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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
96
Table 1 Data Sources and Descriptive Statistics
Data Sources
2009
2010
2011
2012
Totals
CommonWealth Magazine
CSR Announcement Date
24 Feb 27 Jul
10 Aug
8 Aug
–
No. of CSR Firms
31
33
33
30
127
Global Views
CSR Announcement Date
4 Mar
4 Mar
10 May
2 May
–
No. of CSR Firms
8
11
4
7
30
Total No. of CSR Firms
39
44
37
37
157
Total No. of non-CSR Firms
102
130
134
132
498
The sources of the financial data used in this study are: (i) the quarterly financial
statements of the listed firms in the Taiwan Economic Journal (TEJ) database and the TEJ
‘event study’ which calculates the ‘cumulative abnormal returns’ (
CAR
); (ii) the news-
corpus information collected from the daily news reports of the InfoTimes database, which
includes the Commercial Times and the China Times; and (iii) the United Daily News
(UDN) database which includes the Economic Daily News and United Evening News.
Both the InfoTimes and the UDN are widely-used media organizations in Taiwan. A total
of 280,531 reports were collected for analysis.
The definitions of CSR and all of the variables used in this study are provided in
Table 2. The financial performance variables include ‘return on assets’ (
ROA
), ‘return on
equity’ (
ROE
), ‘gross profit margin’ (
GPM
), and ‘earnings per share’ (
EPS
). The control
variables include ‘total asset turnover’ (
TAT
), ‘total assets’ (
TA
), ‘debt ratio’ (
DR
),
‘turnover’ (
TURN
), ‘market value’ (
MV
), and ‘price to book ratio’ (
P/B
). The media
proxies include ‘media coverage’ (
MEDIA
), the ‘sentiment ratio’ (
SRso
, which is obtained
by semantic orientation), and ‘media reputation’ (
MR
).