本研究利用事件研究法探討,當企業獲得企業公民獎之消息公開後,其股價是否因該企業的媒體曝光度不同,而有不同之異常報酬。以天下雜誌在2010年至2012年所頒布的「企業公民獎」得獎企業為研究對象;透過google搜尋引擎與五大報取得各得獎企業被報導的次數,作為媒體曝光度之衡量;各得獎公司的財報資料與股價之異常報酬,則由台灣經濟新報(TEJ)取得。由迴歸分析結果顯示,若不將刊登的版面做分類,則即使企業得獎資訊被刊登,對其股價並無顯著之影響;然企業的得獎資訊若是被刊登在五大報的頭版、產業版與財經版等主要版面,對於企業的股價有顯著且正向的影響;在google搜尋引擎中,網友對企業得獎資訊的搜尋次數,對企業的股價無顯著性的影響。
Through analyzing events where enterprises experience different media exposure for receiving social responsibility awards, this research explores if there are impacts on share price and profitability. This research analyses enterprises that have been awarded by the Commonwealth Magazine for being socially responsible between 2010 and 2012. Media exposure is measure by Google search results and frequency of media coverage in the 5 major newspapers. Financial information on share prices and profitability are derived from the Taiwan Economic Journal. Summary of findings indicate where media coverage of the awarded enterprise have not been clearly classified, there have been no visible impacts on share price. Where media coverage of awarded enterprises have been listed as headlines on the front page or in the industry and financial section, share prices have visibly shown to be positively impacted. Results also show that Google searches on information about the awarded enterprises have no obvious impact on share prices.