本文探討公司從事企業社會責任是否有助於提升財務績效，並研究媒體自由度對企業社會責任於財務績效的影響是否具有調節效應。企業社會責任績效代表了公司在經濟、環境、社會和公司治理等四個領域的表現。Zyglidopoulos, Georgiadis, Carroll, and Siegel（2012）指出，媒體關注的增加會降低企業與客戶之間資訊不對稱的問題，本文基於上述發現提出媒體自由度將在企業社會責任對財務績效的影響中扮演調節效果的假說，本文發現部分自由或是高度自由的媒體可以傳達公司在企業社會責任的投入以及表現，將公司的聲譽傳達出去，使公司透過良好的聲譽吸引利害關係人，提升公司的財務績效。

This paper discusses whether company’s implementation of corporate social responsibility can help improve financial performance, and whether the freedom of her country’s media plays a moderating role in the relationship between corporate social performance and financial performance. CSR performance represents the company's performance in four areas: economics, environment, society and corporate governance. Zyglidopoulos, Georgiadis, Carroll, and Siegel (2012) point out that the increase in media attention will reduce the problem of information asymmetry between enterprises and customers. Based on Zyglidopoulos et al.’s (2012) finding above, this paper proposes the hypothesis that media’s freedom will play a moderating role in the impact of corporate social responsibility on financial performance. Based on our empirical results, we confirm the moderating effect of media freedom upon the power of CSR performance to explain financial performance. Our results imply that partly free or highly free media can convey the company's investment and performance in corporate social responsibility, and thus the company's reputation. As a result, the company can attract stakeholders through a good reputation and enhance the company's financial performance.

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