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NTU Management Review Vol. 36 No. 1 Apr. 2026

[0.0325] [-0.1022] [-0.0549] [-0.0549] [1.1536] [0.8142] [0.4826] [0.5795]
(HHI) 2 -0.0010 0.0002 -0.0001 -0.0001 -94.4707 -61.4336 -45.9288 -47.4906
[-0.1013] [0.0154] [-0.0114] [-0.0114] [-1.1566] [-0.8487] [-0.5261] [-0.5912]
IMR 0.0010 0.0009 0.0009 0.0009 8.9459 7.4646 10.8786 9.8171
[1.2846] [1.1828] [1.0955] [1.0955] [1.5463] [1.4724] [1.1419] [1.0627]
YearFE Included Included Included Included Included Included Included Included
IndFE Included Included Included Included Included Included Included Included
Sample size 3843 3843 3843 3843 3843 3843 3843 3843
Adjust R 2 0.0580 0.0533 0.0551 0.0551 0.0364 0.0432 0.0390 0.0479
Panel C：從事政治行動主義之資訊電子產業公司對創新能力的影響：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*** -0.0276*** -0.0279*** -0.0274*** -221.6047*** -196.8698*** -231.6588** -228.5016***
[-3.1928] [-3.0282] [-3.0354] [-3.1687] [-2.6310] [-2.7907] [-2.3917] [-2.6064]
DONATE -0.0007*** -0.0007*** -0.0006*** -0.0006*** -3.7749*** -3.6267*** -4.2277*** -4.2199***
[-3.3642] [-3.2449] [-3.2091] [-3.2925] [-3.0185] [-3.1926] [-3.0778] [-3.3061]
DONATE*IND -0.0006 -0.0007 -0.0008* -0.0008* -3.8573 -4.4144 -5.4197 -5.3773
[-1.2820] [-1.4574] [-1.7416] [-1.7820] [-1.0304] [-1.5089] [-1.2882] [-1.3498]
IND -0.0011 -0.0015 -0.0014 -0.0012 9.2797 3.3186 -3.7865 0.3136
[-0.4854] [-0.6229] [-0.5267] [-0.4851] [0.5451] [0.2102] [-0.1920] [0.0161]
Control variables Included Included Included Included Included Included Included Included
IMR Included Included Included Included Included Included Included Included
YearFE Included Included Included Included Included Included Included Included
IndFE Included Included Included Included Included Included Included Included
Sample size 3843 3843 3843 3843 3843 3843 3843 3843
Adjust R 2 0.0579 0.0532 0.0550 0.0611 0.0362 0.0431 0.0388 0.0477

Panel D：企業從事政治行動主義對企業創新能力的影響：連續期（捐贈政治獻金與否）
PA ( 專利數 ) CITA ( 專利被引證數 )
t~t+1 t~t+2 t~t+3 t~t+1 t~t+2 t~t+3
(1) (2) (3) (4) (5) (6)
Coefficient Coefficient Coefficient Coefficient Coefficient Coefficient
[t-value] [t-value] [t-value] [t-value] [t-value] [t-value]
INTERCEPT -0.0556*** -0.0835*** -0.1110*** -419.2473*** -651.4125*** -880.4165***
[-3.1097] [-3.1285] [-3.1862] [-2.7048] [-2.6427] [-2.6646]
DONATE -0.0017*** -0.0027*** -0.0036*** -10.0740*** -16.0527*** -22.0099***
[-3.0118] [-3.0914] [-3.1668] [-2.7045] [-2.7683] [-2.8520]
Control variables Included Included Included Included Included Included
IMR Included Included Included Included Included Included
YearFE Included Included Included Included Included Included
IndFE Included Included Included Included Included Included
Sample size 3843 3843 3843 3843 3843 3843
Adjust R 2 0.0558 0.0568 0.0592 0.0398 0.0413 0.0442

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