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

313 NTU Management Review Vol. 29 No. 1 Apr. 2019 percentiles. All dollar values are in inflation-adjusted 2010 dollars. All regressions include firm and year dummies as control variables and standard errors were adjusted for heteroskedasticity and potential clustering of the residual at the firm level. The J statistic tests if the model over identifies at 1% significance level (Sargan, 1988). The number of observations varies due to data availability. ***, **, and * represent 1%, 5%, and 10% significance levels, respectively. 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) 0.352 0.115 0.923 0.344 0.116 0.908 0.342 0.116 0.896 (3.08)*** (4.04)*** (1.99)** (2.74)*** (3.67)*** (1.96)** (2.72)*** (3.67)*** (1.93)* 0.095 0.095 0.293 0.126 0.099 0.435 0.134 0.100 0.522 (0.84) (3.57)*** (0.50) (1.01) (3.36)*** (0.79) (1.08) (3.36)*** (0.95) -0.055 0.017 -0.434 -0.066 0.018 -0.518 -0.066 0.018 -0.525 (-0.68) (0.90) (-1.23) (-0.75) (0.84) (-1.47) (-0.75) (0.84) (-1.49) -0.282 -0.0150 -0.756 -0.292 -0.0164 -0.788 -0.291 -0.0165 -0.773 (-4.24)*** (-0.91) (-2.60)*** (-4.06)*** (-0.92) (-2.69)*** (-4.04)*** (-0.92) (-2.63)*** 0.001 0.001 -0.006 0.003 0.001 0.003 0.003 0.001 0.003 (0.10) (0.48) (-0.23) (0.50) (0.54) (0.13) (0.50) (0.54) (0.11) -0.160 -0.038 -0.347 -0.175 -0.041 -0.342 -0.174 -0.042 -0.341 (-1.93)* (-1.83)* (-1.02) (-1.97)** (-1.88)* (-1.01) (-1.97)** (-1.89)* (-1.01) Yes Yes Yes Yes Yes Yes Yes Yes Yes 1,238 915 323 1,360 1,036 324 1,238 915 323 (4.94) (11.84) (1.25) (3.79) (11.07) (0.99) (3.80) (11.07) (1.04)