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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
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Lins, Servaes, and Tamayo (2017) similarly examined CSR activities could mitigating the
impact of shareholder when the corporations suffers a negative shock.
It is generally believed that such positive outcomes are due to the marketing effect of
a firm’s CSR activities, which ultimately enhances both the awareness of the firm and its
brand image; however, diverse opinions are evident within the related literature. For
instance, the inclusion or deletion of a stock from the CSR index is measured in some of
the related studies as the means of capturing the level of corporate social performance,
where, on the one hand, Curran and Moran (2007) argued that no significant relationship
existed between the CSR proxy and CARs, whilst on the other hand, Becchetti, Ciciretti,
Hasan, and Kobeissi (2012) concluded that a significantly negative effect was readily
discernible on CARs as a result of announcements of stock deletions from the CSR index.
Clearly, despite the in-depth examinations of CSR, financial performance and stock
market performance in numerous prior studies, no general consensus has yet been reached.
Thus, in the present study, we investigate whether those firms in receipt of CSR awards
are found to have superior financial or stock market performance, particularly around
periods of award announcements, as compared to paired-sample firms. Thus, we set the
first of our hypotheses as follows:
Hypothesis 1: The stock returns and cumulative abnormal returns of CSR winners
will be higher than those of non-CSR firms.
Hypothesis 2: The financial performance of CSR winners will be superior to that of
non-CSR firms.
As noted in several of the related studies, a good corporate reputation can reduce the
agency problem and enhance a firm’s brand equity, ultimately improving firm value;
8
it is,
however, extremely difficult to effectively measure corporate reputation, as compared to,
say, tangible assets, and indeed, as noted earlier, both good and bad news can affect
corporate reputation (Wry et al., 2006).
Applying ‘media reputation’ as a proxy for firm reputation, Deephouse (2000) found
that it was indeed an intangible asset capable of boosting the firm’s competitive
advantage, ultimately leading to enhanced financial performance. Other studies have
8 See Gomes (2000), Brammer and Pavelin (2004), Eberl and Schwaiger (2005), Dowling (2006), and
Lai et al. (2010).