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

315 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) 0.360 0.161 0.824 0.395 0.129 1.085 0.394 0.131 0.928 (1.24) (3.39)*** (0.67) (1.27) (2.51)** (0.94) (1.27) (2.56)** (0.80) 0.226 0.133 1.255 0.217 0.149 1.028 0.220 0.145 1.602 (0.86) (3.38)*** (0.69) (0.77) (3.57)*** (0.61) (0.78) (3.47)*** (0.95) -0.226 0.041 -1.703 -0.219 0.065 -1.685 -0.219 0.065 -1.738 (-1.04) (1.14) (-1.90)* (-0.94) (1.68)* (-1.94)* (-0.94) (1.68)* (-2.01)** -0.271 -0.040 -0.590 -0.317 -0.043 -0.761 -0.317 -0.044 -0.610 (-1.81)* (-1.69)* (-0.77) (-2.07)** (-1.73)* (-1.09) (-2.07)** (-1.80)* (-0.84) -0.005 -0.004 -0.036 -0.006 -0.002 -0.044 -0.006 -0.002 -0.046 (-0.28) (-1.64) (-0.42) (-0.34) (-0.80) (-0.53) (-0.34) (-0.82) (-0.56) 0.078 -0.031 1.354 0.071 -0.039 1.228 0.070 -0.040 1.283 (0.43) (-1.10) (1.46) (0.38) (-1.36) (1.39) (0.38) (-1.39) (1.45) Yes Yes Yes Yes Yes Yes Yes Yes Yes 335 252 83 349 269 80 335 252 83 (5.32) (27.32) (0.92) (4.77) (32.20) (0.87) (4.77) (32.12) (1.05) 0.379 0.096 0.999 0.369 0.102 0.957 0.368 0.102 0.956 (3.17)*** (2.79)*** (2.05)** (2.78)*** (2.65)*** (1.94)* (2.77)*** (2.65)*** (1.94)* 0.076 0.058 0.524 0.102 0.051 0.591 0.105 0.051 0.621 (0.64) (1.79)* (0.93) (0.78) (1.37) (1.11) (0.80) (1.38) (1.17) -0.022 0.002 -0.162 -0.037 -0.003 -0.245 -0.037 -0.003 -0.249 (-0.27) (0.10) (-0.44) (-0.41) (-0.11) (-0.67) (-0.41) (-0.11) (-0.67) -0.267 0.012 -0.716 -0.269 0.012 -0.729 -0.269 0.012 -0.724 (-3.59)*** (0.56) (-2.21)** (-3.29)*** (0.52) (-2.22)** (-3.28)*** (0.52) (-2.21)** 0.0004 0.004 -0.021 0.004 0.004 -0.009 0.004 0.004 -0.009 (0.06) (2.13)** (-0.78) (0.58) (1.96)** (-0.34) (0.57) (1.96)** (-0.35) -0.267 -0.068 -0.703 -0.300 -0.074 -0.691 -0.300 -0.074 -0.690 (-2.87)*** (-2.53)** (-1.95)* (-2.95)*** (-2.48)** (-1.92)* (-2.94)*** (-2.48)** (-1.92)* Yes Yes Yes Yes Yes Yes Yes Yes Yes 903 663 240 1,011 767 244 903 663 240 (3.29) (2.31) (2.29) (1.812) (2.26) (1.47) (1.813) (2.26) (1.47)