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

235 NTU Management Review Vol. 30 No. 2 Aug. 2020 Table 4 Univariate Analysis Variable Reason_Disclosure Reason_Disclosure MAO Grouped by STATE Post_2007 Reason_Disclosure Yes No Yes No Yes No Disclose 394 (45.87%) 244 (50.73%) Disclose 533 (55.18%) 105 (28.07%) MAO 51 (7.99%) 91 (12.96%) Not disclose 465 (54.13%) 237 (49.27%) Not disclose 433 (44.82%) 269 (71.93%) No MAO 587 (92.01%) 611 (87.03%) # of observations Total 859 481 Total 966 374 Total 638 702 T -Test Mean 45.87% 50.73% 52.50% 28.07% 7.99% 12.96% Difference -4.86% 24.43% -4.97% p -value 0.088 <0.001 0.003