Does CEO Media Coverage Affect Firm Performance?

Abstract

本文建立屬於台灣上市公司CEO媒體資料庫，探討CEO媒體曝光度對於公司的經營績效與市場績效的影響。我們發現，CEO籍由大量的媒體曝光的確會改變大眾對公司的認知，進而造成公司營運狀況的改變。而且不論CEO的媒體曝光度是否影響公司的營運狀況，股市投資人皆會因為CEO媒體曝光度，改變其對公司股票的認知，造成公司股價報酬率的變動。主要實證研究結果如下。第一，公司經營績效較佳、股價報酬率表現較差、公司規模較大、公司成立時間較久以及家族集團公司的CEO較受到媒體的注意。第二，CEO媒體曝光度對於短期經營績效有正向影響，但長期有負向影響。第三，CEO媒體曝光度對於公司市場績效有持續的負向影響，主要原因可能是資訊不對稱及散戶的過度反應。第四，CEO若常以正面新聞曝光會顯著增加公司經營績效，但市場績效卻會顯著下跌。此外，非家族集團公司的CEO較能籍由正面或是公司新聞曝光度增加公司的經營績效。

In this paper, we provide an empirical analysis of the impact of CEO media coverage on the corporate fundamental and market value constructing the media coverage of Taiwan CEO database. We find that CEO media coverage significant affects the cognition of the public, and further influence firm's operating performance. We also find that whether CEO media coverage provides information about firm's fundamentals, it will simulate investors' trading behavior and fluctuate the stock returns. The empirical results of this paper arc summarized as follows. First, the media pay more attention to the firm CEOs with better ROA, worse stock return, larger size, older age and group firms. Second, the CEO media coverage affects ROA positively in the short run because of efficient operation, while negatively in the long run because of worse profitability. Third, the bigger amount of CEO' media coverage is, the larger the drop in the current and future stock returns. The main reasons are information asymmetry and the market investors' overreaction. Finally, if the firms have more positive media coverage, the market performance will decline but the ROA will increase. Comparing with the group firms, the non-group firms can increase ROA by increasing CEO media coverage, especially positive or company-related news.