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Conversely, the media reputation in the 5-day period after the announcement date is
found to have a significantly positive impact on stock returns after CSR announcement. As
shown in Panel A of Table 9, CSR winners with a better news sentiment can earn positive
stock returns.
18
Our results reveal that even if non-CSR firms are provided with sufficient motivation
to manipulate their media reputation prior to CSR award announcements, it will not
improve their stock returns or CARs. In contrast, in post-CSR award announcement
periods, CSR winners with a better media reputation can successfully convey the
credibility of this news to their investors and further improve their future market
performance, thereby providing support for our Hypothesis 4.
18 The results are consistent no matter the stock returns after CSR announcement is calculated during 20,
40, 60, 90, and 120 days. However, the media reputation in the 5-day period after a CSR award
announcement is found to have a significant impact on CARs for only 20 days after the event date;
thus, the impacts of media reputation are much more obvious on stock returns than on CARs.