臺大管理論叢 NTU Management Review VOL.30 NO.2

307 NTU Management Review Vol. 30 No. 2 Aug. 2020 Appendix A: Variable De fi nitions Variable Definition COMMUNITY (sum of all community strength score minus the sum of all community concern score plus total maximum possible number of community concern score) divided by (total maximum possible number of community strength score plus total maximum possible number of community concern score) ENVIRONMENT (sum of all environment strength score minus the sum of all environment concern score plus total maximum possible number of environment concern score) divided by (total maximum possible number of environment strength score plus total maximum possible number of environment concern score) DIVERSITY (sum of all diversity strength score minus the sum of all diversity concern score plus total maximum possible number of diversity concern score) divided by (total maximum possible number of diversity strength score plus total maximum possible number of diversity concern score) EMPLOYEE (sum of all employee strength score minus the sum of all employee concern score plus total maximum possible number of employee concern score) divided by (total maximum possible number of employee strength score plus total maximum possible number of employee concern score) PRODUCT (sum of all product strength score minus the sum of all product concern score plus total maximum possible number of product concern score) divided by (total maximum possible number of product strength score plus total maximum possible number of product concern score) GOVERNANCE (sum of all governance strength score minus the sum of all governance concern score plus total maximum possible number of governance concern score) divided by (total maximum possible number of governance strength score plus total maximum possible number of governance concern score) HUMAN (sum of all human strength score minus the sum of all human concern score plus total maximum possible number of human concern score) divided by (total maximum possible number of human strength score plus total maximum possible number of human concern score) CSRCOMPOSITE corporate social combined score = (COMMUNITY + ENVIRONMENT + DIVERSITY + EMPLOYEE + PRODUCT + GOVERNANCE + HUMAN) / 7 CSR_STR the average strength of all dimensions CSR_CON the average concern of all dimensions TOTAL_CSR_STR the total strength of all dimensions TOTAL_CSR_CON the total concern of all dimensions L the market liquidity factor MKT the Fama and French (1993) risk factor, is the excess return on the market SMB the Fama and French (1993) risk factor, is the average return on the three small portfolios minus the average return on the three big portfolios (market capitalization)