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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
110
Variables
CSR Firms
non-CSR Firms
t value
Mean
Min
Max
SD
Mean
Min
Max
SD
Panel B: Post-CSR Award Announcement Period
Financial
Performance
ROA
[T
0
, T
2
]
3.66
–1.64
9.93
2.32
3.31
–2.96
12.60
1.95
1.85*
ROE
[T
0
, T
2
]
3.45
–7.37
12.62
3.19
3.05
–8.00
17.14
2.72
1.52
GPM
[T
0
, T
2
]
24.43 –31.35
58.28
15.93
23.01 –48.09
70.43
12.70
1.13
EPS
[T
0
, T
2
]
0.98
–2.39
8.34
1.26
0.79
–2.57
10.56
0.96
2.01**
Stock Market
Performance
RET
[T
0
, T
2
]
6.45 –44.52
66.71
14.21
8.00 -32.44 100.21
17.27 –0.09
CAR
[T
0
, T
2
]
0.51 –30.15
53.24
12.06
0.58 –68.62
66.28
13.08 –0.24
Media
Reputation
MEDIA
[T
0
, T
2
]
0.63
0.00
3.26
0.53
0.22
0.00
3.53
0.38
8.29***
SRso
[T
0
, T
2
]
0.04
–0.84
0.86
0.26
0.04
–0.87
0.71
0.20 –0.59
Control
Variables
TAT
[T
0
, T
2
]
0.27
0.07
0.80
0.16
0.24
0.03
0.87
0.11
2.66***
TA
[T
0
, T
2
]
17.93
13.74
20.60
1.68
16.02
13.35
19.97
1.23 15.33***
DR
[T
0
, T
2
]
44.74
11.05
77.23
17.69
41.17
4.80
82.56
14.23
2.56**
TURN
[T
0
, T
2
]
0.73
0.00
5.40
0.92
0.75
0.01
6.76
0.79 –3.64***
MV
[T
0
, T
2
]
9.77
6.10
14.36
1.90
9.18
5.43
14.58
1.50 15.29***
P/B
[T
0
, T
2
]
1.50
0.25
9.20
1.06
1.42
0.38
8.45
1.03
4.74***
Note: This table reports the summary statistics on CSR and non-CSR firms, with Panel A (Panel B) reporting the statistics for the pre-(post-)
CSR award announcement period. In the pre-announcement period, –
T
3
is calculated for an average of approximately 68 trading days; in
the post-announcement period,
T
2
is calculated for an average of approximately 29 trading days. The t value is a sample t test of CSR
and non-CSR firms. The abbreviation of variables refers to Table 2. * indicates significance at the 10% level; ** indicates significance at
the 5% level; and *** indicates significance at the 1% level.