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NTU Management Review Vol. 34 No. 2 Aug. 2024

Panel B：假說二（樣本年度為 2007-2009 年）
Dependent variable = MBEPCT
Variables Post = Post_2008 Post = Post_2009
Post -0.033*** -0.017**
(-4.75) (-2.36)
OppSI -0.409*** -0.087
(-3.69) (-1.44)
NonGAAP 0.070*** 0.046***
(4.43) (4.38)
OppSI × Post 0.332*** -0.129
(2.77) (-1.22)
OppSI × NonGAAP 0.079 0.197*
(0.29) (1.90)
NonGAAP × Post -0.041** -0.025*
(-2.46) (-1.73)
OppSI × NonGAAP × Post 0.189 0.175
(0.66) (0.84)
ROA 0.047*** 0.052***
(2.71) (2.96)
Growth -0.004 -0.006
(-0.44) (-0.60)
BTM -0.018*** -0.019***
(-6.69) (-7.07)
LEV -0.103*** -0.107***
(-5.69) (-5.91)
Loss -0.097*** -0.097***
(-11.44) (-11.34)
Size -0.019*** -0.019***
(-7.89) (-7.88)
NOA 0.007*** 0.007***
(3.44) (3.53)
Constant 0.443*** 0.427***
(13.50) (13.09)
Industry FE YES YES
Adjusted R-squared 0.13 0.13
Observations 8,456 8,456
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。
各變數之定義請詳表 2。括號為 t 值。標準差估計係採用 Petersen (2009) 群聚穩健標準誤
(Cluster-adjusted Standard Error) 矯正公司別異質性後之標準差。

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