媒體聲譽對公司績效與市場報酬之影響

The Impact of Media Reputation on Firm Performance and Market Returns

本研究運用文辭語意解析方法建構新聞資訊反映之媒體聲譽變數，包含媒體曝光度及運用文本語意轉換分析法建立之新聞情緒指數，探討臺灣證券市場上市公司之媒體聲譽對於公司績效之影響關係。實證採兩階段最小平方法處理其潛在的內生性問題，結果指出有在媒體曝光之企業，該經營績效顯著優於未曝光的企業。前一季媒體聲譽與公司當期績效呈現正向顯著關係，包括股價淨值比與資產報酬率，而對股票報酬則呈現負向顯著關係，顯示市場關注程度越高將導致市場績效反轉 (Baber & Odean, 2008; Fang & Peress, 2009)；另外，公司績效好將有助於增進下一季公司的媒體聲譽。研究進一步發現，不同的市場景氣狀態會對媒體聲譽與公司績效的關聯性產生不對稱的影響效果。綜合上述，媒體聲譽對公司績效存在顯著的相互影響關係；因此，經營公司績效的同時，也應管理其媒體聲譽。

This study employs the linguistic analysis for the construction of media reputation proxies (including media coverage and news sentiment) and investigates the relationship between media reputation and firm performance by examining the stocks of all firms listed on the Taiwan Stock Exchange. We apply two-stage least squares regression model to deal with the potential endogeneity problem between media reputation and firm performance arising from firm-specific characteristics. The results suggest that firms attract media coverage outperform those firms without such coverage; they also indicate that previous media reputation has a significantly positive impact on current firm performance, as measured by the market-to-book ratio and the return on assets, whilst media reputation is found to have a negative impact on stock market returns, with higher media attention potentially following a reversal in stock market expectations and returns (Barber & Odean, 2008; Fang & Peress, 2009). Besides, the superior firm performance could enhance the subsequent corporate media reputation. Further, we document that when taking the business cycle into consideration, asymmetric influences are discernible between media reputation and firm performance. Generally, the results reveal bi-directional interaction between media reputation and firm performance, and therefore firms do to improve profitability also enhance their media reputations.