臺大管理論叢 NTU Management Review VOL.29 NO.1

301 NTU Management Review Vol. 29 No. 1 Apr. 2019 3. CEO equity risk exposure ($) 4. CEO equity incentive (%) 5. CEO equity risk exposure (%) 1992-2012 1992-2006 2007-2012 1992-2012 1992-2006 2007-2012 1992-2012 1992-2006 2007-2012 (7) (8) (9) (10) (11) (12) (13) (14) (15) 0.008 0.025 -0.054 -0.017 -0.005 -0.034 0.004 0.025 -0.053 (0.20) (0.56) (-0.79) (-0.50) (-0.12) (-0.52) (0.10) (0.54) (-0.81) 0.023 0.023 0.021 (2.67)*** (2.26)** (1.35) 0.061 0.059 0.049 (6.63)*** (5.57)*** (2.78)*** 0.022 0.017 0.036 (2.54)** (1.65)* (2.41)** 0.595 0.668 0.388 0.618 0.675 0.418 0.593 0.667 0.390 (12.56)*** (12.06)*** (4.59)*** (14.13)*** (13.35)*** (4.97)*** (12.52)*** (11.96)*** (4.80)*** 1.839 2.041 1.138 1.669 1.828 1.078 1.849 2.044 1.147 (14.14)*** (13.66)*** (4.53)*** (13.60)*** (13.02)*** (4.44)*** (14.20)*** (13.61)*** (4.72)*** -6.108 -7.166 -2.992 -5.431 -6.256 -2.699 -6.106 -7.144 -3.040 (-12.23)*** (-12.09)*** (-3.56)*** (-11.78)*** (-11.51)*** (-3.33)*** (-12.21)*** (-12.00)*** (-3.71)*** -0.167 -0.184 0.180 -0.234 -0.223 -0.088 -0.182 -0.192 0.026 (-1.60) (-1.61) (0.67) (-2.43)** (-2.13)** (-0.32) (-1.74)* (-1.67)* (0.10) 0.024 0.001 0.091 0.047 0.036 0.086 0.029 0.007 0.098 (0.55) (0.01) (1.24) (1.17) (0.76) (1.23) (0.65) (0.13) (1.38) -0.212 -0.351 -0.757 -0.338 -0.605 -0.666 -0.177 -0.376 -0.775 (-0.94) (-0.74) (-1.96)** (-1.61) (-1.46) (-1.81)* (-0.79) (-0.79) (-2.07)** Yes Yes Yes Yes Yes Yes Yes Yes Yes 335 252 83 349 269 80 335 252 83 0.504 0.545 0.435 0.549 0.580 0.467 0.503 0.541 0.463 (47.42)*** (41.81)*** (8.24)*** (59.27)*** (51.48)*** (9.01)*** (47.23)*** (41.08)*** (9.22)***