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

Panel F：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）（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 -0.0556*** -0.0835*** -0.1109*** -419.1834*** -651.2865*** -880.2396***
[-3.1148] [-3.1334] [-3.1911] [-2.7089] [-2.6467] [-2.6686]
DOS_A -0.0001*** -0.0002*** -0.0002*** -0.6618*** -1.0400*** -1.4199***
[-3.4196] [-3.4133] [-3.4394] [-3.2300] [-3.2590] [-3.3407]
DOS_A*IND -0.0001 -0.0002 -0.0002 -0.6102 -1.0318 -1.4424
[-1.2545] [-1.4220] [-1.5144] [-1.1648] [-1.2622] [-1.2973]
IND -0.0026 -0.0039 -0.0051 12.8341 9.1931 9.6603
[-0.5491] [-0.5400] [-0.5249] [0.3922] [0.1767] [0.1364]
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 0.0397 0.0412 0.0441
Panel G：政治行動主義：以企業總資產作為平減衡量政治獻金多寡（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 -0.0286*** -0.0284*** -0.0286*** -0.0281*** -226.3116*** -201.5716*** -237.7879** -234.3629***
[-3.2207] [-3.0577] [-3.0712] [-3.2017] [-2.6445] [-2.8117] [-2.4158] [-2.6300]
DOS_ASSET -0.0000*** -0.0000*** -0.0000*** -0.0000*** -0.0011*** -0.0011*** -0.0012*** -0.0013***
[-3.8860] [-3.7809] [-3.7536] [-3.8058] [-3.3855] [-3.6618] [-3.3373] [-3.6298]
DOS_ ASSET *IND -0.0000 -0.0000 -0.0000 -0.0000 0.0005 -0.0004 -0.0021 -0.0012
[-0.0179] [-0.3259] [-1.3297] [-0.9249] [0.2123] [-0.3620] [-1.3505] [-0.8781]
IND -0.0016 -0.0020 -0.0019 -0.0017 6.6002 0.4668 -7.5613 -3.2322
[-0.6907] [-0.8267] [-0.7294] [-0.6796] [0.3968] [0.0300] [-0.3845] [-0.1663]
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 0.0585 0.0538 0.0557 0.0616 0.0366 0.0436 0.0395 0.0484

Panel H：政治行動主義：以企業總資產作為平減衡量政治獻金多寡（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 -0.0569*** -0.0856*** -0.1136*** -427.8831*** -665.6710*** -900.0339***
[-3.1415] [-3.1628] [-3.2212] [-2.7247] [-2.6655] [-2.6884]
DOS_ASSET -0.0000*** -0.0000*** -0.0000*** -0.0022*** -0.0034*** -0.0047***
[-3.8390] [-3.8460] [-3.8739] [-3.5271] [-3.5186] [-3.5860]
DOS_ ASSET *IND -0.0000 -0.0000 -0.0000 0.0000 -0.0021 -0.0033
[-0.1631] [-0.5642] [-0.6841] [0.0037] [-0.5197] [-0.6429]
IND -0.0036 -0.0055 -0.0072 7.0670 -0.4943 -3.7265

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