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

The Effect of Corporate Social Responsibility Performance on Financial Risk 296 β L Non-standard β L Standard cov ( L i , L m ) Non-standard GOVERNANCE 0.125 0.001 -0.085 (0.48) (0.05) (-0.76) HUMAN -0.355 -0.005 0.094 (-0.68) (-0.65) (0.69) Panel D: Model 4 CSRCOMPOSIT -0.129 0.003 -0.45** (-0.42) (0.40) (-1.92) 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.