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87
臺大管理論叢
2018/4
第
28
卷第
1
期
87-140
DOI:10.6226/NTUMR.201804_28(1).0003
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
The Impact of Media Reputation on Stock Market and Financial
Performance of Corporate Social Responsibility Winner
摘 要
本研究以天下及遠見雜誌評選之企業社會責任得獎公司為研究樣本，剖析企業社會責
任獎項公告期間，媒體聲譽對公司股市表現與財務績效之影響。本研究應用內容分析
法捕捉財經新聞報導隱含之資訊，實證結果發現媒體報導可向利害關係人傳遞企業之
聲譽評價，未獲獎企業有動機在得獎公告前提升其媒體曝光程度與報導之淨樂觀程
度，避免與獲獎企業之形象差距過大，但平均而言獲獎企業的媒體聲譽仍顯著高於未
獲獎企業。此外，本研究發現事件公告後約四至五個月，獲獎企業之市場真實報酬顯
著優於未獲獎企業。投資人於獎項公告期間進行投資決策時，可考量媒體聲譽優良之
獲獎企業作為標的選擇。
【關鍵字】
企業社會責任、媒體聲譽、股市表現、財務績效、內容分析
Abstract
We investigate the ways in which the reputation of a firm created by the media can affect its
stock market and financial performance during ‘corporate social responsibility’ (CSR) award
announcement periods in Taiwan. The CSR ‘winners’ in this study are selected from the Global
Views and CommonWealth Magazines, with content analysis being used to capture the
information implied in the media reports. Our empirical results show that since media coverage
can provide stakeholders with a superior image of CSR firms, non-CSR firms are provided with
sufficient motivation to try to manipulate the media coverage and the overall level of news
sentiment degree in the firm, in order to close the gap between their image and that of the CSR
winners. Our results also indicate that media reputation relating to CSR winners is found to be
higher than that for non-CSR firms and that the stock returns of CSR winners are likely to be
significantly higher than those of non-CSR firms for a period of four to five months after CSR
announcements. We argue that when investors are making investment decisions during periods
of CSR awards announcements, they can be guided by the signals of CSR awards and media
reputation.
【
Keywords
】
corporate social responsibility, media reputation, stock market
performance, financial performance, content analysis
魏裕珍
/
國立高雄科技大學金融系副教授
Yu-Chen Wei
, Associate Professor, Department of Money and Banking, National Kaohsiung University
of Science and Technology
盧陽正
/
銘傳大學財務金融學系教授
Yang-Cheng Lu
, Professor, Department of Finance, Ming Chuan University
陳振南
/
銘傳大學財務金融學系教授
Jen-Nan Chen
, Professor, Department of Finance, Ming Chuan University
王丹薐
/
勤業眾信聯合會計師事務所風險諮詢服務部門副理
Dan-Leng Wang
, Assistant Manager, Risk Advisory, Deloitte & Touche
Received, 2014/9, Final revision received 2015/8