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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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4.3 The Relationship between CSR and Financial Performance
In this section, we examine whether CSR awards and media reputation can lead to
improved financial performance. The results in Table 10 indicate that winning CSR
awards in the current year has an insignificant impact, but that the effect of media
reputation is significantly positive, which implies that greater media coverage and a higher
sentiment ratio will promote financial performance.
Although CSR awards have no significant effect, CSR winners with greater media
coverage and a higher sentiment ratio convey a better reputation to stakeholders, further
promoting their financial performance. When media reputation is included in Model 6, the
CSR dummy and media reputation interaction term is found to have a positive effect on
financial performance. Thus, the impact on financial performance from media reputation
is superior to the CSR award signal, which may be due to the image of CSR awards being
substituted by media reputation.