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Does Political Activism Matter for Firm Innovation Capability?

表 5 影響公司政治行動主義之因素及對創新能力之影響（全體樣本）
Panel A：影響公司從事政治行動主義而捐贈立法委員候選人政治獻金之因素（Heckman 第一階段）
DONATE
coefficient t-value p
INTERCEPT -3.1493*** (-7.4940) 0.0000
RD -2.0029** (-2.0622) 0.0392
MARCAP 0.1204*** (3.5551) 0.0004
SALE -0.0019 (-0.0618) 0.9507
EMPLOYEES -0.0032 (-0.1409) 0.8880
PB 0.2320*** (4.6599) 0.0000
LEV 0.6313*** (3.5555) 0.0004
CF 0.0285 (0.0648) 0.9484
MAR_SHARE 4.4796** (2.0526) 0.0401
MAR_SHARE 2 -18.0221** (-2.3412) 0.0192
HHI 0.0408 (0.1497) 0.8810
NUM_DO_FIRM -0.0101*** (-5.2652) 0.0000
GOVER_SHARE -3.3070*** (-2.7900) 0.0053
FCF 0.7846*** (2.7111) 0.0067
EBIT 0.8044** (1.9622) 0.0497
YearFE Included
IndFE Included
N 3843
chi2 207.8368***
p-value 0.0000
Pseudo R 2 0.0700
Panel B：企業從事政治行動主義對企業創新能力的影響：單期（捐贈政治獻金與否）
PA ( 專利數 ) CITA ( 專利被引證數 )
t t+1 t+2 t+3 t t+1 t+2 t+3
(1) (2) (3) (4) (5) (6) (7) (8)
Coefficient Coefficient Coefficient Coefficient Coefficient Coefficient Coefficient Coefficient
[t-value] [t-value] [t-value] [t-value] [t-value] [t-value] [t-value] [t-value]
INTERCEPT -0.0279*** -0.0277*** -0.0279*** -0.0279*** -221.9651*** -197.2823*** -232.1651** -229.0040***
[-3.1894] [-3.0256] [-3.0339] [-3.0339] [-2.6277] [-2.7883] [-2.3900] [-2.6045]
DONATE -0.0009*** -0.0009*** -0.0009*** -0.0009*** -5.0211** -5.0529*** -5.9787*** -5.9572***
[-3.0119] [-2.9944] [-3.1398] [-3.1398] [-2.4672] [-2.9146] [-2.6803] [-2.9329]
AGE 0.0003 0.0004 0.0003 0.0003 2.9417 2.6535 2.7635 1.2120
[0.8922] [1.0222] [0.7204] [0.7204] [1.0499] [1.1001] [0.9442] [0.4594]
SIZE 0.0017*** 0.0017*** 0.0018*** 0.0018*** 11.8114*** 10.9593*** 13.3527*** 13.3688***
[4.4737] [4.2954] [4.2773] [4.2773] [3.4121] [3.7107] [3.1797] [3.4390]
RD 0.0123*** 0.0123*** 0.0122*** 0.0122*** 72.2836*** 75.6197*** 75.5762*** 90.0657***
[6.4896] [6.3863] [6.1960] [6.1960] [5.2110] [4.8533] [4.6408] [4.7212]
ROA 0.0009 0.0013 0.0023 0.0023 20.7496 18.1933 31.5185 27.3649
[0.5882] [0.8055] [1.1580] [1.1580] [1.1377] [1.1559] [1.3312] [1.2330]
PPE 0.0010 0.0013 0.0020 0.0020 19.0952 14.9083 24.4727 21.3931
[0.7979] [0.9066] [1.2493] [1.2493] [1.2439] [1.1603] [1.3833] [1.3538]
LEV -0.0001 -0.0002 -0.0007 -0.0007 -7.2820 -5.3630 -10.7813 -10.5354
[-0.0723] [-0.2159] [-0.7752] [-0.7752] [-0.9258] [-0.8175] [-1.4985] [-1.6375]
TQ 0.0004* 0.0005* 0.0006** 0.0006** 4.6082 4.1077* 5.7136* 5.5880**
[1.9283] [1.9481] [1.9716] [1.9716] [1.6254] [1.7271] [1.9020] [2.0929]
CAPEX -0.0011 -0.0015 -0.0019* -0.0019* -13.2189 -13.5921* -18.9983* -14.9889
[-1.1362] [-1.5365] [-1.8161] [-1.8161] [-1.6102] [-1.8874] [-1.8406] [-1.4558]
HHI 0.0003 -0.0012 -0.0007 -0.0007 101.1404 63.5133 45.2645 50.2715

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