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

Panel C：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 -0.0277*** -0.0275*** -0.0276*** -0.0270*** -218.6139*** -194.5933*** -228.3769** -224.7060***
[-3.1807] [-3.0254] [-3.0615] [-3.2015] [-2.6563] [-2.8233] [-2.4180] [-2.6300]
DOS_F -0.0045*** -0.0045*** -0.0046*** -0.0045*** -28.7324*** -27.1920*** -32.8557*** -33.5361***
[-4.0786] [-3.8817] [-3.9185] [-4.0719] [-3.3696] [-3.6326] [-3.4454] [-3.8178]
DOS_F *UP -0.0000 -0.0015 -0.0023 -0.0022 19.9537 -5.1847 -11.6627 -1.7994
[-0.0122] [-0.5537] [-1.1090] [-1.1915] [0.6001] [-0.3961] [-1.0249] [-0.1694]
DOS_F *DOWN 0.0001 -0.0009 -0.0013 -0.0018 -7.7948 42.0994 -23.0186 -28.4129
[0.0244] [-0.3237] [-0.4469] [-0.5632] [-0.3149] [0.7728] [-0.7845] [-0.8930]
UP -0.0003 -0.0002 -0.0004 -0.0006 -5.9061 -4.9769 -6.6083 -7.7301
[-0.4335] [-0.3203] [-0.6672] [-0.9236] [-1.1754] [-1.1508] [-1.1903] [-1.5492]
DOWN -0.0012*** -0.0011*** -0.0012*** -0.0013*** -8.3704** -6.2377* -8.0016* -7.7835*
[-3.6101] [-3.2047] [-2.9871] [-3.1470] [-2.1516] [-1.6722] [-1.7877] [-1.7068]
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 0.0588 0.0539 0.0558 0.0621 0.0366 0.0435 0.0393 0.0486

Panel D：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 -0.0551*** -0.0828*** -0.1098*** -413.2072*** -641.5841*** -866.2901***
[-3.1054] [-3.1362] [-3.2017] [-2.7367] [-2.6749] [-2.6959]
DOS_F -0.0090*** -0.0136*** -0.0181*** -55.9243*** -88.7800*** -122.3161***
[-3.9861] [-4.0013] [-4.0572] [-3.5063] [-3.5470] [-3.6582]
DOS_F *UP -0.0016 -0.0038 -0.0061 14.7689 3.1062 1.3068
[-0.2503] [-0.4893] [-0.6449] [0.3278] [0.0623] [0.0228]
DOS_F *DOWN -0.0009 -0.0022 -0.0040 34.3047 11.2861 -17.1269
[-0.1573] [-0.2604] [-0.3431] [0.6390] [0.1681] [-0.1901]
UP -0.0005 -0.0009 -0.0014 -10.8830 -17.4913 -25.2213
[-0.3762] [-0.4819] [-0.5981] [-1.1683] [-1.2001] [-1.3048]
DOWN -0.0024*** -0.0036*** -0.0049*** -14.6081* -22.6097* -30.3932*
[-3.4194] [-3.2879] [-3.2759] [-1.9392] [-1.9268] [-1.8925]
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 0.0565 0.0575 0.0600 0.0400 0.0416 0.0446
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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