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Does Political Activism Matter for Firm Innovation Capability?

表 6 政治行動主義對企業創新能力之影響
Panel A：企業從事政治行動主義對企業創新能力的影響：單期（捐贈政治獻金多寡）
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 -0.0278*** -0.0276*** -0.0279*** -0.0274*** -221.5373*** -197.0362*** -232.1449** -228.9344***
[-3.1948] [-3.0309] [-3.0383] [-3.1712] [-2.6302] [-2.7928] [-2.3950] [-2.6093]
DOS_F -0.0045*** -0.0047*** -0.0049*** -0.0048*** -26.1722** -27.8132*** -35.0759*** -34.5544***
[-3.3579] [-3.4637] [-3.7158] [-3.8942] [-2.5763] [-3.4029] [-3.4043] [-3.6831]
AGE 0.0003 0.0004 0.0003 0.0002 2.8731 2.5936 2.7059 1.1522
[0.8691] [1.0023] [0.6964] [0.4522] [1.0353] [1.0850] [0.9326] [0.4400]
SIZE 0.0018*** 0.0018*** 0.0018*** 0.0018*** 11.9387*** 11.0987*** 13.5342*** 13.5466***
[4.4704] [4.2941] [4.2805] [4.4266] [3.4108] [3.7152] [3.1895] [3.4494]
RD 0.0125*** 0.0125*** 0.0123*** 0.0125*** 73.1986*** 76.6180*** 76.8711*** 91.3351***
[6.5503] [6.4528] [6.2541] [6.4869] [5.2268] [4.8873] [4.6804] [4.7582]
ROA 0.0008 0.0012 0.0022 0.0024 20.3028 17.7200 30.9235 26.7784
[0.5409] [0.7600] [1.1215] [1.2003] [1.1209] [1.1329] [1.3137] [1.2132]
PPE 0.0010 0.0013 0.0020 0.0021 19.0165 14.8160 24.3442 21.2686
[0.7882] [0.8969] [1.2410] [1.3261] [1.2403] [1.1546] [1.3780] [1.3479]
LEV -0.0001 -0.0002 -0.0007 -0.0007 -7.5001 -5.5900 -11.0609 -10.8120*
[-0.1116] [-0.2560] [-0.8180] [-0.9445] [-0.9482] [-0.8473] [-1.5247] [-1.6662]
TQ 0.0004* 0.0005* 0.0006** 0.0006** 4.6128 4.1088* 5.7099* 5.5853**
[1.9300] [1.9487] [1.9714] [2.0368] [1.6256] [1.7261] [1.8995] [2.0905]
CAPEX -0.0012 -0.0015 -0.0019* -0.0018* -13.4076 -13.7756* -19.2059* -15.1976
[-1.1688] [-1.5688] [-1.8419] [-1.7634] [-1.6253] [-1.9038] [-1.8518] [-1.4704]
HHI -0.0009 -0.0025 -0.0020 -0.0019 93.6230 56.3401 37.3525 42.2829
[-0.0892] [-0.2189] [-0.1641] [-0.1612] [1.0959] [0.7371] [0.4050] [0.4956]
(HHI) 2 -0.0000 0.0012 0.0009 0.0009 -88.6575 -55.9991 -40.1088 -41.5802
[-0.0008] [0.1123] [0.0797] [0.0882] [-1.1135] [-0.7908] [-0.4683] [-0.5281]
IMR 0.0010 0.0009 0.0009 0.0009 9.0072 7.4975 10.8753 9.8215
[1.2939] [1.1909] [1.1039] [1.0541] [1.5515] [1.4753] [1.1401] [1.0619]
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 0.0585 0.0538 0.0556 0.0617 0.0366 0.0436 0.0395 0.0484

Panel B：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（捐贈政治獻金多寡）
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 -0.0278*** -0.0276*** -0.0276*** -0.0271*** -221.5479*** -197.0647*** -232.1958** -228.9779***
[-3.1942] [-3.0306] [-3.0306] [-3.1778] [-2.6296] [-2.7925] [-2.3949] [-2.6092]
DOS_F -0.0041*** -0.0041*** -0.0041*** -0.0040*** -24.6419*** -23.7047*** -27.7154*** -28.2710***
[-3.9185] [-3.7503] [-3.7503] [-3.9443] [-3.4987] [-3.7634] [-3.5569] [-3.9474]
DOS_F *IND -0.0018 -0.0027 -0.0027 -0.0037** -6.9531 -18.6662 -33.4412** -28.5481*
[-0.7008] [-1.3573] [-1.3573] [-2.3313] [-0.2842] [-1.4372] [-2.1531] [-1.9493]
IND -0.0014 -0.0018 -0.0018 -0.0022 7.8464 1.8177 -5.6320 -1.4791
[-0.5998] [-0.7364] [-0.7364] [-0.9028] [0.4678] [0.1163] [-0.2868] [-0.0762]
Control variables Included Included Included Included Included Included Included Included
IMR Included Included Included Included Included Included Included Included

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