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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
DVD/Sales
(1)
DVD/CFO
(2)
DVD/MV
(3)
DVD/E
(4)
Intercept
(?)
0.080***
(9.23)
0.319***
(8.48)
0.050***
(10.44)
0.253***
(3.68)
Diverge
(+)
0.002
(0.32)
0.072***
(2.60)
0.008**
(2.39)
-0.060
(-1.19)
Right
(+)
0.002**
(2.23)
0.042***
(12.14)
0.003***
(5.71)
0.017***
(2.69)
Diverge*Right
(+)
-0.001
(-0.85)
-0.025***
(-3.40)
-0.004***
(-4.01)
0.024*
(1.80)
G*Diverge
(+)
0.003***
(3.04)
0.006
(1.17)
0.001
(1.31)
0.030***
(3.34)
G*Right
(-)
0.000**
(2.29)
-0.002***
(-3.53)
-0.000***
(-3.86)
-0.001
(-1.21)
G*Diverge*Right
(-)
-0.001**
(-2.46)
-0.001
(-0.39)
0.000
(0.40)
-0.009***
(-3.46)
Adjusted R
2
####
21.14%
####
21.42%
####
16.28%
####
9.44%
Panel C Rating of Disclosure Standards (No. of Observations: 5,926)
Intercept
(?)
0.066***
(4.54)
-0.061***
(-0.97)
-0.021***
(-2.67)
0.201*
(1.73)
Diverge
(+)
-0.033
(-1.39)
-0.027
(-0.25)
-0.008
(-0.61)
-0.152
(-0.79)
Disclosure
(+)
0.000*
(2.31)
0.008***
(11.74)
0.001***
(11.41)
0.000
(0.11)
Diverge* Disclosure
(+)
0.000
(1.25)
0.000
(0.19)
0.000
(0.36)
0.002
(0.88)
G*Diverge
(+)
0.020***
(4.63)
0.048***
(2.62)
0.006***
(2.73)
0.087***
(2.59)
G*Disclosure
(-)
0.000
(1.05)
-0.000***
(-5.48)
-0.000***
(-7.48)
0.000
(0.17)
G*Diverge*Disclosure
(-)
-0.000***
(-4.39)
-0.001**
(-2.53)
-0.000**
(-2.31)
-0.001**
(-2.48)
Adjusted R
2
####
20.98%
####
21.87%
####
18.02%
####
8.80%
Note: The variables are as defined in Appendix A. The results for the control variables are not
reported in Panels B and C. We include industry dummies, but do not report the results. ***
(**,*) indicates statistical significance at the 1% (5%, 10%) level, two-tailed.