Page 148 - 臺大管理論叢第32卷第1期

The Determinants of Voluntary Disclosure of Unaudited Earnings by Listed Company on Market Observation
Post System

表 4 影響管理當局是否自願性揭露自結損益決定因素之迴歸結果
Dependent Predicted (1) (2)
Variable Logit Model Probit Model
Sign
DECLAER 1 Coefficient Marginal Effect Coefficient Marginal Effect
NCO + 0.1058 * 0.0078 0.0712 ** 0.0100
(1.42) (1.82)
SIZE + 0.6560 *** 0.0484 0.3450 *** 0.0485
(17.62) (17.56)
COR ? -0.0055 -0.0004 0.0134 0.0019
(-0.06) (0.28)
BHAR - -0.2755 *** -0.0203 -0.1350 ** -0.0190
(-2.45) (-2.32)
PROFIT + 2.3832 *** 0.1757 1.1141 *** 0.1566
(7.28) (6.93)
DEBT + 0.0797 0.0059 0.0140 0.0020
(0.32) (0.11)
FAMILY - -0.1203 ** -0.0089 -0.0808 ** -0.0114
(-1.65) (-2.12)
INSTI + -0.4363 * -0.0322 -0.0964 -0.0135
(-1.35) (-0.56)
MGT - -0.0548 -0.0040 0.0171 0.0024
(-0.22) (0.13)
BOARD ? 0.0360 ** 0.0027 0.0169 * 0.0024
(2.02) (1.76)
INDBOARD ? -0.4838 ** -0.0357 -0.2574 ** -0.0362
(-2.07) (-2.13)
_cons -15.1950 *** -7.9509 ***
(-18.91) (-21.21)
Yes Yes
YEAR EFFECT
Yes Yes
IND EFFECT
N 12,115 12,115
Pseudo R 2 19.63% 19.48%
LR chi 2 1,522.46 *** 1,510.63 ***
2
chi p-value (0.00) (0.00)
註：變數定義詳見表 1。
括弧內代表 z 值，顯著值 * p < 0.1、** p < 0.05、*** p < 0.01，各項變數若有預期方向，其為單
尾檢定；若無則為雙尾檢定。

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