97 /304
97
臺大管理論叢
第
28
卷第
1
期
Table 2 Variable Definitions
Variables
Definitions
CSR
CSR dummy which is equal to 1 if the firm wins CSR awards; equal to 0 for
non-CSR firms (pair-samples).
Performance Variables
ROA
Return on Assets (%): EBIT/Average Asset
×
100
ROE
Return on Equity (%): Net Income/Average Equity
×
100
GPM
Gross Profit Margin (%): Gross Profit/Net Sales
×
100
EPS
Net Income/Outstanding Shares
RET
Stock returns of ex-rights and ex-dividends in the Taiwan stock market.
CAR
Cumulative Abnormal Returns: Calculated by event study method.
Control Variables
TAT
Total Asset Turnover: Revenue/Average Assets
TA
Total Assets: ln(Current Assets + Long-term Investment + Fixed Assets +
Other Assets)
DR
Debt Ratio (%): Total Debt/Total Asset
×
100
TURN
Turnover: Volume/Outstanding Shares
MV
Market Value: ln(Outstanding Shares
×
Stock Price)
P/B
Price to Book Ratio: Market value per share/Book value per share
Media Proxies
MEDIA
Media Coverage: The average media coverage for individual firms (firms
mentioned in news reports).
SRso
Sentiment Ratio: The average sentiment ratio for individual firms by semantic
orientation (firms mentioned in news reports).
MR
Media Reputation:
MEDIA × SRso
Our examination in this study focuses on different periods in the relationships
between financial performance, equity market returns, and CSR performance.