269 /302
269
臺大管理論叢
第
28
卷第
2
期
Table 5 Main Result for H1-OC
∆ln
(OC)
∆ln
(OC)
∆ln
(OC)
Intercept
0.02586
-0.02936
0.03301
(19.14)***
(-5.88)***
(5.29)***
∆
ln
(Sale)
0.76861
0.85941
0.42126
(220.07)***
(75.77)***
(63.81)***
CC
0.07406
0.08888
0.07406
(9.60)***
(11.91)***
(7.34)***
Dec
-0.02125
-0.01106
0.01918
(-8.83)***
(-4.77)***
(6.01)**
∆
ln
(Sale)*CC
-0.48800
-0.46657
-0.60524
(-40.40)***
(-40.11)***
(-24.21)***
∆
ln
(Sale)*Dec
-0.05840
-0.03978
-0.16485
(-8.08)***
(-5.59)***
(-13.43)***
CC*Dec
-0.14192
-0.07854
-0.06397
(-11.06)***
(-6.24)***
(-2.92)**
∆
ln
(Sale)
*CC*Dec
-0.00295
0.29645
0.35789
(-0.12)
(12.07)***
(4.68)***
GDPGrowth
0.46390
0.39507
(11.92)***
(8.21)***
Size
0.00374
0.00681
(10.42)***
(14.90)***
RD
-0.03734
(-3.75)***
ASINT
0.00574
0.01919
(20.57)***
(20.73)***
EMPINT
1.48852
2.20747
(19.02)***
(16.23)***
ASINT*∆
ln
(Sale)
0.00107
-0.05853
(30.31)***
(-24.35)***
EMPINT*∆
ln
(Sale)
-2.35861
-2.08518
(-26.08)***
(-5.99)***
Control for industry effects
No
Yes
Yes
N
47,452
47,452
47,452
Adj.
R
2
0.7342
0.7605
0.8967
t
statistics in parentheses
*
p
< 0.05, **
p
< 0.01, ***
p
< 0.001