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題名 負面消息與企業績效
Negative Media Exposure on Firm Performance作者 許家羚
Hsu, Chia-Ling貢獻者 李曉惠
Lee, Hsiao-Hui
許家羚
Hsu, Chia-Ling關鍵詞 企業社會責任
負面消息
顧客關注度
ESG
Corporate Social Responsibility
Corporate Social Irresponsibility
Negative Media Exposure
Outsourcing
Domestic
Overseas
Customer Visibility日期 2022 上傳時間 1-Aug-2022 17:27:11 (UTC+8) 摘要 本研究期望透過觀察企業發生在國內外與環境保護、社會責任與公司治理 (ESG) 議題相關的負面消息以了解其與企業績效之間的關聯，以及受顧客關注程度的差異將如何調節兩者之間的關係。本研究以美國為例，以混合估計模型分析自 2007 年至 2016 年，約 2,569 間來自不同產業且總部設立於美國之企業。研究結果顯示，負面消息被報導的地點確實會造成企業績效上的差異，而發生在國外的負面消息與企業績效 (以資產報酬率表示) 之間的關聯性並不顯著。除此之外，顧客的關注程度會加劇國內負面消息對企業績效所帶來的負面 影響，反之，則會減緩國外負面消息可能帶來的負面影響。
In this thesis, we examine how negative media exposure of a company`s ESG issues influences a firm’s profitability, and how its visibility to customers moderates this relationship. Focusing on firms headquartered in the U.S., we use pooled regression to analyze the performance of these 2,569 companies during the period of 2007-2016. We show that the influence of negative media exposure depends on whether such exposures is occurred within the U.S. or not. Specifically, those outside of the U.S. could result in an insignificant impact on a firm’s profitability (proxied by ROA). However, consumer visibility of a firm strengthens this negative association of domestic negative media exposures while alleviates that of overseas negative media exposures.參考文獻 Almeida, H., Hsu, P.-H., & Li, D. (2013). Less is more: Financial constraints and innovative efficiency. Available at SSRN 1831786.Andersen, M. L., & Dejoy, J. S. (2011). Corporate social and financial performance: the role of size, industry, risk, R&D and advertising expenses as control variables. Business and Society Review, 116(2), 237-256.Awaysheh, A., Heron, R. A., Perry, T., & Wilson, J. I. (2020). On the relation between corporate social responsibility and financial performance. Strategic Management Journal, 41(6), 965-987.Bhattacharya C. B., & Sen S. (2004). Doing better at doing good: When, why, and how consumers respond to corporate social initiatives. California Management Review. 47:9–24.Chen, Y.-C., Hung, M., & Wang, Y. (2018). The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China. Journal of accounting and economics, 65(1), 169-190.Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1-23.Cho, S. Y., Lee, C., & Pfeiffer Jr, R. J. (2013). Corporate social responsibility performance and information asymmetry. Journal of Accounting and Public Policy, 32(1), 71-83.Christensen, H. B., Hail, L., & Leuz, C. (2019). Adoption of CSR and sustainability reporting standards: Economic analysis and review (Vol. 623). National Bureau of Economic Research Cambridge, MA, USA.Christmann, P. (2004). Multinational companies and the natural environment: determinants of global environmental policy standardization. The Acad. Manage. J. 47, 747–760.Cornett, M. M., Erhemjamts, O., & Tehranian, H. (2016). Greed or good deeds: An examination of the relation between corporate social responsibility and the financial performance of US commercial banks around the financial crisis. Journal of Banking & Finance, 70, 137-159.Cui, J., Jo, H., & Na, H. (2018). Does corporate social responsibility affect information asymmetry? Journal of Business Ethics, 148(3), 549-572.Daniel, K., & Hirshleifer, D. (2015). Overconfident Investors, Predictable Returns, and Excessive Trading. Journal of Economic Perspectives, 29(4), 61-88. https://doi.org/10.1257/jep.29.4.61Deakin, E. B. (1972). A Discriminant Analysis of Predictors of Business Failure. Journal of Accounting Research, 10(1), 167-179. https://doi.org/10.2307/2490225Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The accounting review, 86(1), 59-100.Du, S., Bhattacharya, C. B., & Sen, S. (2010). Maximizing business returns to corporate social responsibility (CSR): The role of CSR communication. International Journal of Management Reviews, 12(1), 8-19.Freeman, R. (1984). Stakeholder Management: A Stakeholder Approach. Marshfield, MA, Pitman Publishing.Friestad, M., & Wright, P. (1994). The Persuasion Knowledge Model: How People Cope with Persuasion Attempts. Journal of Consumer Research, 21(1), 1-31. https://doi.org/10.1086/209380Giroud, X., & Mueller, H. M. (2010). Does corporate governance matter in competitive industries? Journal of financial economics, 95(3), 312-331.González‐Benito, J., González‐Benito, Ó. (2006). A review of determinant factors of environmental proactivity. Bus. Strategy Environ. 15, 87–102.Gu, F., & Lev, B. (2001). Markets in intangibles: Patent licensing. Available at SSRN 275948.Gualandris, J., Kalchschmidt, M. (2014). Customer pressure and innovativeness: Their role in sustainable supply chain management, Journal of Purchasing and Supply Management, 20(2), 92-103. https://doi.org/10.1016/j.pursup.2014.03.001Guardian (2006). Is Wal-Mart really going green? Available at: http://www.guardian.co.uk/environment/2006/nov/06/energy.supermarkets (accessed March 2022)Hambrick, D. C., & Quigley, T. J. (2014). Toward more accurate contextualization of the CEO effect on firm performance. Strategic Management Journal, 35(4), 473-491.Henriques, I., Sadorsky, P. (1996). The determinants of an environmentally responsive firm: an empirical approach. J. Environ. Econ. Manage. 30, 381– 395.Hirshleifer, D., Hsu, P.-H., & Li, D. (2018). Innovative originality, profitability, and stock returns. The Review of Financial Studies, 31(7), 2553-2605.Hirshleifer, D., Low, A., & Teoh, S. H. (2012). Are overconfident CEOs better innovators? The Journal of finance, 67(4), 1457-1498.Hobson, J. (2013). To die for? The health and safety of fast fashion. Occupational Medicine, 63(5), 317-319. https://doi.org/10.1093/occmed/kqt079Hsu, P.-H., Lee, H.-H., Peng, S.-C., & Yi, L. (2018). Natural disasters, technology diversity, and operating performance. Review of Economics and Statistics, 100(4), 619-630.Hsu, P. H., Hui, H. P., Lee, H. H., & Tseng, K. (2021). Supply chain technology spillover, customer concentration, and product invention. Journal of Economics & Management Strategy.Jacobs, B. W., & Singhal, V. R. (2017). The effect of the Rana Plaza disaster on shareholder wealth of retailers: Implications for sourcing strategies and supply chain governance⋆. Journal of Operations Management, 49-51(1), 52-66. https://doi.org/https://doi.org/10.1016/j.jom.2017.01.002Kang, C., Germann, F., & Grewal, R. (2016). Washing Away Your Sins? Corporate Social Responsibility, Corporate Social Irresponsibility, and Firm Performance. Journal of Marketing, 80(2), 59-79. https://doi.org/10.1509/jm.15.0324Kölbel, J. F., Busch, T., & Jancso, L. M. (2017). How media coverage of corporate social irresponsibility increases financial risk. Strategic Management Journal, 38(11), 2266-2284.Kotchen, M., & Moon, J. J. (2012). Corporate social responsibility for irresponsibility. The BE Journal of Economic Analysis & Policy, 12(1).Kurt, D., & Hulland, J. (2013). Aggressive Marketing Strategy following Equity Offerings and Firm Value: The Role of Relative Strategic Flexibility. Journal of Marketing, 77(5), 57-74. https://doi.org/10.1509/jm.12.0078Lee, H.-H., Zhou, J., & Wang, J. (2018). Trade Credit Financing Under Competition and Its Impact on Firm Performance in Supply Chains. Manufacturing & Service Operations Management, 20(1), 36-52. https://doi.org/10.1287/msom.2017.0640Lenz, I., Wetzel, H. A., & Hammerschmidt, M. (2017). Can doing good lead to doing poorly? Firm value implications of CSR in the face of CSI. Journal of the Academy of Marketing Science, 45(5), 677-697.Lev, B., Petrovits, C., & Radhakrishnan, S. (2010). Is doing good good for you? How corporate charitable contributions enhance revenue growth. Strategic Management Journal, 31(2), 182-200.Li, J., & Wu, D. (2020). Do Corporate Social Responsibility Engagements Lead to Real Environmental, Social, and Governance Impact? Management Science, 66(6), 2564-2588. https://doi.org/10.1287/mnsc.2019.3324Luo, X., & Bhattacharya, C. B. (2006). Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing, 70(4), 1-18. https://doi.org/10.1509/jmkg.70.4.001McGuire, J. B., Schneeweis, T., & Branch, B. (1990). Perceptions of Firm Quality: A Cause or Result of Firm Performance. Journal of Management, 16(1), 167- 180. https://doi.org/10.1177/014920639001600112Mishra, D. P., Heide, J. B., and Cort, S. G. (1998). Information Asymmetry and Levels of Agency. Journal of Marketing Research, (35), 277-295.Berland, P. S., (2010) Corporate Social Responsibility Branding Survey (Penn Schoen Berland, New York).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. https://doi.org/10.1287/mnsc.1120.1630Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic Management Journal, 18(4), 303-319.Wang, H., Choi, J., Wan, G., & Dong, J. Q. (2016). Slack Resources and the Rent- Generating Potential of Firm-Specific Knowledge. Journal of Management, 42(2), 500-523. https://doi.org/10.1177/0149206313484519Wang, S. L., & Li, D. (2019). Responding to public disclosure of corporate social irresponsibility in host countries: Information control and ownership control. Journal of International Business Studies, 50(8), 1283-1309.Zhang, F., Qin, X., & Liu, L. (2020). The interaction effect between ESG and green innovation and its impact on firm value from the perspective of information disclosure. Sustainability, 12(5), 1866.Zhu, Q., Sarkis, J., Lai, K. (2013). Institutional-based antecedents and performance outcomes of internal and external green supply chain management practices. J. Purchasing Supply Manage. 19, 106–117. 描述 碩士
國立政治大學
資訊管理學系
110356009資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110356009 資料類型 thesis dc.contributor.advisor 李曉惠 zh_TW dc.contributor.advisor Lee, Hsiao-Hui en_US dc.contributor.author (Authors) 許家羚 zh_TW dc.contributor.author (Authors) Hsu, Chia-Ling en_US dc.creator (作者) 許家羚 zh_TW dc.creator (作者) Hsu, Chia-Ling en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Aug-2022 17:27:11 (UTC+8) - dc.date.available 1-Aug-2022 17:27:11 (UTC+8) - dc.date.issued (上傳時間) 1-Aug-2022 17:27:11 (UTC+8) - dc.identifier (Other Identifiers) G0110356009 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141053 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 資訊管理學系 zh_TW dc.description (描述) 110356009 zh_TW dc.description.abstract (摘要) 本研究期望透過觀察企業發生在國內外與環境保護、社會責任與公司治理 (ESG) 議題相關的負面消息以了解其與企業績效之間的關聯，以及受顧客關注程度的差異將如何調節兩者之間的關係。本研究以美國為例，以混合估計模型分析自 2007 年至 2016 年，約 2,569 間來自不同產業且總部設立於美國之企業。研究結果顯示，負面消息被報導的地點確實會造成企業績效上的差異，而發生在國外的負面消息與企業績效 (以資產報酬率表示) 之間的關聯性並不顯著。除此之外，顧客的關注程度會加劇國內負面消息對企業績效所帶來的負面 影響，反之，則會減緩國外負面消息可能帶來的負面影響。 zh_TW dc.description.abstract (摘要) In this thesis, we examine how negative media exposure of a company`s ESG issues influences a firm’s profitability, and how its visibility to customers moderates this relationship. Focusing on firms headquartered in the U.S., we use pooled regression to analyze the performance of these 2,569 companies during the period of 2007-2016. We show that the influence of negative media exposure depends on whether such exposures is occurred within the U.S. or not. Specifically, those outside of the U.S. could result in an insignificant impact on a firm’s profitability (proxied by ROA). However, consumer visibility of a firm strengthens this negative association of domestic negative media exposures while alleviates that of overseas negative media exposures. en_US dc.description.tableofcontents 1. Introduction 12. Literature Review and Hypothesis 52.1 Domestic and Overseas Negative Media Exposures to Financial Performance 6 2.2 The Moderating Role of Customer Visibility 73. Data and Research Method 103.1 Data Source 103.2 Variable Definitions 113.3 Summary Statistics 143.4 Research Model for Hypothesis 1 to Hypothesis 3 183.5 Research Model for Hypothesis 4 and Hypothesis 5 184. Analysis and Results 194.1 Test Results for Hypothesis 1 to Hypothesis 3 194.2 Channel 214.3 Test Results for Hypothesis 4 and Hypothesis 5 234.4 Robustness Checks 245. Discussion and Conclusion 25References 29 zh_TW dc.format.extent 1573028 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110356009 en_US dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 負面消息 zh_TW dc.subject (關鍵詞) 顧客關注度 zh_TW dc.subject (關鍵詞) ESG en_US dc.subject (關鍵詞) Corporate Social Responsibility en_US dc.subject (關鍵詞) Corporate Social Irresponsibility en_US dc.subject (關鍵詞) Negative Media Exposure en_US dc.subject (關鍵詞) Outsourcing en_US dc.subject (關鍵詞) Domestic en_US dc.subject (關鍵詞) Overseas en_US dc.subject (關鍵詞) Customer Visibility en_US dc.title (題名) 負面消息與企業績效 zh_TW dc.title (題名) Negative Media Exposure on Firm Performance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Almeida, H., Hsu, P.-H., & Li, D. (2013). Less is more: Financial constraints and innovative efficiency. Available at SSRN 1831786.Andersen, M. L., & Dejoy, J. S. (2011). Corporate social and financial performance: the role of size, industry, risk, R&D and advertising expenses as control variables. Business and Society Review, 116(2), 237-256.Awaysheh, A., Heron, R. A., Perry, T., & Wilson, J. I. (2020). On the relation between corporate social responsibility and financial performance. Strategic Management Journal, 41(6), 965-987.Bhattacharya C. B., & Sen S. (2004). Doing better at doing good: When, why, and how consumers respond to corporate social initiatives. California Management Review. 47:9–24.Chen, Y.-C., Hung, M., & Wang, Y. (2018). The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China. Journal of accounting and economics, 65(1), 169-190.Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1-23.Cho, S. Y., Lee, C., & Pfeiffer Jr, R. J. (2013). Corporate social responsibility performance and information asymmetry. Journal of Accounting and Public Policy, 32(1), 71-83.Christensen, H. B., Hail, L., & Leuz, C. (2019). Adoption of CSR and sustainability reporting standards: Economic analysis and review (Vol. 623). National Bureau of Economic Research Cambridge, MA, USA.Christmann, P. (2004). Multinational companies and the natural environment: determinants of global environmental policy standardization. The Acad. Manage. J. 47, 747–760.Cornett, M. M., Erhemjamts, O., & Tehranian, H. (2016). Greed or good deeds: An examination of the relation between corporate social responsibility and the financial performance of US commercial banks around the financial crisis. Journal of Banking & Finance, 70, 137-159.Cui, J., Jo, H., & Na, H. (2018). Does corporate social responsibility affect information asymmetry? Journal of Business Ethics, 148(3), 549-572.Daniel, K., & Hirshleifer, D. (2015). Overconfident Investors, Predictable Returns, and Excessive Trading. Journal of Economic Perspectives, 29(4), 61-88. https://doi.org/10.1257/jep.29.4.61Deakin, E. B. (1972). A Discriminant Analysis of Predictors of Business Failure. Journal of Accounting Research, 10(1), 167-179. https://doi.org/10.2307/2490225Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The accounting review, 86(1), 59-100.Du, S., Bhattacharya, C. B., & Sen, S. (2010). Maximizing business returns to corporate social responsibility (CSR): The role of CSR communication. International Journal of Management Reviews, 12(1), 8-19.Freeman, R. (1984). Stakeholder Management: A Stakeholder Approach. Marshfield, MA, Pitman Publishing.Friestad, M., & Wright, P. (1994). The Persuasion Knowledge Model: How People Cope with Persuasion Attempts. Journal of Consumer Research, 21(1), 1-31. https://doi.org/10.1086/209380Giroud, X., & Mueller, H. M. (2010). Does corporate governance matter in competitive industries? Journal of financial economics, 95(3), 312-331.González‐Benito, J., González‐Benito, Ó. (2006). A review of determinant factors of environmental proactivity. Bus. Strategy Environ. 15, 87–102.Gu, F., & Lev, B. (2001). Markets in intangibles: Patent licensing. Available at SSRN 275948.Gualandris, J., Kalchschmidt, M. (2014). Customer pressure and innovativeness: Their role in sustainable supply chain management, Journal of Purchasing and Supply Management, 20(2), 92-103. https://doi.org/10.1016/j.pursup.2014.03.001Guardian (2006). Is Wal-Mart really going green? Available at: http://www.guardian.co.uk/environment/2006/nov/06/energy.supermarkets (accessed March 2022)Hambrick, D. C., & Quigley, T. J. (2014). Toward more accurate contextualization of the CEO effect on firm performance. Strategic Management Journal, 35(4), 473-491.Henriques, I., Sadorsky, P. (1996). The determinants of an environmentally responsive firm: an empirical approach. J. Environ. Econ. Manage. 30, 381– 395.Hirshleifer, D., Hsu, P.-H., & Li, D. (2018). Innovative originality, profitability, and stock returns. The Review of Financial Studies, 31(7), 2553-2605.Hirshleifer, D., Low, A., & Teoh, S. H. (2012). Are overconfident CEOs better innovators? The Journal of finance, 67(4), 1457-1498.Hobson, J. (2013). To die for? The health and safety of fast fashion. Occupational Medicine, 63(5), 317-319. https://doi.org/10.1093/occmed/kqt079Hsu, P.-H., Lee, H.-H., Peng, S.-C., & Yi, L. (2018). Natural disasters, technology diversity, and operating performance. Review of Economics and Statistics, 100(4), 619-630.Hsu, P. H., Hui, H. P., Lee, H. H., & Tseng, K. (2021). Supply chain technology spillover, customer concentration, and product invention. Journal of Economics & Management Strategy.Jacobs, B. W., & Singhal, V. R. (2017). The effect of the Rana Plaza disaster on shareholder wealth of retailers: Implications for sourcing strategies and supply chain governance⋆. Journal of Operations Management, 49-51(1), 52-66. https://doi.org/https://doi.org/10.1016/j.jom.2017.01.002Kang, C., Germann, F., & Grewal, R. (2016). Washing Away Your Sins? Corporate Social Responsibility, Corporate Social Irresponsibility, and Firm Performance. Journal of Marketing, 80(2), 59-79. https://doi.org/10.1509/jm.15.0324Kölbel, J. F., Busch, T., & Jancso, L. M. (2017). How media coverage of corporate social irresponsibility increases financial risk. Strategic Management Journal, 38(11), 2266-2284.Kotchen, M., & Moon, J. J. (2012). Corporate social responsibility for irresponsibility. The BE Journal of Economic Analysis & Policy, 12(1).Kurt, D., & Hulland, J. (2013). Aggressive Marketing Strategy following Equity Offerings and Firm Value: The Role of Relative Strategic Flexibility. Journal of Marketing, 77(5), 57-74. https://doi.org/10.1509/jm.12.0078Lee, H.-H., Zhou, J., & Wang, J. (2018). Trade Credit Financing Under Competition and Its Impact on Firm Performance in Supply Chains. Manufacturing & Service Operations Management, 20(1), 36-52. https://doi.org/10.1287/msom.2017.0640Lenz, I., Wetzel, H. A., & Hammerschmidt, M. (2017). Can doing good lead to doing poorly? Firm value implications of CSR in the face of CSI. Journal of the Academy of Marketing Science, 45(5), 677-697.Lev, B., Petrovits, C., & Radhakrishnan, S. (2010). Is doing good good for you? How corporate charitable contributions enhance revenue growth. Strategic Management Journal, 31(2), 182-200.Li, J., & Wu, D. (2020). Do Corporate Social Responsibility Engagements Lead to Real Environmental, Social, and Governance Impact? Management Science, 66(6), 2564-2588. https://doi.org/10.1287/mnsc.2019.3324Luo, X., & Bhattacharya, C. B. (2006). Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing, 70(4), 1-18. https://doi.org/10.1509/jmkg.70.4.001McGuire, J. B., Schneeweis, T., & Branch, B. (1990). Perceptions of Firm Quality: A Cause or Result of Firm Performance. Journal of Management, 16(1), 167- 180. https://doi.org/10.1177/014920639001600112Mishra, D. P., Heide, J. B., and Cort, S. G. (1998). Information Asymmetry and Levels of Agency. Journal of Marketing Research, (35), 277-295.Berland, P. S., (2010) Corporate Social Responsibility Branding Survey (Penn Schoen Berland, New York).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. https://doi.org/10.1287/mnsc.1120.1630Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic Management Journal, 18(4), 303-319.Wang, H., Choi, J., Wan, G., & Dong, J. Q. (2016). Slack Resources and the Rent- Generating Potential of Firm-Specific Knowledge. Journal of Management, 42(2), 500-523. https://doi.org/10.1177/0149206313484519Wang, S. L., & Li, D. (2019). Responding to public disclosure of corporate social irresponsibility in host countries: Information control and ownership control. Journal of International Business Studies, 50(8), 1283-1309.Zhang, F., Qin, X., & Liu, L. (2020). The interaction effect between ESG and green innovation and its impact on firm value from the perspective of information disclosure. Sustainability, 12(5), 1866.Zhu, Q., Sarkis, J., Lai, K. (2013). Institutional-based antecedents and performance outcomes of internal and external green supply chain management practices. J. Purchasing Supply Manage. 19, 106–117. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200947 en_US
