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NTU Management Review Vol. 34 No. 1 Apr. 2024

表 5 環境資訊揭露對投資人認知盈餘品質之實證結果
高經理人持股 低經理人持股
全體樣本
(MGR > Median) (MGR < Median)
0.0344
0.0387
-0.0552
Intercept (0.59) (-0.65) (0.56)
3.4937*** 4.5256*** 3.0893***
UE
(6.05) (5.17) (3.95)
-0.0020 -0.0048 0.0003
EAID (-1.00) (-1.57) (0.12)
UE × EAID 0.0480** 0.0960*** 0.0128
(2.04) (2.77) (0.40)
-0.1680*** -0.2607*** -0.1125**
UE × CS (-4.04) (-4.02) (-2.17)
UE × DR 0.5407** 1.3128*** 0.0558
(2.22) (3.66) (0.19)
-0.0512 0.0043 -0.1422
UE × GROWTH (-0.54) (0.03) (-0.69)
-0.1752 -0.1037 -0.2836
UE × BIGF (-1.45) (-0.63) (-1.53)
-0.2197** -0.2603* -0.2266
UE × FIRMAGE
(-2.13) (-1.79) (-1.62)
-0.3117*** -0.4088*** -0.2489*
UE × NETLOSS (-3.07) (-3.00) (-1.71)
0.0825 0.0734 0.1155
UE × BETA
(0.60) (0.42) (0.55)
-0.3124 -1.4299 0.2918
UE × SVAR (-0.28) (-1.08) (0.18)
0.0009 0.0099* -0.0039
CS
(0.24) (1.65) (-0.79)
0.0106 -0.0570 0.0442
DR (0.41) (-1.49) (1.21)
-0.0260*** -0.0280*** -0.0231***
GROWTH
(-4.61) (-3.23) (-2.84)
0.0007 0.0093 -0.0024
BIGF (0.06) (0.52) (-0.13)
FIRMAGE 0.0164** 0.0222* 0.0240**
(1.92) (1.73) (2.02)
-0.0611*** -0.0640*** -0.0527***
NETLOSS (-5.10) (-3.63) (-3.21)

BETA -0.0473*** -0.0493*** -0.0488**
(-3.86) (-2.99) (-2.62)
0.0186 0.2578 -0.0848
SVAR (0.12) (1.15) (-0.37)
Year Fixed Effects YES YES YES
Industry Fixed Effects YES YES YES
F 值 17.5*** 10.94*** 9.04***
Adjusted-R 2 7.79% 8.95% 7.47%
N 10,819 5,396 5,423
註： * 表示達 10% 顯著水準 ; ** 表示達 5% 顯著水準 ; *** 表示達 1% 顯著水準；括號內為 t 值。t 值
係依 cluster-robust standard errors at firm level 加以調整 (Petersen, 2009)。

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