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

167 NTU Management Review Vol. 30 No. 2 Aug. 2020 Sale i,t D S i,t · log · Dual i,t Sale i,t –1 Sale i,t log Sale i,t –1 Sale i,t D S i,t · log Sale i,t –1 Sale i,t D S i,t · log · Dual i,t Sale i,t –1 -2.796 -1.687 -1.687 -1.687 -0.047 0.057 -0.040 -0.014 0 0.059 0 0 0.186 0.203 0.116 0.074 0 3.834 0 0 Sale i,t D S i,t · log · Dual i,t Sale i,t –1 Sale i,t log Sale i,t –1 Sale i,t D S i,t · log Sale i,t –1 Sale i,t D S i,t · log · Dual i,t Sale i,t –1 (4) (5) (6) (7) 0.095*** 0.330*** 0.160*** 0.071*** 0.448*** 0.085*** 0.029*** 0.023*** 0.537*** 0.078*** 0.080*** 0.053*** 0.050*** 0.058*** 0.180*** 0.050*** 0.737*** 0.429*** 0.054*** 0.803*** 0.591*** 0.324*** 0.411*** 0.512*** δ M Dual β S 1 δ S 0 δ S Dual - + - - 0.017 0.355*** -0.192*** -0.086*** (1.30) (23.85) (-6.56) (-2.46) Adj. R 2 = 0.1724 N = 5,802 shares sold (“SSTK”), plus dividends paid (“DVC”) over year t ; MVE i,t is the market value of equity, measured as the absolute value of price (“PRCC_F”) times shares outstanding (“CSHO”) of firm i at the end of year t ; D M i,t is a dummy variable that takes the value of 1 when MVE i,t is less than MVE i,t –1 , and 0 otherwise; Sale i,t is net sales (“SALE”) of firm i in year t ; D S i,t is a dummy variable that takes the value of 1 when Sale i,t is less than Sale i,t –1 , and 0 otherwise; and Dual i,t is a dummy variable that equals one if the executive of firm i serves as the chairperson of the firm during the fiscal year of t , and zero otherwise. The sample period ranges from 2000 to 2014 (15 years), covering 5,802 observations from 1,062 non-financial firms. Among them, 1,887 observations have Dual i,t equal to one. In Panels A and B, *, **, and *** indicate statistical significance at the 0.10, 0.05, and 0.01 levels, respectively, for mean (two-tailed). #, ##, and ### indicate statistical significance at the 0.10, 0.05, and 0.01 levels, respectively, for median (two-tailed). In Panel C, *, **, and *** indicate statistical significance at the 0.10, 0.05, and 0.01 levels, respectively, based on two-tailed t -statistics.