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

表 5 穩健性測試―改變收到監管信函前後比對期間
NG_COMP4 NG_COMPMIDDLE
POST = POST = POST = POST = POST = POST =
前後 6 年 前後 8 年 前後 10 年 前後 6 年 前後 8 年 前後 10 年
變數 (1) (2) (3) (4) (5) (6)
POST 0.085** 0.091** 0.087** 0.358*** 0.375*** 0.394***
(2.187) (2.320) (2.317) (8.473) (8.978) (9.809)
STD_SALE -1.192** -0.847 -0.401 -3.419*** -3.203*** -2.653***
(-1.995) (-1.470) (-0.754) (-5.266) (-5.192) (-4.639)
STD_OCF -1.497 -1.621 -2.430 -1.265 -1.308 -1.591
(-0.856) (-0.953) (-1.563) (-0.666) (-0.718) (-0.953)
SALE_GROWTH 0.021 0.037 0.061 0.024 0.038 0.064
(0.405) (0.716) (1.242) (0.426) (0.682) (1.210)
OCF 1.621*** 2.208*** 2.115*** 1.738*** 2.168*** 2.026***
(5.427) (7.837) (8.317) (5.352) (7.190) (7.416)
MTB 0.004* 0.004 0.003 0.003 0.003 0.002
(1.652) (1.526) (1.418) (1.027) (1.011) (0.955)
ROA -0.150** -0.135* -0.077 0.001 0.019 0.074
(-2.208) (-1.948) (-1.154) (0.018) (0.253) (1.024)
LEV -0.513*** -0.557*** -0.505*** -0.351*** -0.402*** -0.354***
(-4.234) (-4.929) (-5.026) (-2.665) (-3.325) (-3.278)
SIZE 0.347*** 0.369*** 0.316*** 0.424*** 0.427*** 0.374***
(7.617) (9.219) (9.027) (8.559) (9.983) (9.958)
BIG4 -0.163 -0.279*** -0.303*** -0.392*** -0.497*** -0.495***
(-1.471) (-2.692) (-3.218) (-3.248) (-4.470) (-4.892)
LOSSPROB -1.210*** -1.264*** -1.266*** -1.365*** -1.446*** -1.418***
(-9.718) (-11.105) (-12.181) (-10.084) (-11.872) (-12.707)
Constant -3.106*** -3.210*** -2.807*** -4.017*** -3.979*** -3.633***
(-8.275) (-9.576) (-9.541) (-9.844) (-11.092) (-11.495)
Firm FE Included Included Included Included Included Included
Year FE Included Included Included Included Included Included
R2 0.143 0.172 0.173 0.216 0.241 0.240
N 2,626 3,077 3,395 2,626 3,077 3,395
註： 本表主要列示控制個別年度固定效果與年度固定效果之模式 (5) OLS 迴歸分析之估計係數，並考
慮了聚類於公司層級的標準誤。t 值列示於括號中。各變數之定義請參閱附錄一的變數定義表。
「*」、「**」、「***」分別表示達到 10%、5%、1% 之雙尾檢定顯著水準。

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