The Impact of Media Reputation on Stock Market and Financial Performance of Corporate Social Responsibility Winner

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

10.6226/NTUMR.201804_28(1).0003

魏裕珍(Yu-Chen Wei)；盧陽正(Yang-Cheng Lu)；陳振南(Jen-Nan Chen)；王丹薐(Dan-Leng Wang)

corporate social responsibility ； media reputation ； stock market performance ； financial performance ； content analysis ； 企業社會責任 ； 媒體聲譽 ； 股市表現 ； 財務績效 ； 內容分析

臺大管理論叢

28卷1期（2018 / 04 / 01）

87 - 139

英文

We investigate the ways in which the reputation of a firm created by the media can affect its stock market and financial performance during 'corporate social responsibility' (CSR) award announcement periods in Taiwan. The CSR 'winners' in this study are selected from the Global Views and Common Wealth Magazines, with content analysis being used to capture the information implied in the media reports. Our empirical results show that since media coverage can provide stakeholders with a superior image of CSR firms, non-CSR firms are provided with sufficient motivation to try to manipulate the media coverage and the overall level of news sentiment degree in the firm, in order to close the gap between their image and that of the CSR winners. Our results also indicate that media reputation relating to CSR winners is found to be higher than that for non-CSR firms and that the stock returns of CSR winners are likely to be significantly higher than those of non-CSR firms for a period of four to five months after CSR announcements. We argue that when investors are making investment decisions during periods of CSR awards announcements, they can be guided by the signals of CSR awards and media reputation.

本研究以天下及遠見雜誌評選之企業社會責任得獎公司為研究樣本，剖析企業社會責任獎項公告期間，媒體聲譽對公司股市表現與財務績效之影響。本研究應用內容分析法捕捉財經新聞報導隱含之資訊，實證結果發現媒體報導可向利害關係人傳遞企業之聲譽評價，未獲獎企業有動機在得獎公告前提升其媒體曝光程度與報導之淨樂觀程度，避免與獲獎企業之形象差距過大，但平均而言獲獎企業的媒體聲譽仍顯著高於未獲獎企業。此外，本研究發現事件公告後約四至五個月，獲獎企業之市場真實報酬顯著優於未獲獎企業。投資人於獎項公告期間進行投資決策時，可考量媒體聲譽優良之獲獎企業作為標的選擇。

1. Chen, Y. C.,Liu, V. W.(2005).Reputation effects and investment.Journal of Financial Studies,13(3),33-51.
   連結：
2. Chih, H. H.,Miao, W. C.,Chuang, Y. C.(2014).Is corporate social responsibility a double-edged sword? Evidence from fortune global 500 companies.Journal of Management,31(1),1-19.
   連結：
3. Jang, W. Y.,Yang, H. C.,Chen, C. Y.(2014).The effects of media coverage on financial performance and stock price.Review of Securities and Futures Markfbyunets,26(1),113-146.
   連結：
4. Lee, H. Y.,Liu, C. J.,Yang, S. L.(2011).Corporate social responsibility and firm performance.Tunghai Management Review,13(1),77-111.
   連結：
5. Lu, I. Y.,Su, T. H.,Huang, I. C.(2011).The mass media's tenor of business news reporting and companies' media relations management: A content analysis of business magazines' news of TFT-LCD panel manufacturers.Sun Yat-Sen Management Review,19(4),801-832.
   連結：
6. Lu, Y. C.,Wei, Y. C.(2014).Media impacts around earnings announcement dates with consideration of investor types and market scenarios.Journal of Financial Studies,22(3),73-104.
   連結：
7. 沈中華、張元(2008)。企業的社會責任可以改善財務績效嗎？—以英國FTSE 社會責任指數為例。經濟論文，36(3)，339-385。
   連結：
8. 陳彩稚、許永明、張智媛(2015)。企業社會責任對於股東價值之風險管理效果。臺大管理論叢，26(1)，153-180。
   連結：
9. Aupperle, K. E.,Carroll, A. B.,Hatfield, J. D.(1985).An empirical examination of the relationship between corporate social responsibility and profitability.Academy of Management Journal,28(2),446-463.
10. Barney, J.(1991).Firm resources and sustained competitive advantage.Journal of Management,17(1),99-120.
11. Becchetti, L.,Ciciretti, R.,Hasan, I.,Kobeissi, N.(2012).Corporate social responsibility and shareholder's value.Journal of Business Research,65(11),1628-1635.
12. Brammer, S.,Pavelin, S.(2004).Building a good reputation.European Management Journal,22(6),704-713.
13. Byun, S. K.,Oh, J. M.(2017).Local corporate social responsibility, media coverage, and shareholder value.Forthcoming in Journal of Banking and Finance,87,68-86.
14. Chih, H. L.,Chih, H. H.,Chen, T. Y.(2010).On the determinants of corporate social responsibility: International evidence on the financial industry.Journal of Business Ethics,93(1),115-135.
15. Curran, M. M.,Moran, D.(2007).Impact of the FTSE4Good Index on firm price: An event study.Journal of Environmental Management,82(4),529-537.
16. Dahlsrud, A.(2006).How corporate social responsibility is defined: An analysis of 37 definitions.Corporate Social Responsibility and Environmental Management,15(1),1-13.
17. Deephouse, D. L.(2000).Media reputation as a strategic resource: An integration of mass communication and resource-based theories.Journal of Management,26(6),1091-1112.
18. Demers, E. A.,Vega, C.(2014).,未出版
19. Dierickx, I.,Cool, K.(1989).Asset stock accumulation and sustainability of competitive advantage.Management Science,35(12),1504-1511.
20. Dowling, G.(2006).How good corporate reputations create corporate value.Corporate Reputation Review,9(2),134-143.
21. Eberl, M.,Schwaiger, M.(2005).Corporate reputation: Disentangling the effects on financial performance.European Journal of Marketing,39(7-8),838-854.
22. Gao, F.,Faff, R.,Navissi, F.(2012).Corporate philanthropy: Insights from the 2008 Wenchuan earthquake in China.Pacific-Basin Finance Journal,20(3),363-377.
23. Gomes, A.(2000).Going public without governance: Managerial reputation effects.The Journal of Finance,55(2),615-646.
24. Hatzivassiloglou, V.,McKeown, K. R.(1997).Predicting the semantic orientation of adjectives.Proceedings of the 35th Annual Meeting of the Association for Computational Linguistics and Eighth Conference of the European Chapter of the Association for Computational Linguistics,Stroudsburg, PA.:
25. Kong, D.(2012).Does corporate social responsibility matter in the food industry? Evidence from a nature experiment in China.Food Policy,37(3),323-334.
26. Kothari, S. P.,Shu, S.,Wysocki, P. D.(2009).Do managers withhold bad news?.Journal of Accounting Research,47(1),241-276.
27. Lai, C. S.,Chiu, C. J.,Yang, C. F.,Pai, D. C.(2010).The effects of corporate social responsibility on brand performance: The mediating effect of industrial brand equity and corporate reputation.Journal of Business Ethics,95(3),457-469.
28. Lins, K. V.,Servaes, H.,Tamayo, A.(2017).Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis.Journal of Finance,72(4),1785-1824.
29. Lu, Y. C.,Chen, J. N.,Ker, S. J.,Wei, Y. C.(2015).Lu, Y. C., Chen, J. N., Ker, S. J., and Wei, Y. C. 2015. Taiwan Patent No. I477987. Taipei, Taiwan: Intellectual Property Office..
30. Lu, Y. C.,Wei, Y. C.(2013).The Chinese news sentiment around earnings announcements.Romanian Journal of Economics Forecasting,16(3),44-58.
31. Luo, X.,Bhattacharya, C. B.(2006).Corporate social responsibility, customer satisfaction, and market value.Journal of Marketing,70(4),1-18.
32. Makni, R.,Francoeur, C.,Bellavance, F.(2009).Causality between corporate social performance and financial performance: Evidence from Canadian firms.Journal of Business Ethics,89(3),409-422.
33. Margolis, J. D.,Walsh, J. P.(2003).Misery loves companies: Rethinking social initiatives by business.Administrative Science Quarterly,48(2),268-305.
34. McWilliams, A.,Siegel, D. S.(2001).Corporate social responsibility: A theory of the firm perspective.Academy of Management Review,26(1),117-127.
35. McWilliams, A.,Siegel, D. S.,Wright, P. M.(2006).Corporate social responsibility: Strategic implications.Journal of Management Studies,43(1),1-18.
36. Preston, L. E.,O'Bannon, D. P.(1997).The corporate social-financial performance relationship: A typology and analysis.Business & Society,36(4),419-429.
37. Servaes, H.,Tamayo, A.(2013).The impact of corporate social responsibility on firm value: The role of customer awareness.Management Science,59(5),1045-1061.
38. Simpson, W. G.,Kohers, T.(2002).The link between corporate social and financial performance: Evidence from the banking industry.Journal of Business Ethics,35(2),97-109.
39. Solomon, D. H.(2012).Selective publicity and stock prices.The Journal of Finance,67(2),599-638.
40. Tetlock, P. C.(2007).Giving content to investor sentiment: The role of media in the stock market.The Journal of Finance,62(3),1139-1168.
41. Tetlock, P. C.,Saar-Tsechansky, M.,Macskassy, S.(2008).More than words: Quantifying language to measure firms' fundamentals.The Journal of Finance,63(3),1437-1467.
42. Vega, C.(2006).Stock price reaction to public and private information.Journal of Financial Economics,82(1),103-133.
43. Wry, T.,Deephouse, D. L.,McNamara, G.(2006).Substantive and evaluative media reputations among and within cognitive strategic groups.Corporate Reputation Review,9(4),225-242.
44. Wu, M. W.,Shen, C. H.(2013).Corporate social responsibility in the banking industry: Motives and financial performance.Journal of Banking & Finance,37(9),3529-3547.
45. Zyglidopoulos, S. C.,Georgiadis, A. P.,Carroll, C. E.,Siegel, D. S.(2012).Does media attention drive corporate social responsibility?.Journal of Business Research,65(11),1622-1627.
46. 沈中華、李建然(2000)。事件研究法：財務與會計實證研究必備。台北，台灣=Taipei, Taiwan:華泰文化=Hwa Tai。
47. 張元、沈中華、王宗政(2010)。新聞曝光可以增進企業社會責任對財務績效的影響嗎—臺灣的實證研究。臺灣經濟學會2010 年年會，台北，台灣=Taipei, Taiwan:

1. Tzu-Yi Yang,Chin-Mei Chou(2023)。Nonlinear Effect of Corporate Social Responsibility on Firm Performance Persistence。應用經濟論叢，113，139-179。
2. 蔡宜均,許景嵎(2021)。The Impact of Corporate Social Responsibility Awards on Corporate Misbehavior。管理學報，38(2)，287-312。
3. 梁連文,張海燕,柳君翰(2019).Does Corporate Social Responsibility Make Banks More Cost Efficient?.應用經濟論叢,106,109-148.
4. 謝秉蓉,陳建志,王銀杏(2021)。台灣企業社會責任報告書揭露品質與企業價值之關聯性探討。管理與系統，28(1)，61-87。
5. (2023)。法遵缺失與企業價值：企業社會責任之調節效果。會計學報，9(2)，43-81。
6. (2024)。企業永續報告與股利支付之相關性－以家族企業為中介變數。商管科技季刊，25(3)，315-341。
7. (2024)。員工薪資、企業社會責任、員工生產力與公司績效－以台灣上市上櫃鋼鐵產業公司為例。輔仁管理評論，31(2)，23-66。