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NTU Management Review Vol. 32 No. 3 Dec. 2022

表 12 裁決性應計數迴歸模型實證結果 ( 二階段最小平方法 )
應變數：ln(TP)
Coefficient Coefficient
(p-value) (p-value)
Model C Model D
Constant 4.957 *** 4.644 ***
(0.000) (0.000)
ROA 0.651 *** 0.899 ***
(0.000) (0.000)
RET -0.059 0.035
(0.412) (0.389)
|DACCa| -5.080
(0.113)
|DACCb| -1.511
(0.369)
ROA × |DACCb| -7.786 **
(0.021)
RET × |DACCa| 1.699
(0.109)
ROA × |DACCb| -3.924 ***
(0.000)
RET × |DACCb| 0.246
(0.623)
LEVERAGE 0.163 *** 0.152 ***
(0.000) (0.002)
SIZE 0.415 *** 0.434 ***
(0.000) (0.000)
MB 0.022 *** 0.020 ***
(0.000) (0.000)
CASHRATIO 0.902 *** 0.785 ***
(0.000) (0.000)
CEOTENURE -0.004 *** -0.003 ***
(0.001) (0.000)
Year Fixed Effects Yes Yes
Firm Fixed Effects Yes Yes
Firm Cluster Yes Yes
Number of observations 28,376 27,690
Adjusted R2 0.255 0.249
F 119.01 112.05
Test of endogeneity 3.485 0.669
Hausman test statistic (p-value) (0.062) (0.414)
註：* p < 0.1，** p < 0.05，*** p < 0.01。

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