學術產出-Theses
Article View/Open
Publication Export
-
題名 媒體不實報導對企業財務績效影響
The influence of media misreporting on corporate financial performance作者 郭家銘
Kuo, Chia-Ming貢獻者 蘇威傑
Su, Wei-Chieh
郭家銘
Kuo, Chia-Ming關鍵詞 媒體報導
媒體不實報導
企業表現
企業財務績效
Media report
Media misreporting
Corporate performance
Corporate financial performance日期 2018 上傳時間 4-Jul-2018 14:45:15 (UTC+8) 摘要 媒體不實報導包含正面不實報導以及負面不實報導，正面不實報導可能導致利害關係人對該企業之表現過度樂觀；相反地負面不實報導可能導致社會大眾對該企業失去信心，而致使該企業商譽受損。除此之外，無論何種類型的不實報導都甚至可能對企業內部影響，例如：企業內部員工、股東權益、企業的營運方針以及企業的財務績效。 本研究討論不實報導是否影響企業財務績效。我在研究中提出正面的媒體不實報導會提升社會大眾以及相關利害關係人對於該企業的信心，並且因為對企業未來的表現有所期待而更願意挹注資金在該企業，所以將有可能幫助企業在財務績效的表現有所提升。另外，我提出負面的媒體不實報導會造成社會大眾以及相關利害關係人的恐慌或者對企業的不良觀感，並且因為對企業未來的表現有所疑慮而不願信任該企業，也就很有可能造成負向的企業財務績效影響。 本研究蒐集2013年至2015年在台灣公開上市公司的報導資訊進行複迴歸模型分析來解釋媒體不實報導對企業財務績效造成之影響。實證結果顯示正面的媒體不實報導會對企業的財務績效有正面影響；而負面的媒體不實報導則會對企業的財務績效有負面影響。因此企業應該了解並重視媒體報導與企業表現之關係。
The media misreporting includes positive misreports and negative misreports. Positive misreporting may lead stakeholders to be overly optimistic about the performance of the company. Conversely, negative misreporting may lead the public to the loss of confidence in the company, which may also cause damage to company’s reputation. In addition, both types of media misreporting will affect the internal affairs of companies, such as: internal employee’s performance, shareholders` rights and interests, company`s operating principles, and their financial performance. The purpose of this thesis is to discuss whether media misreporting has effects on corporate financial performance. I propose that positive media misreporting will increase the public and stakeholder’s confidence of companies, so they are more willing to pump money into the company. Therefore, positive media misreporting might have positive effects on corporate financial performance. In addition, I propose that the negative misreporting will cause public and related stakeholders’ panic or have bad perception toward the company, and they will not trust the company due to its poor performance. Consequently, negative misreporting might have negative impacts on the corporate financial performance. This thesis collects media reports of companies in Taiwan from 2013 to 2015, and uses multiple regression model to analyze the influence of media misreporting on corporate financial performance. The empirical result shows that positive media misreporting has positive effects on the corporate financial performance, and negative media misreporting has negative impacts on the corporate financial performance. Therefore, companies should realize and put emphasis on the relationship between media coverages and corporate performance.參考文獻 Belderbos, R., Olffen, W. V., & Zou, J. (2011). Generic and specific social learning mechanisms in foreign entry location choice. Strategic Management Journal, 32(12), 1309-1330. Buckley, P. J., Devinney, T. M., & Louviere, J. J. (2007). Do managers behave the way theory suggests? A choice-theoretic examination of foreign direct investment location decision-making. Journal of International Business Studies, 38(7), 1069-1094. Chang, S. J., & Park, S. (2005). Types of firms generating network externalities and MNCs` co‐location decisions. Strategic Management Journal, 26(7), 595-615. Coughlin, C. C., Terza, J. V., & Arromdee, V. (1991). State characteristics and the location of foreign direct investment within the United States. Review of Economics and Statistics, 675-683. Delios, A., & Henisz, W. J. (2003). Political hazards, experience, and sequential entry strategies: The international expansion of Japanese firms, 1980–1998. Strategic Management Journal, 24(11), 1153-1164. De Long, J. B., Shleifer, A., Summers, L. H., & Waldmann, R. J. (1990). Noise trader risk in financial markets. Journal of Political Economy, 98(4), 703-738. Dyck, A., & Zingales, L. (2003). The bubble and the media. Corporate Governance and Capital Flows in a Global Economy, 83-104. Dyck, A., & Zingales, L. (2003). Media and Asset Prices. Working Paper, Harvard Business School. Fang, L., & Peress, J. (2009). Media coverage and the cross‐section of stock returns. Journal of Finance, 64(5), 2023-2052. Groseclose, T., & Milyo, J. (2005). A measure of media bias. Quarterly Journal of Economics, 120(4), 1191-1237. Henisz, W. J., & Delios, A. (2001). Uncertainty, imitation, and plant location: Japanese multinational corporations, 1990‐1996. Administrative Science Quarterly, 46(3), 443-475. Hoffman, A. J., & Ocasio, W. (2001). Not all events are attended equally: Toward a middle-range theory of industry attention to external events. Organization Science, 12(4), 414-434. Kalnins, A., & Chung, W. (2006). Social capital, geography, and survival: Gujarati immigrant entrepreneurs in the US lodging industry. Management Science, 52(2), 233-247. Katz, E. (1957). The two-step flow of communication: An up-to-date report on a hypothesis. Public Opinion Quarterly, 21(1), 61-78. Katz, E. (1963). The diffusion of new ideas and practices, in the Science of Human Communication, Schramm, W. (Ed.), Basic Books, New York, pp.77-93 Kulchina, E. (2014). Media coverage and location choice. Strategic Management Journal, 35(4), 596-605. Loeper, A., Steiner, J., & Stewart, C. (2014). Influential opinion leaders. Economic Journal, 124(581), 1147-1167. Mitchell, W., Shaver, J. M., & Yeung, B. (1992). Getting there in a global industry: Impacts on performance of changing international presence. Strategic Management Journal, 13(6), 419-432. Mullainathan, S., & Shleifer, A. (2005). The market for news. American Economic Review, 95(4), 1031-1053. Niederhoffer, V. (1971). The analysis of world events and stock prices. Journal of Business, 44(2), 193-219. Parsons, G. R., & Hauber, A. B. (1998). Spatial boundaries and choice set definition in a random utility model of recreation demand. Land Economics, 32-48. Peress, J. (2014). The media and the diffusion of information in financial markets: Evidence from newspaper strikes. Journal of Finance, 69(5), 2007-2043. Shaver, J. M., & Flyer, F. (2000). Agglomeration economies, firm heterogeneity, and foreign direct investment in the United States. Strategic Management Journal, 1175-1193. Tetlock, P. C. (2007). Giving content to investor sentiment: The role of media in the stock market. Journal of Finance, 62(3), 1139-1168. Walker, C. B. (2014). Housing booms and media coverage. Applied Economics, 46(32), 3954-3967. 描述 碩士
國立政治大學
國際經營與貿易學系
105351006資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105351006 資料類型 thesis dc.contributor.advisor 蘇威傑 zh_TW dc.contributor.advisor Su, Wei-Chieh en_US dc.contributor.author (Authors) 郭家銘 zh_TW dc.contributor.author (Authors) Kuo, Chia-Ming en_US dc.creator (作者) 郭家銘 zh_TW dc.creator (作者) Kuo, Chia-Ming en_US dc.date (日期) 2018 en_US dc.date.accessioned 4-Jul-2018 14:45:15 (UTC+8) - dc.date.available 4-Jul-2018 14:45:15 (UTC+8) - dc.date.issued (上傳時間) 4-Jul-2018 14:45:15 (UTC+8) - dc.identifier (Other Identifiers) G0105351006 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/118353 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易學系 zh_TW dc.description (描述) 105351006 zh_TW dc.description.abstract (摘要) 媒體不實報導包含正面不實報導以及負面不實報導，正面不實報導可能導致利害關係人對該企業之表現過度樂觀；相反地負面不實報導可能導致社會大眾對該企業失去信心，而致使該企業商譽受損。除此之外，無論何種類型的不實報導都甚至可能對企業內部影響，例如：企業內部員工、股東權益、企業的營運方針以及企業的財務績效。 本研究討論不實報導是否影響企業財務績效。我在研究中提出正面的媒體不實報導會提升社會大眾以及相關利害關係人對於該企業的信心，並且因為對企業未來的表現有所期待而更願意挹注資金在該企業，所以將有可能幫助企業在財務績效的表現有所提升。另外，我提出負面的媒體不實報導會造成社會大眾以及相關利害關係人的恐慌或者對企業的不良觀感，並且因為對企業未來的表現有所疑慮而不願信任該企業，也就很有可能造成負向的企業財務績效影響。 本研究蒐集2013年至2015年在台灣公開上市公司的報導資訊進行複迴歸模型分析來解釋媒體不實報導對企業財務績效造成之影響。實證結果顯示正面的媒體不實報導會對企業的財務績效有正面影響；而負面的媒體不實報導則會對企業的財務績效有負面影響。因此企業應該了解並重視媒體報導與企業表現之關係。 zh_TW dc.description.abstract (摘要) The media misreporting includes positive misreports and negative misreports. Positive misreporting may lead stakeholders to be overly optimistic about the performance of the company. Conversely, negative misreporting may lead the public to the loss of confidence in the company, which may also cause damage to company’s reputation. In addition, both types of media misreporting will affect the internal affairs of companies, such as: internal employee’s performance, shareholders` rights and interests, company`s operating principles, and their financial performance. The purpose of this thesis is to discuss whether media misreporting has effects on corporate financial performance. I propose that positive media misreporting will increase the public and stakeholder’s confidence of companies, so they are more willing to pump money into the company. Therefore, positive media misreporting might have positive effects on corporate financial performance. In addition, I propose that the negative misreporting will cause public and related stakeholders’ panic or have bad perception toward the company, and they will not trust the company due to its poor performance. Consequently, negative misreporting might have negative impacts on the corporate financial performance. This thesis collects media reports of companies in Taiwan from 2013 to 2015, and uses multiple regression model to analyze the influence of media misreporting on corporate financial performance. The empirical result shows that positive media misreporting has positive effects on the corporate financial performance, and negative media misreporting has negative impacts on the corporate financial performance. Therefore, companies should realize and put emphasis on the relationship between media coverages and corporate performance. en_US dc.description.tableofcontents 謝詞 i 論文摘要 ii Abstract iii 目錄 iv 表目錄 v 第一章 緒論 1 第一節 研究動機與目的 1 第二節 研究問題 3 第二章 文獻探討 7 第一節 資訊性質之差異 7 第二節 媒體報導數量之影響 8 第三節 媒體報導態度 10 第四節 媒體資訊取得之重要性 12 第五節 研究假說 13 第三章 研究方法 16 第一節 樣本及資料來源 16 第二節 變數衡量 17 第三節 分析方法 19 第四章 研究結果 21 第五章 討論與建議 23 第一節 管理意涵 23 第二節 研究限制 24 參考文獻 26 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105351006 en_US dc.subject (關鍵詞) 媒體報導 zh_TW dc.subject (關鍵詞) 媒體不實報導 zh_TW dc.subject (關鍵詞) 企業表現 zh_TW dc.subject (關鍵詞) 企業財務績效 zh_TW dc.subject (關鍵詞) Media report en_US dc.subject (關鍵詞) Media misreporting en_US dc.subject (關鍵詞) Corporate performance en_US dc.subject (關鍵詞) Corporate financial performance en_US dc.title (題名) 媒體不實報導對企業財務績效影響 zh_TW dc.title (題名) The influence of media misreporting on corporate financial performance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Belderbos, R., Olffen, W. V., & Zou, J. (2011). Generic and specific social learning mechanisms in foreign entry location choice. Strategic Management Journal, 32(12), 1309-1330. Buckley, P. J., Devinney, T. M., & Louviere, J. J. (2007). Do managers behave the way theory suggests? A choice-theoretic examination of foreign direct investment location decision-making. Journal of International Business Studies, 38(7), 1069-1094. Chang, S. J., & Park, S. (2005). Types of firms generating network externalities and MNCs` co‐location decisions. Strategic Management Journal, 26(7), 595-615. Coughlin, C. C., Terza, J. V., & Arromdee, V. (1991). State characteristics and the location of foreign direct investment within the United States. Review of Economics and Statistics, 675-683. Delios, A., & Henisz, W. J. (2003). Political hazards, experience, and sequential entry strategies: The international expansion of Japanese firms, 1980–1998. Strategic Management Journal, 24(11), 1153-1164. De Long, J. B., Shleifer, A., Summers, L. H., & Waldmann, R. J. (1990). Noise trader risk in financial markets. Journal of Political Economy, 98(4), 703-738. Dyck, A., & Zingales, L. (2003). The bubble and the media. Corporate Governance and Capital Flows in a Global Economy, 83-104. Dyck, A., & Zingales, L. (2003). Media and Asset Prices. Working Paper, Harvard Business School. Fang, L., & Peress, J. (2009). Media coverage and the cross‐section of stock returns. Journal of Finance, 64(5), 2023-2052. Groseclose, T., & Milyo, J. (2005). A measure of media bias. Quarterly Journal of Economics, 120(4), 1191-1237. Henisz, W. J., & Delios, A. (2001). Uncertainty, imitation, and plant location: Japanese multinational corporations, 1990‐1996. Administrative Science Quarterly, 46(3), 443-475. Hoffman, A. J., & Ocasio, W. (2001). Not all events are attended equally: Toward a middle-range theory of industry attention to external events. Organization Science, 12(4), 414-434. Kalnins, A., & Chung, W. (2006). Social capital, geography, and survival: Gujarati immigrant entrepreneurs in the US lodging industry. Management Science, 52(2), 233-247. Katz, E. (1957). The two-step flow of communication: An up-to-date report on a hypothesis. Public Opinion Quarterly, 21(1), 61-78. Katz, E. (1963). The diffusion of new ideas and practices, in the Science of Human Communication, Schramm, W. (Ed.), Basic Books, New York, pp.77-93 Kulchina, E. (2014). Media coverage and location choice. Strategic Management Journal, 35(4), 596-605. Loeper, A., Steiner, J., & Stewart, C. (2014). Influential opinion leaders. Economic Journal, 124(581), 1147-1167. Mitchell, W., Shaver, J. M., & Yeung, B. (1992). Getting there in a global industry: Impacts on performance of changing international presence. Strategic Management Journal, 13(6), 419-432. Mullainathan, S., & Shleifer, A. (2005). The market for news. American Economic Review, 95(4), 1031-1053. Niederhoffer, V. (1971). The analysis of world events and stock prices. Journal of Business, 44(2), 193-219. Parsons, G. R., & Hauber, A. B. (1998). Spatial boundaries and choice set definition in a random utility model of recreation demand. Land Economics, 32-48. Peress, J. (2014). The media and the diffusion of information in financial markets: Evidence from newspaper strikes. Journal of Finance, 69(5), 2007-2043. Shaver, J. M., & Flyer, F. (2000). Agglomeration economies, firm heterogeneity, and foreign direct investment in the United States. Strategic Management Journal, 1175-1193. Tetlock, P. C. (2007). Giving content to investor sentiment: The role of media in the stock market. Journal of Finance, 62(3), 1139-1168. Walker, C. B. (2014). Housing booms and media coverage. Applied Economics, 46(32), 3954-3967. zh_TW dc.identifier.doi (DOI) 10.6814/THE.NCCU.IB.010.2018.F06 -
