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臺大管理論叢
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winners may be greater than that of non-CSR firms. CSR winners are also found to have
lower turnover than non-CSR firms, which may well indicate that investors tend to hold
on to the stocks of such firms for longer periods, as opposed to engaging in speculative
trading.
The correlation analysis is presented in Table 7, where the correlation between CSR
and
MEDIA
is found to be positive of 0.34, thereby indicating that CSR winners tend to
have higher media coverage. The relationship between CSR,
TA
and
MV
is found to be
positive, whilst that between CSR and
TURN
is negative. This implies that the stocks of
the related firms will be held for longer periods, as opposed to being used for short-term
speculative trading, perhaps because the constitution of CSR winners may be superior to
that of other firms, therefore they have sufficient ability to engage in further CSR
activities.
Figures 5 and 6 illustrate the variations in the daily average media reputation of CSR
and non-CSR firms for each day, including the daily average media coverage and the news
sentiment ratio. As shown in Figure 5, CSR winners are found to have higher media
exposure during CSR award announcement periods. The pattern in Figure 6 shows that the
variation of news sentiment ratio for non-CSR firms is more stable than that for CSR
firms around the CSR announcement date.