臺大管理論叢 NTU Management Review VOL.30 NO.2

Asymmetric Valuation Adjustments in Accumulated Other Comprehensive Income 166 Table 9 Additional Test of H3 using CEO Duality for Agency Costs Panel A: Distributions of the Log Specifications of Adjusted Net Assets, Market Value, and Sales Revenue with Dummy Variables NA i,t log NA i,t –1 MVE i,t log MVE i,t –1 MVE i,t D M i,t · log MVE i,t –1 Min. -2.299 -3.381 -3.381 Mean -0.002 0.062 -0.139 Median -0.005 0.102 0 Std. Dev. 0.170 0.477 0.303 Max. 1.687 5.459 0 Panel B: Pairwise Pearson (Spearman) Correlations above (below) the Diagonal NA i,t log NA i,t –1 MVE i,t log MVE i,t –1 MVE i,t D M i,t · log MVE i,t –1 (1) (2) (3) (1) 0.243*** 0.158*** (2) 0.297*** 0.830*** (3) 0.243*** 0.870*** (4) 0.124*** 0.417*** 0.479*** (5) 0.348*** 0.102*** 0.092*** (6) 0.211*** 0.053*** 0.088*** (7) 0.117*** 0.035*** 0.053*** Panel C: Pairwise Pearson (Spearman) Correlations above (below) the Diagonal β 0 β M 1 δ M 0 Expected sign + - -0.047*** 0.110*** -0.073*** (-14.47) (14.36) (-5.69) Note: This table presents distribution, correlations, and results from a pooled cross sectional OLS regression of the following model: where NA i,t is the book value of net assets, measured as total assets (Compustat item “AT”) minus total debt (“DT”) of firm i at the end of fiscal year t , and excluding net income (“NI”) and