.471***
(0.000)
0.498***
(0.000)
LNMV
it
0.001***
(0.000)
0.001***
(0.000)
0.001***
(0.004)
0.001
(0.131)
0.000
(0.357)
DER
it
-0.002
(0.331)
-0.006
(0.181)
-0.009
(0.236)
0.019
(0.132)
0.031
(0.111)
Intercept
0.005
(0.211)
0.009*
(0.077)
-0.005
(0.325)
-0.015
(0.125)
-0.027**
(0.027)
Adj-R
2
52.14%
46.04%
25.01%
13.90%
11.42%
No. of obs.
976
976
976
976
976
a: This table reports the positive effects of IT expenditures on ROAs in subsequent years. All
coefficients and p values are estimated based on double-clustered (year and firm) standard errors. p
values are presented in parentheses. *:
p
< 0.10; **:
p
< 0.05; ***:
p
< 0.01.
b: FROA1 = mean (ROA
i,t+1
); FROA12 = mean (ROA
i,t+1
, ROA
i,t+2
); FROA13 = mean (ROA
i,t+1
, ROA
i,t+2
,
ROA
i,t+3
); FROA14 = mean (ROA
i,t+1
, ROA
i,t+2
, ROA
i,t+3
, ROA
i,t+4
); FROA15 = mean (ROA
i,t+1
, ROA
i,t+2
,
ROA
i,t+3
, ROA
i,t+4
, ROA
i,t+5
); Refer to Tables 3 and 4 for other variable definitions.