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Divestiture from China by Taiwanese Listed Electronic Information Firms: Effects of Host Country
Performance and Selection Bias

表 6 第一階段廠商撤離決策模型
VARIABLES Model 1 Model 2 Model 3 Model 4 Model 5
歷史比較績效 歷史比較績效 社會比較績效
撤離比率 ≥5% 撤離比率 ≥10% 撤離比率 ≥5%
EPS≥0 0.176*** 0.206*** 0.422*** 0.217**
(0.051) (0.054) (0.074) (0.087)
EPS≥0 square -0.016*** -0.018*** -0.030*** -0.022**
(0.005) (0.006) (0.008) (0.009)
EPS<0 -0.236* -0.805*** -0.209*
(0.133) (0.185) (0.122)
EPS<0 square -0.032 -0.111** -0.019
(0.027) (0.044) (0.026)
Age 0.014*** 0.015*** 0.015*** 0.026*** 0.007
(0.004) (0.004) (0.004) (0.006) (0.005)
Size 0.082*** 0.067** 0.065** 0.047 0.079**
(0.032) (0.032) (0.032) (0.047) (0.038)
IntenCap 0.034 0.051 0.057 0.052 0.000
(0.046) (0.046) (0.046) (0.066) (0.056)
DebtRatio 0.003 0.003 0.003 0.003 -0.003
(0.002) (0.002) (0.002) (0.004) (0.003)
WageExpRatio 0.000 0.000 0.000 0.000 -0.000
(0.000) (0.000) (0.000) (0.000) (0.002)
FreeCashRatio -0.018 -0.029 -0.022 -0.040 -0.047
(0.040) (0.040) (0.041) (0.063) (0.047)
LNSunkCost -0.134*** -0.141*** -0.146*** -0.249*** -0.140***
(0.022) (0.022) (0.022) (0.031) (0.026)
Constant -2.073*** -2.005*** -2.051*** -1.670** -1.089*
(0.502) (0.502) (0.502) (0.805) (0.613)
Observations 2,530 2,530 2,530 2,530 2,530
Year dummies YES YES YES YES YES
Industry dummies YES YES YES YES YES
註：Standard errors in parentheses*** p<0.01, ** p<0.05, * p<0.1

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