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Does Political Activism Matter for Firm Innovation Capability?

表 10 企業從事政治行動主義雙邊押寶對創新能力之影響
Panel A：企業從事政治行動主義雙邊押寶對創新能力之影響：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 -0.0279*** -0.0277*** -0.0279*** -0.0274*** -221.9255*** -197.4103*** -232.1265** -228.9551***
[-3.1880] [-3.0244] [-3.0329] [-3.1661] [-2.6269] [-2.7897] [-2.3893] [-2.6036]
DONATE -0.0009*** -0.0009*** -0.0009*** -0.0009*** -4.9699** -5.2189*** -5.9286*** -5.8937***
[-2.9667] [-2.9572] [-3.1098] [-3.2259] [-2.4279] [-3.0179] [-2.6475] [-2.8866]
DONATE*YB -0.0002 -0.0001 -0.0002 -0.0002 -1.2743 4.1275 -1.2453 -1.5776
[-0.4641] [-0.4241] [-0.4549] [-0.5818] [-0.5649] [0.9526] [-0.4937] [-0.6000]
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 0.0578 0.0531 0.0548 0.0609 0.0361 0.0430 0.0387 0.0476
Panel B：企業從事政治行動主義雙邊押寶對創新能力之影響：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 -0.0556*** -0.0835*** -0.1109*** -419.3358*** -651.4623*** -880.4174***
[-3.1084] [-3.1273] [-3.1850] [-2.7050] [-2.6426] [-2.6643]
DONATE -0.0017*** -0.0026*** -0.0035*** -10.1888*** -16.1173*** -22.0111***
[-2.9707] [-3.0538] [-3.1295] [-2.7245] [-2.7687] [-2.8402]
DONATE*YB -0.0003 -0.0004 -0.0007 2.8532 1.6079 0.0302
[-0.4449] [-0.4497] [-0.4853] [0.5818] [0.2456] [0.0035]
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 0.0556 0.0566 0.0590 0.0396 0.0411 0.0439
Panel C：企業從事政治行動主義雙邊押寶對創新能力之影響：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 -0.0279*** -0.0276*** -0.0279*** -0.0274*** -221.6699*** -197.5148*** -232.3688** -229.1378***
[-3.1945] [-3.0310] [-3.0388] [-3.1717] [-2.6294] [-2.7970] [-2.3952] [-2.6094]
DOS_F -0.0049*** -0.0052*** -0.0054*** -0.0053*** -28.7285** -31.2781*** -38.9633*** -38.1876***
[-3.2624] [-3.4047] [-3.7076] [-3.8830] [-2.5026] [-3.4331] [-3.4261] [-3.6844]
DOS_F * YB 0.0038* 0.0042* 0.0044** 0.0041* 21.4405 -3.3975 30.1898** 28.8513*
[1.6846] [1.8356] [2.0654] [1.8967] [1.4105] [-0.1362] [1.9941] [1.8865]
YB -0.0006 -0.0006 -0.0007 -0.0006 -3.5143 11.9225 -4.1023 -4.1609
[-0.7463] [-0.7995] [-0.8503] [-0.7613] [-0.6501] [0.9532] [-0.6893] [-0.6743]
Control variables Included Included Included Included Included Included Included Included

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