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129
臺大管理論叢
第
28
卷第
1
期
Table 11 Effects of Media Reputation after 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
0.95
1.17
0.76
1.05
1.06
1.36
0.75
1.02
CSR
T
0
–0.05
–0.28
–0.06
–0.35
–0.03
–0.20
–0.27*** –1.27
–0.05
–0.28
ROA
[–
T
3,
T
0]
0.70*** 21.38
0.70*** 21.26
0.70*** 21.31
0.70*** 21.10
0.70*** 21.34
TAT
[–
T
3,
T
0]
–2.16*** –4.23
–2.27*** –4.46
–2.18*** –4.30
–2.14*** –4.20
–2.15*** –4.22
TA
[–
T
3,
T
0]
0.05
1.10
0.04
0.72
0.05
1.10
0.03
0.62
0.05
1.09
DR
[–
T
3,
T
0]
<0.01
–0.97
<0.01
–0.91
<0.01
–1.00
<0.01
–0.80
<0.01
–0.97
MEDIA
[
T
0,
T
2]
–
–
0.01
0.60
–
–
–
–
–
–
SRso
[
T
0,
T
2]
–
–
0.01***
2.64
–
–
–
–
–
–
MR
[
T
0,
T
2]
–
–
–
–
0.01*
1.88
–
–
–
–
CSR
T
0
*MEDIA
[
T
0,
T
2]
–
–
–
–
–
–
0.04
1.41
–
–
CSR
T
0
*SRso
[
T
0,
T
2]
–
–
–
–
–
–
0.01
1.59
–
–
CSR
T
0
*MR
[
T
0,
T
2]
–
–
–
–
–
–
–
–
<0.00**
–0.09
Adj-
R
2
0.46
0.46
0.46
0.46
0.46
Panel B: Dependent variable:
ROE
[
T
0,
T
2]
Constant
1.47
1.28
2.33*
1.82
1.50
1.31
2.12*
1.74
1.47
1.27
CSR
T
0
0.03
0.12
<0.01
<0.01
0.06
0.21
–0.45
–1.33
–0.03
–0.12
ROE
[–
T
3,
T
0]
0.66*** 16.26
0.65*** 15.92
0.66*** 16.11
0.65*** 15.99
0.66*** 16.23
TAT
[–
T
3,
T
0]
–2.14**
–2.53
–2.32*** –2.74
–2.15*** –2.55
–2.07*** –2.45
–2.14*** –2.52
TA
[–
T
3,
T
0]
–0.01
–0.09
–0.07
–0.78
–0.01
–0.10
–0.05
–0.64
–0.01
–0.09
DR
[–
T
3,
T
0]
<0.01
0.10
<0.01
0.32
<0.01
0.09
<0.01
0.37
<0.01
0.10
MEDIA
[
T
0,
T
2]
–
–
0.04
1.51
–
–
–
–
–
–
SRso
[
T
0,
T
2]
–
–
0.01***
2.81
–
–
–
–
–
–