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

表 8 政治行動主義與企業對創新能力 (N=499)
Panel A：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 -0.0048** -0.0041*** -0.0030*** -0.0031** -41.8131* -39.9172** -30.9447* -25.7491**
[-2.1445] [-2.6967] [-2.8445] [-2.5858] [-1.9515] [-2.3019] [-1.7917] [-2.1452]
DOS_F -0.0009** -0.0009** -0.0007* -0.0008* -5.9537* -5.0420** -5.5942* -7.2928**
[-2.0574] [-2.0591] [-1.7380] [-1.8605] [-1.9388] [-2.3956] [-1.7546] [-2.0048]
DOS_F *IND 0.0025 0.0012 -0.0000 -0.0002 24.8721 5.5967 -11.9374 -3.5453
[0.7746] [0.5327] [-0.0291] [-0.1080] [0.8348] [0.4952] [-0.9094] [-0.2439]
IND 0.0003 0.0005 0.0007 0.0007 0.2024 1.7131 6.1452 5.8998
[0.5591] [0.8919] [1.1219] [1.1672] [0.0538] [0.7090] [1.3452] [1.1450]
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
Sample size 499 499 499 499 499 499 499 499
Adjust R 2 0.0413 0.0413 0.0239 0.0262 0.0344 0.0607 0.0143 0.0178
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 : 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 -0.0089** -0.0119*** -0.0150*** -81.7303** -112.6750** -138.4241***
[-2.3995] [-2.6503] [-2.7593] [-2.4636] [-2.5787] [-2.5947]
DOS_F -0.0018** -0.0025** -0.0033** -10.9957** -16.5899** -23.8827**
[-2.0721] [-2.0016] [-1.9843] [-2.2384] [-2.2088] [-2.2100]
DOS_F *IND 0.0037 0.0037 0.0035 30.4688 18.5314 14.9861
[0.6803] [0.5492] [0.4290] [0.7542] [0.3974] [0.2602]
IND 0.0009 0.0015 0.0023 1.9155 8.0606 13.9605
[0.7254] [0.8688] [0.9507] [0.3208] [0.8141] [0.9425]
Control variables Included Included Included Included Included Included
IMR Included Included Included Included Included Included
YearFE Included Included Included Included Included Included
Sample size 499 499 499 499 499 499
Adjust R 2 0.0421 0.0380 0.0354 0.0499 0.0386 0.0336

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