Page 143 - 36-1

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

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 0.0582 0.0537 0.0537 0.0629 0.0363 0.0435 0.0394 0.0483
Panel C：企業從事政治行動主義對企業創新能力的影響：連續期（捐贈政治獻金多寡）
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 -0.0555*** -0.0833*** -0.1107*** -418.5736*** -650.7185*** -879.6528***
[-3.1151] [-3.1337] [-3.1912] [-2.7083] [-2.6469] [-2.6690]
DOS_F -0.0092*** -0.0141*** -0.0189*** -53.9854*** -89.0613*** -123.6157***
[-3.4264] [-3.5802] [-3.7020] [-2.9899] [-3.2418] [-3.4052]
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 0.0563 0.0573 0.0598 0.0401 0.0417 0.0446
Panel D：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：連續期（捐贈政治獻金多寡）
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 -0.0555*** -0.0833*** -0.1107*** -418.6126*** -650.8084*** -879.7863***
[-3.1146] [-3.1334] [-3.1910] [-2.7078] [-2.6466] [-2.6687]
DOS_F -0.0082*** -0.0122*** -0.0162*** -48.3466*** -76.0620*** -104.3330***
[-3.8395] [-3.8537] [-3.9084] [-3.6414] [-3.6735] [-3.7855]
DOS_F *IND -0.0044 -0.0083 -0.0123* -25.6193 -59.0605 -87.6086
[-1.0036] [-1.4463] [-1.7148] [-0.7096] [-1.2551] [-1.4702]
IND -0.0031 -0.0048 -0.0063 9.6641 4.0321 2.5531
[-0.6716] [-0.6595] [-0.6429] [0.2996] [0.0784] [0.0364]
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 0.0561 0.0572 0.0596 0.0399 0.0415 0.0445
1.* 為 p 值 < 0.1 的顯著水準，** 為 p 值 < 0.05 的顯著水準，*** 為 p 值 < 0.01 的顯著水準。
2. 變數定義請參照附錄一。

135