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NTU Management Review
Vol. 36 No. 1 Apr. 2026, 107-170
https://doi.org/10.6226/NTUMR.202604_36(1).0003
Does Political Activism Matter for Firm Innovation Capability?
政治行動主義對企業創新能力有影響嗎？
Yu-Hsuan Chung, Department of Accounting and Information Technology, National Chung Cheng
University
鍾宇軒 / 國立中正大學會計與資訊科技學系
Shaio Yan Huang, Department of Accounting and Information Technology, National Chung
Cheng University
黃劭彥 / 國立中正大學會計與資訊科技學系
Zih-Ling Ding, MediaTek Inc.
丁姿伶 / 聯發科技股份有限公司
Received 2020/9, Final revision received 2025/11
Abstract
This study examines the impact of firms’ engagement in political activism on their
corporate innovation capability, focusing on listed firms in Taiwan and analyzing
legislative elections from 2008 to 2019. This study finds that firms’ political activism, as
indicated by support for legislative candidates through political donations, is negatively
associated with corporate innovation activities. Furthermore, the negative impact
on innovation capability is more pronounced in electronics firms that make political
donations. These findings suggest that crowding-out and the political resource curse
reduce the benefits of corporate political activism, thereby hindering innovation.
【Keywords】political activism, political contributions, innovation capabilities
摘 要
本研究以臺灣 2008 年至 2019 年間立法委員之選舉，探討企業從事政治行動主義對其
創新能力的影響。藉由企業對立法委員捐贈之獻金作為政治行動主義之衡量，本研究
實證結果顯示，企業透過政治獻金支持立法委員候選人所進行的政治行動主義與創新
活動呈負向關係，且資訊電子產業公司提供較多的政治獻金會加劇與企業創新能力之
負向關係，顯示出排擠效應與政治資源詛咒會影響公司政治行動主義現有形式價值，
進而阻礙了公司的創新。
【關鍵字】 政治行動主義、政治獻金、創新能力
領域主編：王衍智教授
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