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The Relationship between Corporate Political Donations and Government-Controlled Banks’ Loan Rates:
Evidence from Presidential Elections of Taiwan

表 10 企業總統大選政治獻金捐贈對公股銀行貸款期限影響
Panel A 企業總統大選政治獻金捐贈與否對公股銀行（純公股或泛公股）貸款期限之影響
Y=DAYS
Column (1) Column (2) Column (3)
Y=DAY Y=GB1_ DAY Y =GB0_ DAY
Coefficient p-value Coefficient p-value Coefficient p-value
INTERCEPT 2.8974*** 0.0000 1.2182 0.1686 3.3629*** 0.0000
DO 0.1196 0.1295 0.0429 0.8018 0.1539* 0.0820
IMR_DO Included Included Included
IMR_SL Included Included Included
Controls Included Included Included
Session & Industry Included Included Included
indicators
Sample size 6,814 1,404 5,410
F-stat. 47.6110*** 17.8331*** 33.7461***
p-value 0.0000 0.0000 0.0000
Adjusted R 2 0.1133 0.1699 0.1022
Panel B 企業總統大選政治獻金捐贈與否對公股銀行長短期貸款期限之影響
Y=DAYS
Column (1) Column (2) Column (3)
中期貸款
短期貸款（1 年以下） 長期貸款（3 年以上）
（1 年以上，3 年以下）
Y=SHORT_ DAY Y=MEDIUM_ DAY Y =LONG_ DAY
Coefficient p-value Coefficient p-value Coefficient p-value
INTERCEPT 5.7133*** 0.0000 5.0065*** 0.0000 6.9461*** 0.0000
DO 0.1547** 0.0297 -0.0229 0.6791 -0.0908 0.1320
IMR_DO Included Included Included
IMR_SL Included Included Included
Controls Included Included Included
Session & Industry
indicators Included Included Included
Sample size 4,727 1,317 770
F-stat. 42.6934*** 20.2250*** 6.0475***
p-value 0.0000 0.0000 0.0000
Adjusted R 2 0.1172 0.1662 0.0956

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