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

297 NTU Management Review Vol. 30 No. 2 Aug. 2020 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 -0.001 0.044 0.000 -0.283 -0.020 (-0.15) (0.77) (0.10) (-0.36) (-0.70) 0.002 0.118 0.001 -0.875 -0.014 (0.66) (1.23) (0.46) (-0.41) (-0.49) -0.011*** -0.054 -0.002 -2.636*** -0.042** (-2.51) (-0.53) (-0.95) (-3.74) (-1.69)