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Figure 5 Evolution and t Test of Daily Average Media Coverage
Note: This figure illustrates the daily average media coverage (
MEDIA
) for 40 trading days prior to
and after the announcement of CSR awards. CSR1 refers to the daily average media coverage
of CSR winners; and CSR0 refers to the daily average media coverage of non-CSR firms. The t
value is a sample t test of CSR1 and CSR0.
Figure 6 Evolution and t Test of Daily Average Sentiment Ratio
Note: This figure shows the daily average sentiment ratio (
SRso
) for 40 trading days prior to and after
the announcement of CSR awards. CSR1 refers to the daily average
SRso
of CSR winners;
and CSR0 refers to the daily average
SRso
of non-CSR firms. The t value is a sample t test of
CSR1 and CSR0.
MEDIA