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119
臺大管理論叢
第
28
卷第
1
期
Table 8 Effects of Media Reputation prior to CSR Announcements on Stock Market Performance
Variables
Model 1 (M1)
Model 2 (M2a)
Model 2 (M2b)
Model 3 (M3a)
Model 3 (M3b)
Coeff.
t value Coeff.
t value Coeff.
t value Coeff.
t value Coeff.
t value
Panel A: Dependent variable:
RET
[
T
0,
T
4]
Constant
9.64
1.27
14.03*
1.66
9.61
1.26
10.01
1.22
9.24
1.21
CSR
T
0
6.52**
2.08
6.24**
1.98
6.52**
2.07
6.11
1.60
6.48**
2.06
RET
[–
T
4,
T
0]
<0.01
0.06
<0.01
–0.01
<0.01
0.05
0.04
<0.01
<0.01
0.03
TURN
[–
T
4,
T
0]
0.28
0.14
0.18
0.09
0.27
0.14
0.31
0.16
0.29
0.15
MV
[–
T
4,
T
0]
1.18
1.32
0.60
0.59
1.18
1.32
1.14
1.19
1.24
1.37
P/B
[–
T
4,
T
0]
–9.08*** –6.44
–9.05*** –6.39
–9.10*** –6.41
–9.15*** –6.41
–9.19*** –6.41
MEDIA
[–
T
1,
T
0]
–
–
2.82
1.19
–
–
–
–
–
–
SRso
[–
T
1,
T
0]
–
–
0.30
0.06
–
–
–
–
–
–
MR
[–
T
1,
T
0]
–
–
–
–
0.52
0.09
–
–
–
–
CSR
T
0
*MEDIA
[–
T
1,
T
0]
–
–
–
–
–
–
0.54
0.14
–
–
CSR
T
0
*SRso
[–
T
1,
T
0]
–
–
–
–
–
–
2.92
0.31
–
–
CSR
T
0
*MR
[–
T
1,
T
0]
–
–
–
–
–
–
–
–
3.98
–0.44
Adj-
R
2
0.06
0.06
0.06
0.06
0.06