臺大管理論叢 NTU Management Review VOL.29 NO.2

217 NTU Management Review Vol. 29 No. 2 Aug. 2019 Panel B: 應變數為 CETR 變數 預期方向 (1) (2) (3) (4) (5) cons -0.1723 (-12.42***) -0.1806 (-12.42***) -0.1462 (-10.56***) -0.1617 (-11.16***) -0.1619 (-11.60***) LTTIE-BOA - -0.0842 (-22.71***) -0.0443 (-8.74***) LTTIE-EXE - -0.1331 (-7.11***) -0.0504 (-2.78**) LTTIE-FAM - -0.0889 (-23.87***) -0.0099 (-2.38**) LTTIE-CPA - -0.0137 (-5.09***) -0.0569 (-11.22***) CAPINT +/- 0.0081 (0.88) 0.0093 (0.98) 0.0065 (0.71) 0.0111 (1.16) 0.0067 (0.74) EQINC - -3.6166 (-5.40***) -4.4744 (-6.43***) -3.6614 (-5.49***) -4.7977 (-6.90***) -3.2972 (-4.97***) SIZE +/- 0.0212 (21.50***) 0.0203 (19.68***) 0.0187 (19.14***) 0.0192 (18.82***) 0.0203 (20.53***) PTROA +/- 0.1207 (5.75***) 0.0683 (3.15***) 0.1143 (5.48***) 0.0731 (3.36**) 0.1256 (6.05***) DEBT - -0.0362 (-3.97***) -0.0275 (-2.91***) -0.0330 (-3.64***) -0.0257 (-2.71***) -0.0371 (-4.12***) RD +/- 0.2714 (1.17) 0.2664 (1.32) 0.2506 (1.35) 0.2706 (0.88) 0.2601 (0.79) IND yes yes yes yes yes YEAR yes yes yes yes yes Adj. R 2 0.1492 0.1417 0.1564 0.1479 0.1687 F -statistics 146.85 142.67 155.16 145.21 169.10