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periods after the award announcement date. In line with Kong (2012), our results indicate
that after announcements of CSR awards, the stock market returns of CSR winners will be
superior to those of non-CSR firms over longer periods.
Higher media exposure and positive media reports can generally improve the
corporate reputation of CSR winners and successfully transmit a positive image to
stakeholders and consumers, with the financial performance of CSR winners ultimately
exceeding that of non-CSR firms; this is consistent with the findings of Chang et al.
(2010) , Chih et al. (2014) and Byun and Oh (2017). CSR winners with a better media
reputation following the receipt of a CSR award will undoubtedly enjoy better stock return
performance over longer periods.
We suggest that mutual fund managers and market participants can adjust their
portfolios by referring to the signals provided by CSR awards and that holding periods of
about four to five months will result in better stock returns, essentially because CSR
winners with a good media reputation will tend to have better financial fundamentals and
a promising outlook for the future.