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

291 NTU Management Review Vol. 30 No. 2 Aug. 2020 β L Non-standard β L Standard cov ( L i , L m ) Non-standard cov ( L i , L m ) Standard cov ( L i , R m ) Non-standard cov ( L i , R m ) Standard β M Non-standard β M Standard HUMAN 0.196 0.005 0.020 -0.001 0.024 -0.000 0.444 -0.003 (0.24) (0.37) (0.16) (-0.56) (0.24) (-0.01) (0.38) (-0.17) Panel D: Model 4 CSRCOMPOSIT -0.574** -0.015** -0.378** -0.007** 0.017 0.000 -1.703*** -0.032** (-2.13) (-2.14) (-2.36) (-2.01) (0.34) (0.04) (-2.80) (-1.78) Note: All variables are calculated as described in the Appendix A. Note: t statistics in parentheses.* p < 0.1, ** p < 0.05, *** p < 0.01, the p -values are based on standard errors clustered by firm and year. The significance of CSR variables are based on one-tailed or two-tailed tests according to our hypotheses and others are based on two-tailed tests.