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P. 157

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




               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   0.0580  0.0534  0.0552  0.0613   0.0361   0.0433   0.0390   0.0480
               Panel D：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        -0.0555***  -0.0834***  -0.1108***  -419.1847***  -651.5535***  -880.6912***
                                [-3.1150]  [-3.1338]  [-3.1915]  [-2.7098]  [-2.6479]  [-2.6698]
               DOS_F            -0.0101***  -0.0156***  -0.0209***  -60.0065***  -98.9698***  -137.1574***
                                [-3.3495]  [-3.5269]  [-3.6595]  [-2.9616]  [-3.2350]  [-3.4020]
               DOS_F * YB       0.0080*    0.0124*   0.0164*   18.0430     48.2328     77.0841
                                [1.7656]  [1.8788]   [1.8981]  [0.5885]    [1.1756]    [1.4452]
               YB               -0.0012   -0.0019    -0.0025    8.4082     4.3059      0.1450
                                [-0.7749]  [-0.8019]  [-0.7934]  [0.6847]  [0.2876]    [0.0076]
               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       0.0559    0.0569     0.0594     0.0397     0.0413      0.0442
               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。


               資訊與資源，有益於公司創新之提升，故雙邊押寶的政治行動主義會是一種政治關

               聯的「資源提供」機制。
               ( 五 ) 企業進行政治行動主義而有集團其他公司捐贈政治獻金對創新能力之影響
                   李宗榮 (2016) 表示集團的規模越大，以及家族控制的集團，從事捐贈政治獻
               金的傾向愈高；鍾喜梅與葉家豪 (2010) 指出企業集團通常會被政府視為是一種具
               經濟優勢的團體組織。鍾宇軒與曾映綾 (2023) 曾發現集團所屬企業捐贈總統大選
               政治獻金時，有助於公司獲取較優惠的銀行貸款合約條件。本研究考量企業從事政
               治行動主義時，可能會透過集團中不同的公司進行政治獻金捐贈，故本研究設定一

               虛擬變數為公司從事政治行動主義時，集團內其他公司亦對立法委員候選人進行捐
               贈 (GROUP) 為 1，其他為 0。未製表的結果除了顯示企業從事政治行動主義而對立
               法委員候選人提供政治獻金 (DONATE) 及捐贈較多政治獻金 (DOS_F) 與企業創新能
               力呈顯著負向關係外，亦捕捉到企業集團內其他公司也對立法委員候選人進行捐贈
               (GROUP) 時，會對企業創新能力產生負向影響。表示企業透過集團內公司間的多方
               投入政治獻金捐贈時，擴大了公司政治獻金的規模與範疇，但也使得公司的資源配
               置產生排擠效應，政治資源的詛咒問題更為明顯，並阻礙公司的創新發展。


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