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Does Political Activism Matter for Firm Innovation Capability?

表 9 企業從事政治行動主義之資訊電子產業（區分上下游）對創新能力之影響
Panel A：從事政治行動主義之資訊電子產業上下游企業對創新能力之影響：單期（捐贈政治獻金與否）
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 -0.0278*** -0.0276*** -0.0277*** -0.0271*** -219.0795*** -194.8876*** -228.6544** -224.9576***
[-3.1762] [-3.0220] [-3.0604] [-3.2014] [-2.6538] [-2.8189] [-2.4153] [-2.6269]
DONATE -0.0009*** -0.0008*** -0.0009*** -0.0009*** -5.5085*** -5.1174*** -6.3041*** -6.3298***
[-3.8678] [-3.6739] [-3.6509] [-3.7846] [-3.0137] [-3.2127] [-3.1159] [-3.3993]
DONATE*UP -0.0002 -0.0003 -0.0003 -0.0002 2.5790 -0.3139 2.3733 2.9935
[-0.2760] [-0.4625] [-0.3910] [-0.2853] [0.6006] [-0.1054] [0.5128] [0.6784]
DONATE*DOWN 0.0005 0.0004 0.0004 0.0004 2.4386 5.9308 1.0738 0.5052
[1.4101] [1.1212] [1.0243] [0.9105] [0.8077] [1.1516] [0.3047] [0.1344]
UP -0.0002 -0.0002 -0.0004 -0.0006 -5.8154 -4.9279 -6.8715 -7.9344
[-0.3679] [-0.2720] [-0.6353] [-0.8967] [-1.1417] [-1.1230] [-1.2222] [-1.5735]
DOWN -0.0013*** -0.0012*** -0.0012*** -0.0013*** -8.4429** -6.3030* -8.0699* -7.8387*
[-3.6307] [-3.2259] [-3.0065] [-3.1642] [-2.1523] [-1.6725] [-1.7872] [-1.7006]
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 0.0584 0.0534 0.0552 0.0615 0.0363 0.0430 0.0388 0.0481

Panel B：從事政治行動主義之資訊電子產業上下游企業對創新能力之影響：連續期（捐贈政治獻金與否）
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 -0.0554*** -0.0831*** -0.1102*** -413.9671*** -642.6215*** -867.5791***
[-3.1015] [-3.1331] [-3.1992] [-2.7333] [-2.6717] [-2.6927]
DONATE -0.0017*** -0.0026*** -0.0034*** -10.6259*** -16.9299*** -23.2598***
[-3.7777] [-3.7646] [-3.7994] [-3.1168] [-3.1659] [-3.2585]
DONATE*UP -0.0005 -0.0008 -0.0010 2.2651 4.6384 7.6319
[-0.3704] [-0.3837] [-0.3653] [0.3223] [0.4270] [0.5141]
DONATE*DOWN 0.0010 0.0014 0.0018 8.3695 9.4433 9.9485
[1.2683] [1.1876] [1.1179] [1.2757] [1.0212] [0.7946]
UP -0.0004 -0.0008 -0.0014 -10.7433 -17.6148 -25.5491
[-0.3193] [-0.4326] [-0.5534] [-1.1374] [-1.1925] [-1.3052]
DOWN -0.0024*** -0.0037*** -0.0049*** -14.7459* -22.8158* -30.6545*
[-3.4405] [-3.3087] [-3.2959] [-1.9396] [-1.9270] [-1.8908]
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 0.0561 0.0570 0.0595 0.0397 0.0412 0.0442

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