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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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5-day trading period prior to CSR award announcements; time –
T
4
refers to the 90-day
trading period prior to CSR award announcements;
T
1
refers to the 5-day trading period
after CSR award announcements; and
T
4
refers to the 90-day trading period after CSR
award announcements.
Preston and O’Bannon (1997) hypothesized that CSR performance positively affects
financial performance, whilst Deephouse (2000) argued that the higher the reputation, the
greater the likelihood of improved financial performance. Hence, we investigate the
relationship between CSR and financial performance from the viewpoint of media
reputation (Hypothesis 5) based upon the following regression models.
Model 4 (M4) examines whether CSR winners promote financial performance, whilst
Model 5 (M5) examines whether media reputation around a CSR award announcement
period similarly promotes financial performance, with Model 6 (M6) including the
interaction term between media reputation and the CSR dummy to examine whether
media reputation strength is enhanced, particularly for CSR winners.
(17)
(18)
(19)
where
FR
i
refers to the financial performance variables of the
i
th
firm (comprising of
ROA, ROE, GPM
and
EPS
) during the period from the CSR announcement date (
T
0
) to
T
2
days after the CSR announcement date.
CSR
i,T
0
denotes the CSR dummy for the
i
th
firm in
the current year; this dummy is equal to 1 if the firm is a CSR award recipient, otherwise 0.
X
i,k
is a control variable for the
i
th
firm which includes
TAT, TA
and
DR
during the
period from
T
3
days prior to the CSR announcement date to the CSR announcement date
(
T
0
). K refers to the number of control variables.
MP
i,l
are the
l
th
media proxies for the
i
th
firm, which include
MEDIA, SRso
and
MR
during the period from
T
3
days prior to the