Page 186 - 臺大管理論叢第32卷第2期

Directors’ and Officers’ Liability Insurance and Corporate Social Responsibility

tobinqfu1 0.0743*** (20.40) -0.186*** (-15.51) -0.00488*** (-6.87) 3.56e-09 (0.42) 0.00122*** (5.99) -0.00613*** (-9.46) 0.0284*** (7.38) -0.00121*** (-2.72) 0.000792 (1.46) -0.00263 (-0.86) 0.00382*** (8.82) 0.0113*** (9.59) 0.0970*** (5.41) 4.955*** (20.71) 11,833 0.2085 0.0000

roafu1 1.312*** (47.11) 1.128*** (8.98) -0.0730*** (-11.27) 0.000000120 (1.60) -0.0112*** (-3.51) 0.00453 (0.62) -0.111*** (-2.65) -0.0376*** (-7.15) 0.00689 (1.21) 0.196*** (5.47) 0.0298*** (6.31) -0.0334*** (-3.28) 0.648*** (3.44) -20.59*** (-8.01) 11,833 0.2727 0.0000

tobinqfu1 roafu1 0.0372*** 0.588*** (20.06) (35.84) -0.113*** 2.279*** (-9.14) (18.64) -0.00386*** -0.0442*** (-5.28) (-6.74) 1.88e-08** 0.000000183** (2.41) (2.46) 0.00209*** -0.0112*** (2.89) (-5.22) -0.00686*** -0.0189*** (-8.61) (-2.59) 0.0210*** -0.248*** (4.49) (-5.77) -0.000298 -0.0136*** (-0.60) (-2.65) 0.000531 0.00554 (0.93) (0.99) 0.000357 0.287*** (0.10)

價值影響的迴歸估計結果 tobinqfu1 roafu1 0.245*** 5.004*** (15.11) (29.64) -0.387*** -3.006*** (-21.03) (-14.63) -0.00447*** -0.0502*** (-6.03) (-7.74) 2.77e-08*** 0.000000610*** (3.00) (6.92) 0.00210*** -0.0109*** (2.90) (-4.79) -0.00817*** -0.0331*** (-10.06) (-4.38) 0.0239*** -0.241*** (4.92) (-4.83) -0.0000364 -0.0119** (-0.07) (-2.27) 0.000348 0.00187 (0.60) (0.33) 0.00460 0.3

/ 被解釋變數：公司下一年度績效 tobinqfu1 roafu1 0.686*** 1.530 (5.87) (1.63) -0.216*** 1.215*** (-14.81) (9.74) -0.00456*** -0.0667*** (-5.73) -4.11e-08*** -0.000000617*** (-2.85) (-4.27) 0.00201*** -0.0133*** (2.95) (-5.44) -0.00966*** -0.0688*** (-12.54) (-9.18) 0.0357*** -0.0901** (7.30) (-2.05) 0.000491 -0.00241 (0.96) (-0.46) -0.000349 0.00651 (-0.60) (1.12) 0.0118*** 0.400***
8 公司社會責任表現對後續績效 tobinqfu1 roafu1 0.975*** 2.910*** (7.88) (3.83) -0.218*** 1.204*** (-15.01) (9.64) -0.00454*** -0.0666*** (-10.55) (-5.70) (-10.53) -4.08e-08*** -0.000000616*** (-2.85) (-4.27) 0.00201*** -0.0133*** (2.95) (-5.44) -0.00943*** -0.0681*** (-12.21) (-9.07) 0.0357*** -0.0904** (7.32) (-2.06) 0.000441 -0.00261 (0.86) (-0.49) -0.000325 0.00655 (-0.56) (1.13)

表 tobinqfu1 0.0913*** (5.17) -0.219*** (-14.77) -0.00453*** (-5.67) -4.04e-08*** (-2.82) 0.00201*** (2.95) -0.00983*** (-12.77) 0.0341*** (7.01) 0.000400 (0.78) -0.000329 (-0.57) 0.0115*** (2.91) 0.00621*** (13.45) 0.0152*** (12.73) 0.0993*** (4.72) 5.868*** (20.29) 14,021 0.1655 0.0000

roafu1 -0.0539 (-0.32) 1.233*** (9.66) -0.0668*** (-10.55) -0.000000619*** (-4.28) -0.0133*** (-5.44) -0.0691*** (-9.25) -0.0878** (-2.00) -0.00217 (-0.41) 0.00660 (1.14) 0.401*** (10.20) 0.0776*** (16.92) 0.0287*** (2.95) 0.335* (1.73) -19.18*** (-7.42) 14,021 0.1039 0.0000

tobinqfu1 0.274*** (5.69) -0.218*** (-14.82) -0.00452*** (-5.66) -4.05e-08*** (-2.83) 0.00201*** (2.95) -0.00976*** (-12.68) 0.0350*** (7.17) 0.000457 (0.89) -0.000328 (-0.57) 0.0115*** (2.92) 0.00619*** (13.43) 0.0152*** (12.84) 0.0990*** (4.71) 5.832*** (20.41) 14,021 0.1656 0.0000

roafu1 -0.0666*** -0.000000616*** -0.0133*** -0.0691*** -0.0918** 0.0775*** 0.0274***
0.647 (1.38) 1.210*** (9.58) (-10.52) (-4.26) (-5.44) (-9.23) (-2.09) -0.00250 (-0.47) 0.00655 (1.13) 0.400*** (10.17) (16.88) (2.82) 0.342* (1.77) -18.65*** (-7.32) 14,021 0.1039 0.0000
解釋變數 csrdummy csrcumu csrcont csrovlp lnscv sroa scvps asset debt salesgw rd age board idr dirhold manahold insthold forhold family 截距項 有效樣本數 調整後 R 2 模型顯著性 之 p 值

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