臺大管理論叢 NTU Management Review VOL.28 NO.1

131 /304

131
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,
T0]
–0.01
–0.38
–0.03
–1.42
–0.01
–0.35
–0.01
–0.61
–0.01
–0.36
DR
[–
T3,
T
0]
<0.01
0.32
<0.01
0.62
<0.01
0.29
<0.01
0.45
<0.01
0.32
MEDIA
[T
0,
T
2]
–
–
0.02***
2.56
–
–
–
–
–
–
SRso
[T0,
T
2]
–
–
<0.01***
2.63
–
–
–
–
–
–
MR
[T0,
T2]
–
–
–
–
<0.01*
1.96
–
–
–
–
CSR
T
0 *MEDIA
[T0,
T2]
–
–
–
–
–
–
0.01
1.16
–
–
CSR
T
0 *SRso
[T0,
T
2]
–
–
–
–
–
–
<0.01**
2.13
–
–
CSR
T
0 *MR
[T
0,
T2]
–
–
–
–
–
–
–
–
<0.01
0.16
Adj-
R
2
0.64
0.65
0.64
0.64
0.64
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
3 . 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 attime
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
2 ;
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
2 . 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.