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

303 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) 0.053 0.067 -0.004 0.041 0.049 -0.012 0.053 0.067 -0.007 (2.45)** (2.42)** (-0.10) (1.89)* (1.84)* (-0.31) (2.43)** (2.42)** (-0.18) 0.002 0.002 0.010 (0.40) (0.23) (1.14) -0.004 0.0002 -0.014 (-0.66) (0.03) (-1.51) 0.002 0.001 0.008 (0.39) (0.17) (0.93) 0.843 0.871 0.790 0.869 0.921 0.768 0.842 0.871 0.789 (19.59)*** (16.87)*** (10.42)*** (19.82)*** (17.83)*** (9.86)*** (19.58)*** (16.87)*** (10.39)*** 1.443 1.529 1.087 1.549 1.639 1.143 1.444 1.528 1.104 (15.89)*** (14.01)*** (7.01)*** (16.34)*** (14.61)*** (7.14)*** (15.88)*** (13.99)*** (7.16)*** -6.293 -6.624 -5.293 -6.882 -7.302 -5.749 -6.297 -6.623 -5.333 (-14.49)*** (-13.10)*** (-6.12)*** (-14.44)*** (-13.22)*** (-6.33)*** (-14.48)*** (-13.08)*** (-6.16)*** -0.456 -0.512 -0.249 -0.341 -0.400 -0.151 -0.455 -0.513 -0.238 (-3.82)*** (-3.63)*** (-1.18) (-3.00)*** (-3.03)*** (-0.74) (-3.82)*** (-3.63)*** (-1.13) -0.005 -0.018 0.046 -0.005 -0.019 0.066 -0.005 -0.018 0.049 (-0.22) (-0.63) (1.04) (-0.20) (-0.69) (1.47) (-0.21) (-0.63) (1.11) -0.098 -0.113 -1.035 0.099 0.159 -0.951 -0.099 -0.114 -1.029 (-0.69) (-0.35) (-4.46)*** (0.72) (0.56) (-4.04)*** (-0.70) (-0.36) (-4.43)*** Yes Yes Yes Yes Yes Yes Yes Yes Yes 903 663 240 1011 767 244 903 663 240 0.449 0.448 0.522 0.436 0.446 0.475 0.449 0.448 0.521 (104.34)*** (75.89)*** (36.14)*** (110.95)*** (87.22)*** (30.56)*** (104.34)*** (75.88)*** (36.01)***