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.

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