Page 146 - 36-1

Does Political Activism Matter for Firm Innovation Capability?

[-2.0311] [-2.2432] [-2.4493] [-2.5776] [-1.4903] [-1.6119] [-2.0066] [-2.1053]
IND -0.0014 -0.0018 -0.0017 -0.0015 7.5581 1.6351 -5.8413 -1.7134
[-0.6167] [-0.7521] [-0.6455] [-0.6027] [0.4521] [0.1050] [-0.2980] [-0.0884]
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 0.0430 0.0389 0.0478
Panel D：政治行動主義：政治獻金捐贈人數多寡（連續期）
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 -0.0547*** -0.0822*** -0.1092*** -414.2832*** -643.5370*** -869.6545***
[-3.1021] [-3.1187] [-3.1747] [-2.7015] [-2.6378] [-2.6587]
DOS_P -0.0004*** -0.0006*** -0.0008*** -2.4040*** -3.7688*** -5.1651***
[-3.2798] [-3.2857] [-3.3294] [-3.1567] [-3.1819] [-3.2655]
DOS_P*IND -0.0007** -0.0011** -0.0015** -4.0185 -7.0027* -9.8741*
[-2.1504] [-2.2967] [-2.3938] [-1.6187] [-1.8389] [-1.9420]
IND -0.0032 -0.0049 -0.0064 9.1932 3.3519 1.6385
[-0.6880] [-0.6747] [-0.6574] [0.2859] [0.0653] [0.0234]
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 0.0557 0.0567 0.0591 0.0396 0.0412 0.0441
Panel E：政治行動主義：公司平均政治獻金捐贈（政治獻金總金額除捐贈人數）（單期）
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*** -0.0274*** -221.9437*** -197.2397*** -232.1031** -228.9531***
[-3.1947] [-3.0305] [-3.0380] [-3.1717] [-2.6317] [-2.7924] [-2.3935] [-2.6085]
DOS_A -0.0001*** -0.0001*** -0.0001*** -0.0001*** -0.3370*** -0.3249*** -0.3782*** -0.3799***
[-3.4752] [-3.3524] [-3.3189] [-3.4093] [-3.1162] [-3.3171] [-3.1849] [-3.4563]
DOS_A*IND -0.0000 -0.0000 -0.0001* -0.0001* -0.2747 -0.3354 -0.4217 -0.4106
[-1.1417] [-1.3535] [-1.6741] [-1.7178] [-0.8972] [-1.4428] [-1.2660] [-1.2970]
IND -0.0011 -0.0015 -0.0013 -0.0012 9.3925 3.4416 -3.6410 0.4672
[-0.4774] [-0.6146] [-0.5191] [-0.4776] [0.5509] [0.2177] [-0.1845] [0.0240]
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 0.0533 0.0551 0.0612 0.0362 0.0432 0.0389 0.0478

138