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Does Political Activism Matter for Firm Innovation Capability?

[-0.7627] [-0.7529] [-0.7354] [0.2206] [-0.0096] [-0.0532]
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 0.0564 0.0574 0.0598 0.0401 0.0417 0.0446
Panel I：政治行動主義：以企業營業收入總額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 -0.0280*** -0.0279*** -0.0281*** -0.0276*** -224.9664*** -199.2981*** -236.2265** -230.4558**
[-3.1386] [-2.9855] [-2.9742] [-3.0900] [-2.5822] [-2.7355] [-2.3339] [-2.5170]
DOS_SALES -0.0000 -0.0000 -0.0000 -0.0000 -0.0930 -0.0974 -0.0995 -0.1084
[-1.3369] [-1.4092] [-1.4524] [-1.4908] [-1.4350] [-1.5989] [-1.5294] [-1.6091]
DOS_ SALES *IND -0.0000 0.0000 -0.0000 -0.0000 -0.1017 -0.0264 0.0726 -0.1197
[-0.0468] [0.0038] [-0.0181] [-0.0519] [-0.0630] [-0.0176] [0.0397] [-0.0607]
IND -0.0007 -0.0010 -0.0009 -0.0008 13.9280 7.0130 2.2740 3.8162
[-0.3547] [-0.4560] [-0.3663] [-0.3364] [0.8191] [0.4622] [0.1251] [0.2258]
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 0.0567 0.0521 0.0538 0.0598 0.0356 0.0423 0.0382 0.0470
Panel J：政治行動主義：以企業營業收入總額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 -0.0559*** -0.0840*** -0.1116*** -424.2645*** -660.4910*** -890.9468***
[-3.0643] [-3.0781] [-3.1292] [-2.6555] [-2.5897] [-2.6016]
DOS_SALES -0.0000 -0.0000 -0.0001 -0.1904 -0.2900 -0.3984
[-1.3735] [-1.4024] [-1.4254] [-1.5173] [-1.5307] [-1.5565]
DOS_ SALES *IND -0.0000 -0.0000 -0.0000 -0.1281 -0.0554 -0.1751
[-0.0219] [-0.0206] [-0.0287] [-0.0412] [-0.0112] [-0.0254]
IND -0.0017 -0.0026 -0.0033 20.9410 23.2149 27.0312
[-0.4078] [-0.3944] [-0.3807] [0.6534] [0.4666] [0.4096]
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 0.0546 0.0555 0.0579 0.0390 0.0405 0.0433
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。

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