企业捐赠对创新的影响——基于我国制造业上市公司的实证研究

摘要/Abstract

摘要：

企业的慈善行为可以给企业带来收益。本文把企业的慈善行为和企业创新绩效联系起来，并研究企业盈利能力和冗余资源对上述关系的影响。基于利益相关者理论和资源依赖理论提出了研究假设，运用在上海证券交易所上市的381家企业2010年到2014年五年的数据对相关假设进行了实证检验。研究结果表明企业的慈善捐赠数额与企业的创新产出绩效之间存在着显著的正相关关系；当企业的盈利能力比较强或者企业拥有更多的冗余资源时，企业的捐赠行为对企业的创新产出的促进作用更强。

关键词: 慈善, 捐赠, 企业创新, 盈利能力, 冗余资源

Abstract:

Corporate philanthropy can bring benefits to the firms. This study links corporate philanthropy to corporate innovation and examines the moderating role of ROA and slack resource in this relationship. Drawing on stakeholder theory and resource dependence theory, we develop and test hypotheses using secondary data from 381 manufacturing firms listed in Shanghai Stock Exchange from 2010 to 2014. It is found that the positive relationship between corporate philanthropy and innovation is stronger when ROA or slack resource is higher.

Key words: philanthropy, donation, corporate innovation, profitability, slack resource

陈守明, 周洁. 企业捐赠对创新的影响——基于我国制造业上市公司的实证研究[J]. , 2018, 30(11): 57-67.

Chen Shouming, Zhou Jie. The Influence of Corporate Philanthropy on Innovation: Evidence from Chinese Manufacturing Industry[J]. , 2018, 30(11): 57-67.

参考文献

[1] Priem R. L., Li S., Carr J. C. Insights and New Directions from Demand-side Approaches to Technology Innovation, Entrepreneurship, and Strategic Management Research[J]. Journal of Management, 2012,38(1):346-374
[2] Esbjerg L., Burt S., Pearse H., et al. Retailers and Technology-driven Innovation in the Food Sector:Caretakers of Consumer Interests or Barriers to Innovation?[J]. British Food Journal, 2016,118(6):1370-1383
[3] van Hemert P., Nijkamp P., Masurel E. From Innovation to Commercialization through Networks and Agglomerations:Analysis of Sources of Innovation, Innovation Capabilities and Performance of Dutch SMEs[J]. The Annals of Regional Science, 2013,50(2):425-452
[4] Bocquet R., Le Bas C., Mothe C., et al. CSR, Innovation, and Firm Performance in Sluggish Growth Contexts:A Firm-Level Empirical Analysis[J]. Journal of Business Ethics, 2017,146(1):241-254
[5] Flammer C., Kacperczyk A. Corporate Social Responsibility as a Defense against Knowledge Spillovers:Evidence from the Inevitable Disclosure Doctrine[R]. Social Science Research Network, 2017
[6] Bonini S., Koller T. M., Mirvis P. H. Valuing Social Responsibility Programs[J]. McKinsey on Finance, 2009,32(Summer):11-18
[7] Nidumolu R., Prahalad C. K., Rangaswami M. R. Why Sustainability Is Now the Key Driver of Innovation[J]. Harvard Business Review, 2009,87(9):56-64
[8] Jansen J. J. P., Van Den Bosch F. A. J., Volberda H. W. Exploratory Innovation, Exploitative Innovation, and Performance:Effects of Organizational Antecedents and Environmental Moderators[J]. Management Science, 2006,52(11):1661-1674
[9] Husted B. W., Allen D. B. Strategic Corporate Social Responsibility and Value Creation among Large Firms:Lessons from the Spanish Experience[J]. Long Range Planning, 2007,40(6):594-610
[10] Little A. D. The Innovation High Ground:Winning Tomorrow's Customers Using Sustainability-driven Innovation[J]. Strategic Direction, 2006,22(1):35-37
[11] Luo X., Du S. Exploring the Relationship between Corporate Social Responsibility and Firm Innovation[J]. Marketing Letters, 2015,26(4):703-714
[12] Morris S. A., Bartkus B. R., Glassman M., et al. Philanthropy and Corporate Reputation:An Empirical Investigation[J]. Corporate Reputation Review, 2013,16(4):285-299
[13] 雷宇. 慈善、"伪善"与公众评价[J]. 管理评论, 2015,27(3):122-132
[14] Morgeson F. P., Aguinis H., Waldman D. A., et al. Extending Corporate Social Responsibility Research to the Human Resource Management and Organizational Behavior Domains:A Look to the Future[J]. Personnel Psychology, 2013,66(4):805-824
[15] Dickson B. J. Red Capitalists in China:The Party, Private Entrepreneurs, and Prospects for Political Change[M]. Cambridge:Cambridge University Press, 2003
[16] Wang H., Qian C. Corporate Philanthropy and Corporate Financial Performance:The Roles of Stakeholder Response and Political Access[J]. Academy of Management Journal, 2011,54(6):1159-1181
[17] Orlitzky M., Schmidt F. L., Rynes S. L. Corporate Social and Financial Performance:A Meta-analysis[J]. Organization Studies, 2003,24(3):403-441
[18] Bartkus B. R., Morris S. A. Look Who's Talking:Corporate Philanthropy and Firm Disclosure[J]. International Journal of Business and Social Research, 2015,5(1):1-14
[19] Gautier A., Pache A. C. Research on Corporate Philanthropy:A Review and Assessment[J]. Journal of Business Ethics, 2015,126(3):343-369
[20] Du S., Bhattacharya C. B., Sen S. Corporate Social Responsibility and Competitive Advantage:Overcoming the Trust Barrier[J]. Management Science, 2011,57(9):1528-1545
[21] Peloza J., Hassay D. N., Hudson S. Branding Corporate Philanthropy[C]. Marketing, Technology and Customer Commitment in the New Economy, 2015
[22] Szöcs I., Schlegelmilch B. B., Rusch T.,et al. Linking Cause Assessment, Corporate Philanthropy, and Corporate Reputation[J]. Journal of the Academy of Marketing Science, 2016,44(3):376-396
[23] Zhao M. CSR-based Political Legitimacy Strategy:Managing the State by Doing Good in China and Russia[J]. Journal of Business Ethics, 2012,111(4):439-460
[24] 徐雪松. 企业慈善行为研究[D]. 同济大学博士学位论文, 2007
[25] Cuypers I. R. P., Koh P. S., Wang H. Sincerity in Corporate Philanthropy, Stakeholder Perceptions and Firm Value[J]. Organization Science, 2015,27(1):173-188
[26] Jones D. A., Willness C. R., Madey S. Why Are Job Seekers Attracted by Corporate Social Performance? Experimental and Field Tests of Three Signal-based Mechanisms[J]. Academy of Management Journal, 2014,57(2):383-404
[27] Stuebs M., Sun L. Business Reputation and Labor Efficiency, Productivity, and Cost[J]. Journal of Business Ethics, 2010,96(2):265-283
[28] Flammer C., Kacperczyk A. The Impact of Stakeholder Orientation on Innovation:Evidence from a Natural Experiment[J]. Management Science, 2016,62(7):1982-2001
[29] Herzberg F., Mausner B., Snyderman B. B. The Motivation to Work[M]. New York:Routedge, 2017
[30] Azoulay P., Graff Zivin J. S., Manso G. Incentives and Creativity:Evidence from the Academic Life Sciences[J]. The RAND Journal of Economics, 2011,42(3):527-554
[31] Amabile T. M., Conti R., Coon H., et al. Assessing the Work Environment for Creativity[J]. Academy of Management Journal, 1996,39(5):1154-1184
[32] Estrada I., Faems D., de Faria P. Coopetition and Product Innovation Performance:The Role of Internal Knowledge Sharing Mechanisms and Formal Knowledge Protection Mechanisms[J]. Industrial Marketing Management, 2016,53:56-65
[33] Chatterji A. K., Fabrizio K. R. Using Users:When Does External Knowledge Enhance Corporate Product Innovation?[J]. Strategic Management Journal, 2014,35(10):1427-1445
[34] Sørensen J. B., Stuart T. E. Aging, Obsolescence, and Organizational Innovation[J]. Administrative Science Quarterly, 2000,45(1):81-112
[35] Richard O. C., Kirby S. L., Chadwick K. The Impact of Racial and Gender Diversity in Management on Financial Performance:How Participative Strategy Making Features Can Unleash a Diversity Advantage[J]. The International Journal of Human Resource Management, 2013,24(13):2571-2582
[36] Aguilera-Caracuel J., Ortiz-de-Mandojana N. Green Innovation and Financial Performance an Institutional Approach[J]. Organization & Environment, 2013,26(4):365-385
[37] 王晨,王新红. 高新技术企业R&D投入与盈利能力的相关性研究[J]. 技术与创新管理, 2011,32(1):51-53
[38] Zhang L., Chen H., Lin Y. Slack Resource, Political Tie and Corporate Philanthropy:Evidence from Chinese Private Corporates[C]. Academy of Management Proceedings, 2013
[39] Bourgeois L. J. On the Measurement of Organizational Slack[J]. Academy of Management Review, 1981,6(1):29-39
[40] Collis D. J. A Resource-based Analysis of Global Competition:The Case of the Bearings Industry[J]. Strategic Management Journal, 1991,12(S1):49-68
[41] Morrison P. D., Roberts J. H., Von Hippel E. Determinants of User Innovation and Innovation Sharing in a Local Market[J]. Management Science, 2000,46(12):1513-1527
[42] Blazsek S., Escribano A. Patent Propensity, R&D and Market Competition:Dynamic Spillovers of Innovation Leaders and Followers[J]. Journal of Econometrics, 2016,191(1):145-163
[43] Griliches Z. Patent Statistics as Economic Indicators:A Survey[R]. National Bureau of Economic Research, 1990
[44] Masulis R. W., Reza S. W. Agency Problems of Corporate Philanthropy[J]. Review of Financial Studies, 2014,28(2):592-636
[45] Wiseman R. M., Bromiley P. Toward a Model of Risk in Declining Organizations:An Empirical Examination of Risk, Performance and Decline[J]. Organization Science, 1996,7(5):524-543
[46] Bourgeois L. J., Singh J. V. Organizational Slack and Political Behavior among Top Management Teams[C]. Academy of Management Proceedings, 1983
[47] Iyer D. N., Miller K. D. Performance Feedback, Slack, and the Timing of Acquisitions[J]. Academy of Management Journal, 2008,51(4):808-822
[48] Seifert B., Morris S. A., Bartkus B. R. Having, Giving, and Getting:Slack Resources, Corporate Philanthropy, and Firm Financial Performance[J]. Business & Society, 2004,43(2):135-161
[49] Aiken L. S., West S. G., Reno R. R. Multiple Regression:Testing and Interpreting Interactions[M]. Newbury Park, CA:Sage, 1991
[50] Scherer F. M. Firm Size, Market Structure, Opportunity, and the Output of Patented Inventions[J]. The American Economic Review, 1965,55(5):1097-1125
[51] Sanders W. G., Hambrick D. C. Swinging for the Fences:The Effects of CEO Stock Options on Company Risk Taking and Performance[J]. Academy of Management Journal, 2007,50(5):1055-1078
[52] Chatterjee A., Hambrick D. C. It's All about Me:Narcissistic Chief Executive Officers and Their Effects on Company Strategy and Performance[J]. Administrative Science Quarterly, 2007,52(3):351-386
[53] 古志辉. 公司治理与公司捐赠:来自中国上市公司的经验研究[J]. 管理评论, 2015,27(9):69-84