153 / 274
臺大管理論叢
第
27
卷第
3
期
153
Dependent variable
Intra-industry performance of firm
i
at
t
H.
(1)
(2)
(3)
(4)
Industry age* Intra-industry experience addition
of TMT (
t
)*
Intra-industry ties to CTIA of TMT(
t
-1)
H2
-0.45*** -0.45***
(0.10)
(0.09)
Intra-industry ties to other cell-phone operators
of TMT (
t
-1)
H2
0.02
(0.05)
Extra-industry ties to other firms of TMT (
t
-1)
H2
0.00
(0.03)
Industry age*
Intra-industry ties to CTIA of TMT (
t
-1)
0.23**
0.20*
(0.11)
(0.11)
Intra-industry ties to other cell-phone operators
of TMT (
t
-1)
-0.07
(0.06)
Extra-industry ties to other firms of TMT(
t
-1)
-0.02
(0.03)
Intra-industry experience addition of TMT(
t
)
0.50***
0.51***
(0.11)
(0.10)
Constant
5.18
8.20
6.34
5.65
(11.28)
(10.80)
(10.43)
(10.34)
r2 o
0.32
0.31
0.418 0.437
r2 b
0.36
0.17
0.164 0.227
r2 w
0.31
0.39
0.468 0.463
Standard errors in parentheses
*
p
< 0.1, **
p
< 0.05, ***
p
< 0.01
Note: (1) 41 firms and 272 firm-year observations, (2) fixed-effects estimation, (3) The unit for
subscribers is in 100,000.