Corporate Governance and Corporate Philanthropy: Empirical Study from Chinese A-share Listed Companies

Abstract

Abstract:

In this paper, we use the 2002 to 2010 donation data from 1051 A-share listed companies to study how the corporate governance influences the decision of corporate philanthropy. The research results show that key shareholders' shareholding ratio is negatively correlated with the philanthropic behavior, but management's shareholding ratio is positively correlated with the behavior. The conclusions mean that we can explain the philanthropic behavior by ethics ideas of Chinese traditional culture. Moreover, the research results show that the type of actual controllers may not be the key factor that influences the decision of corporate philanthropy.

Key words: corporate governance, corporate philanthropy, Chinese traditional culture

Gu Zhihui. Corporate Governance and Corporate Philanthropy: Empirical Study from Chinese A-share Listed Companies[J]. , 2015, 27(9): 69-84.

References

[1] Muller A., Kolk A. Extrinsic and Intrinsic Drivers of Corporate Social Performance: Evidence from Foreign and Domestic Firms in Mexico[J]. Journal of Management Studies, 2010,47(1):1-26
[2] Gao Y. Q. Philanthropic Disaster Relief Giving as a Response to Institutional Pressure: Evidence from China[J]. Journal of Business Research, 2011,64(12):1377-1382
[3] 赵晓琴,万迪昉.影响中国企业赈灾捐款的省区因素[J]. 管理评论, 2012,24(2):171-175
[4] Koh P. S., Qian C., Wang H. L. Firm Litigation Risk and the Insurance Value of Corporate Social Performance[J]. Strategic Management Journal, 2014,35(10):1464-1482
[5] Young S., Marais M. A Multi-level Perspective of CSR Reporting: The Implications of National Institutions and Industry Risk Characteristics[J]. Corporate Governance: An International Review, 2012,20(5):432-450
[6] 胡浩.基于改善竞争环境的跨国公司慈善行为研究[J]. 管理评论, 2003,15(10):15-18
[7] Chiu S. C., Sharfman M. Legitimacy, Visibility, and the Antecedents of Corporate Social Performance: An Investigation of the Instrumental Perspective [J]. Journal of Management, 2011,37(6):1558-1585
[8] Judith L. W., Berrone P., Phan P. H. Corporate Governance and Environmental Performance: Is There Really a Link[J]. Strategic Management Journal, 2012,33(8):885-913
[9] Marquis C., Lee M. Who Is Governing Whom? Executives, Governance, and the Structure of Generosity in Large U.S. Firms[J]. Strategic Management Journal, 2013,34(4):483-497
[10] Arora P., Dharwadkar R. Corporate Governance and Corporate Social Responsibility(CSR): The Moderating Roles of Attainment Discrepancy and Organization Slack[J]. Corporate Governance: An International Review, 2011,19(2):136-152
[11] Julian S., Ofori-Dankwa J. C. Financial Resource Availability and Corporate Social Responsibility Expenditures in a Sub-Saharan Economy: the Institutional Difference Hypothesis[J]. Strategic Management Journal, 2013,34(11):1314-1330
[12] 卢东, Samart. Powpaka.消费者对企业社会责任行为的评价研究[J]. 管理评论, 2010,22(12):70-78
[13] Park J., Lee H., Kim C. Corporate Social Responsibilities, Consumer Trust and Corporate Reputation: South Korean Consumers' Perspectives [J]. Journal of Business Research, 2014,67(3):295-302
[14] Lev B., Petrovits C., Radhakrishnan S. Is Doing Good Good for You? How Corporate Charitable Contributions Enhance Revenueg Rowth[J]. Strategic Management Journal, 2010,31(2):182-200
[15] Muller A., Kraussl R. Doing Good Deeds in Times of Need: A Strategic Perspective on Corporate Disaster Donations[J]. Strategic Management Journal, 2011,32(9):911-929
[16] 刘计含,王建琼.企业社会责任与资本约束[J]. 管理评论, 2012,24(11):151-157
[17] 唐更华,王学力.企业慈善行为策略研究新进展[J]. 管理评论, 2004,16(9):41-45
[18] Noland J., Phillips R. Stakeholder Engagement, Discourse Ethics and Strategic Management[J]. International Journal of Management Reviews, 2010,12(1):39-49
[19] Zhang R., Rezaee Z., Zhu J. G. Corporate Philanthropic Disaster Response and Ownership Type: Evidence from Chinese Firms' Response to the Sichuan Earthquake[J]. Journal of Business Ethics, 2010,91(1):51-63
[20] 徐莉萍,辛宇,祝继高.媒体关注与上市公司社会责任之履行[J]. 管理世界, 2011,(3):135-143
[21] 高勇强,何晓斌,李路路.民营企业家社会身份、经济条件与企业慈善捐赠[J]. 经济研究,2011,(12):111-123
[22] 贾明,张喆.高管的政治关联影响公司慈善行为吗[J]. 管理世界, 2010,(4):99-112
[23] 梁建,陈爽英,盖庆恩.民营企业的政治参与、治理结构与慈善捐赠[J]. 管理世界, 2010,(7):109-118
[24] 陈仕华,马超.企业间高管联结与慈善行为一致性[J]. 管理世界, 2011,(12):87-94
[25] 山立威,甘犁,郑涛.公司捐款与经济动机[J]. 经济研究, 2008,(11):51-60
[26] Brown W. O., Helland E., Smith J. K. Corporate Philanthropic Practices[J]. Journal of Corporate Finance, 2006,12(5):855-877
[27] 杨帆,石金涛,吴治国.中国管理者企业社会责任导向研究[J]. 管理评论, 2009,21(4):121-127
[28] 虞和平.经元善集[M]. 武汉: 华中师范大学出版社, 2011
[29] Alexandre A., Jondle D., Kowske B., et al. Ethical Cultures in Large Business Organizations in Brazil, Russia, India, and China[J]. Journal of Business Ethics, 2012,105(4):415-428
[30] 景海峰.全球化背景下的儒家伦理反思[J]. 中国社会科学, 2006,(5):14-18
[31] 赵琼,张应祥.跨国公司与中国企业捐赠行为的比较研究[J]. 社会, 2007,(5):144-161
[32] 梁漱溟.中国文化要义[M]. 上海: 上海人民出版社, 2003
[33] 周晓虹.认同理论: 社会学与心理学的分析路径[J]. 社会科学, 2008,(4):46-53
[34] Ellman M., Pezanis-Christou P. Organizational Structure, Communication and Group Ethics[J]. American Economic Review, 2010,100(5):2478-2491
[35] Pavan A., Calzolari G. Truthful Revelation Mechanisms for Simultaneous Common Agency Games[J]. American Economic Journal: Microeconomics, 2010,2(2):34-63
[36] Gersbach H., Haller H. Bargaining Power And Equilibrium Consumption[J]. Social Choice and Welfare, 2009,33(4):665-690