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

Panel D：企業從事政治行動主義對企業創新能力的影響（工具變數法檢測）
PA ( 專利數 )
t
First Stage (1) t+1 t+2 t+3 t~t+1 t~t+2 t~t+3
(5)
(4)
(6)
(7)
(2)
(3)
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 -0.3843** -0.0112** -0.0102*** -0.0086** -0.0088** -0.0214** -0.0300*** -0.0389***
[-2.2222] [-2.3744] [-2.6714] [-2.5600] [-2.5012] [-2.5346] [-2.6572] [-2.6740]
RD_M -1.6415**
[-2.1069]
ROA_M -0.1072
[-0.8577]
DOS_F -0.0119** -0.0113** -0.0105** -0.0109** -0.0232** -0.0337** -0.0446**
[-2.0223] [-2.1120] [-2.0090] [-2.0127] [-2.0838] [-2.1104] [-2.1080]
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 3843 3843 3843 3843 3843 3843 3843 3843
Adjust R 2 0.1733 0.0387 0.0394 0.0216 0.0229 0.0401 0.0364 0.0337
Weak identification 0.0703*
test (p-value)
Overidentification 0.5890 0.8808 0.9452 0.7637 0.7165 0.7847 0.8982
test (p-value)
Panel E：企業從事政治行動主義對企業創新能力的影響（工具變數法檢測）
CITA ( 專利被引證數 )
t
First Stage (1) t+1 t+2 t+3 t~t+1 t~t+2 t~t+3
(3)
(6)
(2)
(4)
(5)
(7)
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 -0.3843** -82.6962** -66.7418*** -69.2662** -72.4638** -149.4379** -218.7041*** -291.1679***
[-2.2222] [-2.0528] [-2.9140] [-2.1315] [-2.3751] [-2.5380] [-2.7096] [-2.7375]
RD_M -1.6415**
[-2.1069]
ROA_M -0.1072
[-0.8577]
DOS_F -82.7491** -60.3685** -80.9201* -93.5233** -143.1175** -224.0376** -317.5610**
[-1.9653] [-2.3652] [-1.7993] [-2.0076] [-2.2077] [-2.2230] [-2.2252]
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 3843 3843 3843 3843 3843 3843 3843 3843
Adjust R 2 0.1733 0.0309 0.0633 0.0097 0.0149 0.0499 0.0406 0.0345
Weak identification 0.0703*
test (p-value)
Overidentification 0.5769 0.3815 0.9054 0.8318 0.4328 0.5851 0.7325
test (p-value)
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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