臺大管理論叢 NTU Management Review VOL.28 NO.1

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臺大管理論叢 第 28 卷第 1 期
(2)
Thus, the ARs and CARs are estimated as follows:
(3)
(4)
where AR i,t are the abnormal returns of the ith firm on day t; and CARi,[Tn, Tm] are the
cumulative abnormal returns of the ith firm around the CSR announcement date period [Tn,
Tm].
3.3 News and Media Measures
Media coverage (MEDIA) is defined in this study as the number of days that a
particular firm is mentioned within the media by referring to Vega (2006). MEDIA, which
is used in this study as a proxy for ‘media reputation’, represents the extent to which the
firm is included in media reports.
(5)
where NEWi,t,n is a dummy variable which is equal to 1 if firm i is mentioned in the
headline or leading paragraph of a news article on day t; N is the total number of articles
in which firm i is mentioned in the headline or leading paragraph; MEDIAi,t refers to the
media exposure of firm i on day t (for example, MEDIA is equal to 3 if there are 3 news
on firm i that the name of the firm is mentioned in the headline or leading paragraph; if
there is no news on firm i, then MEDIA is equal to 0). We also provide the measurement of
average media around the CSR announcement date.
(6)
(7)