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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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Table 9 Effects of Media Reputation after CSR Announcements on Stock Market Performance
Variables
Model (M1)
Model (M2a)
Model (M2b)
Model (M3a)
Model (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
15.00*
1.84
9.73
1.29
10.77
1.37
9.20
1.21
CSR
T
0
6.52**
2.08
5.43*
1.72
6.72**
2.14
3.59
0.94
6.51**
2.07
RET
[–
T
4,
T
0]
<0.01
0.06
–0.02
–0.28
–0.01
–0.14
–0.05
0.00
<0.01
0.02
TURN
[–
T
4,
T
0]
0.28
0.14
–0.10
–0.05
0.16
0.08
0.54
0.28
0.33
0.17
MV
[–
T
4,
T
0]
1.18
1.32
0.41
0.42
1.19
1.34
1.06
1.15
1.24
1.39
P/B
[–
T
4,
T
0]
–9.08*** –6.44
–9.13*** –6.52
–9.30*** –6.59
–9.30*** –6.58
–9.23*** –6.52
MEDIA
[
T
0,
T
1]
–
–
3.96*
1.83
–
–
–
–
–
–
SRso
[
T
0,
T
1]
–
–
14.03***
2.85
–
–
–
–
–
–
MR
[
T
0,
T
1]
–
–
–
–
8.64**
2.04
–
–
–
–
CSR
T
0
*MEDIA
[
T
0,
T
1]
–
–
–
–
–
–
2.58
0.89
–
–
CSR
T
0
*SRso
[
T
0,
T
1]
–
–
–
–
–
–
15.90*
1.94
–
–
CSR
T
0
*MR
[
T
0,
T
1]
–
–
–
–
–
–
–
–
5.97
1.11
Adj-
R
2
0.06
0.07
0.07
0.07
0.06