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125
臺大管理論叢
第
28
卷第
1
期
Table 10 Effects of Media Reputation prior to CSR Announcements on Financial Performance
Variables
Model (M4)
Model (M5a)
Model (M5b)
Model (M6a)
Model (M6b)
Coeff.
t value Coeff.
t value Coeff.
t value Coeff.
t value Coeff.
t value
Panel A: Dependent variable:
ROA
[
T
0,
T
2]
Constant
0.74
1.02
0.72
0.85
0.72
0.99
1.41*
1.73
0.60
0.83
CSR
T
0
–0.05
–0.28
–0.08
–0.45
–0.05
–0.32
–0.50**
–2.23
–0.08
–0.48
ROA
[–
T
3,
T
0]
0.70*** 21.38
0.70*** 21.36
0.70*** 21.44
0.70*** 21.24
0.71*** 21.60
TAT
[–
T
3,
T
0]
–2.16*** –4.23
–2.22*** –4.37
–2.22*** –4.39
–2.32*** –4.56
–2.33*** –4.55
TA
[–
T
3,
T
0]
0.05
1.10
0.06
0.96
0.06
1.16
0.01
0.22
0.06
1.30
DR
[–
T
3,
T
0]
<0.01
–0.97
–0.01
–1.15
<0.01
–1.03
<0.01
–0.73
<0.01
–0.99
MEDIA
[–
T
3,
T
0]
–
–
<0.01
0.12
–
–
–
–
–
–
SRso
[–
T
3,
T
0]
–
–
0.01***
2.79
–
–
–
–
–
–
MR
[–
T
3,
T
0]
–
–
–
–
0.02***
2.88
–
–
–
–
CSR
T
0
*MEDIA
[–
T
3,
T
0]
–
–
–
–
–
–
0.08**
2.25
–
–
CSR
T
0
*SRso
[–
T
3,
T
0]
–
–
–
–
–
–
0.02***
3.38
–
–
CSR
T
0
*MR
[–
T
3,
T
0]
–
–
–
–
–
–
–
–
0.02**
2.44
Adj-
R
2
0.46
0.46
0.46
0.47
0.46
Panel B: Dependent variable:
ROE
[
T
0,
T
2]
Constant
1.47
1.28
1.81
1.34
1.44
1.26
2.42*
1.89
1.23
1.07
CSR
T
0
0.03
0.12
–0.02
–0.09
0.02
0.09
–0.67*
–1.89
–0.03
–0.10
ROE
[–
T
3,
T
0]
0.66*** 16.26
0.66*** 16.13
0.66*** 16.24
0.66*** 16.23
0.67*** 16.53
TAT
[–
T
3,
T
0]
–2.14**
–2.53
–2.25*** –2.67
–2.22*** –2.63
–2.41*** –2.85
–2.49*** –2.92
TA
[–
T
3,
T
0]
–0.01
–0.09
–0.03
–0.33
<0.01
–0.04
–0.07
–0.77
0.01
0.18
DR
[–
T
3,
T
0]
<0.01
0.10
<0.01
0.02
<0.01
0.06
<0.01
0.31
<0.01
0.01
MEDIA
[–
T
3,
T
0]
–
–
0.02
0.64
–
–
–
–
–
–
SRso
[–
T
3,
T
0]
–
–
0.02***
2.86
–
–
–
–
–
–