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媒體聲譽對企業社會責任得獎企業其股市表現與財務績效之影響
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Semantic orientation begins at the neutral state,
S
2
; if the next word is a negative
adjective term (~), then the state shifts from
S
2
to
S
1
; if the next word is a neutral term (?),
then the state remains in
S
1
; and if the next word is a pessimistic term (–), then the state
shifts from
S
1
to
S
0
. Therefore, the final state of the quoted sentence is optimism (
S
0
). Table
4 presents an example of calculating the process from state to weight. The process of
identifying states is carried out for each sentence and paragraph, with the numbers of
optimistic, pessimistic and neutral states then being summarized to calculate the sentiment
ratio, as shown in Panel A of Table 4.
Table 4 Example Process from State to Weight
State
Paragraph
Totals
1
2
3
4
5
Panel A: No. of Sentences in each State and Paragraph
+
1
2
0
0
3
6
–
0
2
0
0
0
2
?
0
5
2
5
2
14
Panel B: Weight of the States in each Paragraph
+
1.00
0.22
0.00
0.00
0.60
1.82
–
0.00
0.22
0.00
0.00
0.00
0.25
?
0.00
0.56
1.00
1.00
0.40
2.96
Panel C: Normalization of the Weight in each State
+
0.55
0.12
0.00
0.00
0.33
1.00
–
0.00
1.00
0.00
0.00
0.00
1.00
?
0.00
0.19
0.34
0.34
0.14
1.00
Note: Panel A provides the basic numbers and totals of sentences in each states and paragraph.
Panel B provides the weight of the states in each paragraph, along with the totals of the
weights in each of the three states. Panel C presents the normalization of the weight in each
state, where the summation of the weight in each state is equal to 1.
Panel B of Table 4 subsequently provides the weight of the three states in each
paragraph; for example, there are two optimistic sentences from a total of nine sentences
in paragraph 2, therefore, the weight of the optimistic state in paragraph 2 is 0.22 (2/9).
Panel C of Table 4 goes on to show the normalization of the weight in each state; for
example, the weight of the optimistic state in paragraph 2 is 0.22 whilst the sum for this
news item of the optimistic state is 1.82, therefore, the normalization of the weight of the
optimistic state in paragraph 2 is 0.12 (0.22/1.82). The degree of optimism and pessimism