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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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related firms, with their empirical results showing that media attention can be considered
as an important driver of CSR, and that firms may respond to such media attention by
improving their CSR performance.
10
We therefore investigate the ways in which reputation, as reflected in media reports,
can affect the financial or stock market performance of CSR winners in Taiwan, setting
Hypotheses 4 and 5 as follows:
Hypothesis 4: Media reputation can improve the stock returns and cumulative
abnormal returns of CSR winners.
Hypothesis 5: Media reputation can improve the financial performance of CSR
winners.
The difference between the present study and the prior related studies is that media
reputation is constructed here by means of content analysis. Since both positive and
negative meanings can be implied from news reports, focusing simply on media coverage
is not sufficiently objective; we therefore construct two proxies for media reputation in the
present study, including ‘media coverage’ and the ‘sentiment ratio’. The measures of these
two proxies are discussed in Section 3.
Although the prior studies have tended to consider the media effects on CSR firms,
11
in the present study, our focus is essentially placed on the differences between the media
reputation of CSR firms and paired firms which have not received any CSR awards. We
also focus on media reputation around the CSR awards event. Overall, we find that the
performance of firms with a better media reputation is superior to that of other (non-CSR)
firms. We also identify an interesting phenomenon, which is that non-CSR firms may be
provided with strong motivation to manipulate the media in order to improve their media
reputation, particularly the average level of news sentiment, prior to CSR award
announcements.
10 See, for example, Chang, Shen, and Wang (2010), Zyglidopoulos et al. (2012), and Byun and Oh
(2017).
11 Examples include Chang et al. (2010), Zyglidopoulos et al. (2012), and Byun and Oh (2017).