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

表 7 額外分析―控制遵循揭露解釋指引（POST_CDI；POST_2010to2015 及
POST_2016）更新之影響
NG_COMP4 NG_COMPMIDDLE
變數 (1) (2) (3) (4)
POST 0.141** 0.169** 0.431*** 0.625***
(2.377) (2.362) (5.802) (7.141)
POST_CDI -0.329*** -0.618***
(-5.157) (-8.441)
POST_2010to2015 -0.346*** -0.738***
(-5.309) (-9.420)
POST_2016 -0.428*** -1.316***
(-4.133) (-9.668)
STD_SALE -0.354 -0.344 -2.746** -2.674**
(-0.313) (-0.305) (-2.118) (-2.143)
STD_OCF -1.793 -1.784 -2.545 -2.488
(-0.450) (-0.449) (-0.653) (-0.661)
SALE_GROWTH -0.041 -0.039 0.003 0.017
(-0.446) (-0.419) (0.037) (0.194)
OCF 1.550** 1.534** 1.680*** 1.562**
(2.352) (2.323) (2.683) (2.508)
MTB 0.005 0.005 0.002 0.004
(1.369) (1.433) (0.736) (1.184)
ROA -0.209 -0.210 -0.094 -0.100
(-0.900) (-0.904) (-0.480) (-0.513)
LEV -0.313* -0.310* -0.212 -0.191
(-1.847) (-1.819) (-1.241) (-1.127)
SIZE 0.393*** 0.395*** 0.506*** 0.523***
(4.378) (4.392) (4.632) (4.966)
BIG4 -0.109 -0.108 -0.370** -0.369**
(-0.762) (-0.766) (-2.008) (-2.098)
LOSSPROB -1.302*** -1.278*** -1.458*** -1.293***
(-3.488) (-3.423) (-4.219) (-3.805)
Constant -3.405*** -3.425*** -4.343*** -4.489***
(-4.392) (-4.405) (-4.719) (-5.014)
Firm FE Included Included Included Included
R 2 0.144 0.145 0.226 0.253
N 2,000 2,000 2,000 2,000
註： 本表主要列示式 (5) 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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