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265
臺大管理論叢
第
28
卷第
2
期
Table 3 Main Result for H1-SGA
∆ln
(SGA)
∆ln
(SGA)
∆ln
(SGA)
Intercept
0.04295
-0.01958
0.02192
(21.49)***
(-2.57)**
(1.82)
∆
ln
(Sale)
0.57971
0.67089
0.33973
(112.28)***
(38.53)***
(26.70)***
CC
0.04076
0.05118
0.12013
(3.54)***
(4.44)***
(6.18)***
Dec
-0.03195
-0.02248
0.01311
(-8.97)***
(-6.33)***
(2.13)*
∆
ln
(Sale)*CC
-0.49735
-0.47123
-1.03732
(-27.69)***
(-26.30)***
(-21.52)***
∆
ln
(Sale)*Dec
-0.16276
-0.14354
-0.42537
(-15.20)***
(-13.14)***
(-17.97)***
CC*Dec
-0.00818
0.03997
-0.06557
(-0.43)
(2.06)**
(-1.55)
∆
ln
(Sale)
*CC*Dec
0.17843
0.38812
0.92644
(5.07)***
(10.26)***
(6.28)***
GDPGrowth
0.45447
0.34035
(7.64)***
(3.67)***
Size
0.00537
0.00815
(9.79)***
(9.25)***
RD
0.03267
(1.70)
ASINT
0.00595
0.02559
(13.93)***
(14.34)***
EMPINT
1.86671
2.79392
(15.64)***
(10.66)***
ASINT*∆
ln
(Sale)
0.0010
-0.03521
(18.38)***
(-7.60)***
EMPINT*∆
ln
(Sale)
-1.56462
-0.47931
(-11.29)***
(0.71)
Control for industry effects
No
Yes
Yes
N
46,825
46,825
46,825
Adj.
R
2
0.3809
0.4029
0.5932
t
statistics in parentheses
*
p
< 0.05, **
p
< 0.01, ***
p
< 0.001