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273
臺大管理論叢
第
28
卷第
2
期
∆ln
(SGA)
∆ln
(COGS)
∆ln
(OC)
RD
-0.0241
-0.1907
-0.1207
(-1.08)
(-11.80)***
(-8.75)***
ASINT
0.0000
0.0000
0.0000
(.)
(.)
(.)
EMPINT
0.0173
-0.0094
0.0089
(8.40)***
(-6.30)***
(6.96)***
ASINT*∆
ln
(Sale)
2.1776
0.3370
2.0212
(5.76)***
(1.23)
(8.63)***
EMPINT*∆
ln
(Sale)
-0.0386
-0.0162
-0.0503
(-7.10)***
(-4.10)***
(-14.92)***
Control for industry effects
Yes
Yes
Yes
N
38,795
38,795
38,795
Adj.
R
2
0.542
0.857
0.830
t
statistics in parentheses.
*
p
< 0.05, **
p
< 0.01, ***
p
< 0.001