127 /304
127
臺大管理論叢
第
28
卷第
1
期
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
TA
[–
T
3,
T
0]
–0.01
–0.38
–0.01
–0.61
–0.01
–0.31
–0.01
–0.60
<0.01
–0.08
DR
[–
T
3,
T
0]
<0.01
0.32
<0.01
0.26
<0.01
0.28
<0.01
0.31
<0.01
0.19
MEDIA
[–
T
3,
T
0]
–
–
0.01
0.72
–
–
–
–
–
–
SRso
[–
T
3,
T
0]
–
–
<0.00**
2.51
–
–
–
–
–
–
MR
[–
T
3,
T
0]
–
–
–
–
0.01**
2.49
–
–
–
–
CSR
T
0
*MEDIA
[–
T
3,
T
0]
–
–
–
–
–
–
0.02
1.25
–
–
CSR
T
0
*SRso
[–
T
3,
T
0]
–
–
–
–
–
–
0.01***
3.68
–
–
CSR
T
0
*MR
[–
T
3,
T
0]
–
–
–
–
–
–
–
–
0.01***
3.06
Adj-
R
2
0.64
0.65
0.65
0.65
0.65
Note: The respective dependent variables, from Panels A to D, are ‘return on assets’ (
ROA
), ‘return on equity’ (
ROE
), ‘gross profit margin’
(
GPM
) and ‘earnings per share’ (
EPS
) at time
T
2
. Time
T
0
refers to the CSR award announcements in the current year; time –
T
3
refers to
quarterly financial statement announcements prior to CSR award announcements; Times
T
2
refers to quarterly financial statement
announcements after CSR award announcements. Model 4, which is examined based upon Equation (17), includes the CSR dummy at
time
T
0
, the lag term of the dependent variable at time –
T
3
, the financial performance variables at time –
T
3
and the control variables at
time –
T
3
; Model 5, which is examined based upon Equation (18), includes the CSR dummy at time
T
0
, the lag term of the dependent
variable at time –
T
3
, the financial performance variables on time –
T
3
, the control variables at time –
T
3
and the media proxies at time –
T
3
;
Model 6, which is examined based upon Equation (19), includes the CSR dummy at time
T
0
, the lag term of the dependent variable at
time –
T
3
, the financial performance variables at time –
T
3
, the control variables at time –
T
3
and the CSR/media proxies interaction term at
time –
T
3
. The abbreviation of variables refers to Table 2. * indicates significance at the 10% level; ** indicates significance at the 5% level;
and *** indicates significance at the 1% level.