267 /302
267
臺大管理論叢
第
28
卷第
2
期
Table 4 Main Result for H1-COGS
∆ln
(COGS)
∆ln
(COGS)
∆ln
(COGS)
Intercept
-0.00981
-0.02494
-0.05987
(-5.45)***
(-3.57)*
(-8.21)***
∆
ln
(Sale)
1.01948
1.04304
0.55375
(219.16)***
(65.83)***
(71.73)***
CC
0.03334
0.04368
0.04587
(3.25)***
(4.19)***
(3.89)***
Dec
0.02428
-0.01170
0.06577
(7.57)***
(-2.34)**
(17.61)***
∆
ln
(Sale)*CC
-0.19654
-0.18235
-0.31037
(-12.22)***
(-11.22)***
(-10.61)***
∆
ln
(Sale)*Dec
-0.04348
-0.06408
-0.25001
(-4.52)***
(-6.44)***
(-17.41)***
CC*Dec
-0.01956
-0.00788
-0.01904
(-1.14)
(-0.045)
(-0.74)
∆
ln
(Sale)
*CC*Dec
0.29744
0.35024
0.61429
(9.43)***
(10.21)***
(6.87)***
GDPGrowth
0.08270
-0.03235
(1.52)
(-0.57)
Size
0.00077
0.00363
(1.54)
(6.78)***
RD
-0.09593
(-8.24)***
ASINT
-0.00364
0.00259
(-9.33)***
(2.4)**
EMPINT
0.68170
0.79707
(6.24)***
(5.01)***
ASINT*∆
ln
(Sale)
-0.0006
-0.02879
(-12.90)***
(-10.24)***
EMPINT*∆
ln
(Sale)
1.15648
2.11389
(9.15)***
(5.19)***
Control for industry effects
No
Yes
Yes
N
47,452
47,452
47,452
Adj.
R
2
0.7519
0.7541
0.9128
t
statistics in parentheses
*
p
< 0.05, **
p
< 0.01, ***
p
< 0.001