臺大管理論叢 NTU Management Review VOL.28 NO.1

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臺大管理論叢 第 28 卷第 1 期
Panel B. Anti-Director Rights (No. of Observations: 6,093)
Independent
Variable
Exp.
Sign
IADvd/Sales
(1)
IADvd/CFO
(2)
IADvd/MV
(3)
IADvd/E
(4)
Intercept (?)
0.056***
(6.81)
0.156***
(4.41)
0.029***
(6.40)
-0.028
(-0.44)
Diverge (+)
0.001
(0.20)
0.071***
(2.59)
0.009***
(2.65)
-0.041
(-0.81)
Right (+)
0.002**
(2.50)
0.041***
(11.79)
0.002***
(5.34)
0.014**
(2.22)
Diverge*Right (+)
-0.001
(-0.88)
-0.026***
(-3.50)
-0.004***
(-4.14)
0.018
(1.33)
G*Diverge (+)
0.004***
(3.70)
0.007
(1.37)
0.001
(1.60)
0.029***
(3.22)
G*Right (-)
0.000***
(3.22)
-0.001***
(-2.85)
-0.000***
(-2.63)
-0.000
(-0.28)
G*Diverge*Right (-)
-0.001***
(-3.19)
-0.001
(-0.59)
0.00
(0.00)
-0.008***
(-3.63)
Adjusted R2 ####
14.60%
####
19.04%
####
15.32%
####
8.68%
Panel C. Rating of Disclosure Standards (No. of Observations: 5,926)
Intercept (?)
0.050***
(3.47)
-0.160***
(-2.58)
-0.035***
(-4.55)
-0.007
(-0.06)
Diverge (+)
-0.037
(-1.54)
-0.043
(-0.42)
-0.003
(-0.27)
-0.105
(-0.56)
Disclosure (+)
0.000*
(1.77)
0.007***
(10.60)
0.001***
(10.73)
-0.001
(-0.56)
Diverge*Disclosure (+)
0.000
(1.35)
0.000
(0.31)
0.000
(0.05)
0.002
(0.62)
G*Diverge (+)
0.021***
(5.08)
0.053***
(2.90)
0.006***
(2.71)
0.094***
(2.82)
G*Disclosure (-)
0.000**
(2.45)
-0.004***
(-4.35)
-0.000***
(-6.63)
0.000
(1.55)
G*Diverge*Disclosure (-)
-0.000***
(-4.84)
####
-0.001***
(-2.79)
####
-0.000**
(-2.30)
####
-0.001***
(-2.70)
####
Adjusted R2 14.28% 19.15% 16.82% 7.97%
Note: The variables are as defined in Appendix A. The results for the control variables in Panels B
and C are not reported. The variables are defined in Appendix A. *** (**,*) indicates statistical
significance at the 1% (5%, 10%) level, two-tailed.