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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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Figure 8a Average Sentiment Ratio prior to CSR Award Announcements
Figure 8b Average Sentiment Ratio after CSR Award Announcements
Figure 8 Evolution and t Test of Average Sentiment Ratio
Note: This figure illustrates the average sentiment ratio (
SRso
), with Figure 8a (Figure 8b) showing
the average
SRso
for the 150 trading days prior to (after) CSR award announcements to (from)
the event date, respectively calculated by Equations (12) and (13). CSR1 refers to the average
SRso
for CSR winners; CSR0 refers to the average
SRso
for non-CSR firms. The t value is a
sample t test of CSR1 and CSR0.