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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
130
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
MR
[
T
0,
T
2]
–
–
–
–
0.01*
1.91
–
–
–
–
CSR
T
0
*MEDIA
[
T
0,
T
2]
–
–
–
–
–
–
0.08*
1.89
–
–
CSR
T
0
*SRso
[
T
0,
T
2]
–
–
–
–
–
–
0.02**
2.34
–
–
CSR
T
0
*MR
[
T
0,
T
2]
–
–
–
–
–
–
–
–
<0.01***
0.04
Adj-
R
2
0.30
0.31
0.30
0.31
0.30
Panel C: Dependent variable:
GPM
[
T
0,
T
2]
Constant
7.80**
2.12
9.32**
2.25
7.83**
2.12
8.46**
2.14
7.82**
2.12
CSR
T
0
0.89
1.15
0.84
1.08
0.91
1.18
0.28
0.29
0.89
1.15
GPM
[–
T
3,
T
0]
0.97*** 36.15
0.96*** 35.73
0.97*** 36.13
0.96*** 35.76
0.97*** 36.12
TAT
[–
T
3,
T
0]
0.20
0.09
–0.34
–0.14
–0.15
0.06
0.13
0.06
0.22
0.09
TA
[–
T
3,
T
0]
–0.54**
–2.46
–0.65*** –2.56
–0.55**
–2.47
–0.59**
–2.45
–0.55**
–2.46
DR
[–
T
3,
T
0]
0.02
1.12
0.03
1.23
0.02
1.12
0.03
1.19
0.02
1.13
MEDIA
[
T
0,
T
2]
–
–
0.07
0.86
–
–
–
–
–
–
SRso
[
T
0,
T
2]
–
–
0.02*
1.74
–
–
–
–
–
–
MR
[
T
0,
T
2]
–
–
–
–
0.01
0.60
–
–
–
–
CSR
T
0
*MEDIA
[
T
0,
T
2]
–
–
–
–
–
–
0.09
0.71
–
–
CSR
T
0
*SRso
[
T
0,
T
2]
–
–
–
–
–
–
0.04
1.45
–
–
CSR
T
0
*MR
[
T
0,
T
2]
–
–
–
–
–
–
–
–
<0.01*** –0.11
Adj-
R
2
0.74
0.74
0.74
0.74
0.74
Panel D: Dependent variable:
EPS
[
T
0,
T
2]
Constant
0.37
1.22
0.72**
2.15
0.37
1.21
0.45
1.41
0.37
1.21
CSR
T
0
–0.04
–0.58
–0.06
–0.83
–0.03
–0.50
–0.13
–1.42
–0.04
–0.58
EPS
[–
T
3,
T
0]
0.86*** 32.88
0.84*** 31.74
0.86*** 32.68
0.86*** 32.64
0.86*** 32.86
TAT
[–
T
3,
T
0]
–0.79*** –3.73
–0.84*** –4.01
–0.80*** –3.77
–0.79*** –3.72
–0.79*** –3.73