社群媒體永續報導與公司績效

Social Media Sustainability Reporting and Firm Performance

本研究分析了社群媒體永續指數排名與財務表現之間的關聯。我們發現，在控制不同企業社會責任（CSR）表現、董事會和行業特性之後，位於社群媒體永續報導指數排名高的公司更有可能在財務表現方面表現較好。本研究的發現強化了利益相關者和轉型效益理論的觀點，即改善社群媒體永續報導可能提升品牌聲譽並導致較高的利潤。我們的實證結果表明，當企業通過可持續性社群媒體報告追求綠色形象時，大多數公司可以通過調整股東的與利益相關者的共同利益來創造企業價值。本研究也建議監管機構應該理解，企業在社群媒體的永續報導方面有成本限制。因此，如果管理者與利益相關者擁有共同目標對於進行社群媒體的永續報告時是很重要的。

This study analyzes the association between the ranking of the social media sustainability index and financial performance. We find that firms listed on the top ranking of the social media sustainability index are more likely to reveal higher financial performance after controlling for distinct corporate social responsibility (CSR) performance, the board of directors, and industry characteristics. Our findings thus strengthen the viewpoint of the stakeholder and transformation benefit theories that improving social media sustainability reporting may enhance brand reputation and lead to higher profit. Our empirical result implies that when companies pursue a green image through sustainability social media reporting, most of them can create firm value by aligning the interests of shareholders with those of stakeholders. International regulators should understand that companies have cost constraints for sustainable social media reporting. Thus, it is vital to align the goals of management and stakeholders with material issues when attempting to engage in sustainability social media reporting.