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

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

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。

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 CommonWealth 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.