Shareholder reaction to corporate philanthropy after a natural disaster: an empirical exploration of the “signaling financial prospects” explanation
Shareholder reaction to corporate philanthropy after a natural disaster: an empirical exploration of the “signaling financial prospects” explanation
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DOI：
10.1007/s10490-023-09876-7
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发表时间：
2023-04-05
影响因子：
5.4
通讯作者：
Doh, Jonathan
中科院分区：
文献类型：
--
作者：
Azuma, Kentaro;Dahan, Nicolas M. M.;Doh, Jonathan
关键词：
企业以现金和/或实物捐赠的形式应对自然灾害（企业慈善灾害应对，或CPDR）是企业慈善事业的一种日益增长的形式。通过以东京证券交易所上市的1,775家企业为对象的事件研究法，分析了2016年日本熊本地震后股东对CPDR公告的反应。控制的可能性，最常见的解释（购买商誉和公司治理）在发挥作用，我们的研究结果提供了一个很少探索的解释CPDR的积极股东反应的实证检验：即，企业慈善事业是一个市场信号，外部投资者的公司的未来财务前景。我们认为这一解释很重要。值得注意的是，股东的反应只有在现金捐赠（而不是实物捐赠）的情况下才是积极的，而且在提前宣布时更为积极。总体而言，我们的研究结果与基于资源依赖理论的“战略慈善”观点一致。但我们认为，慈善捐赠可以用来直接影响投资者，而不是典型的关注非金融利益相关者。
Corporate response to natural disaster in the forms of cash and/or in-kind donations (corporate philanthropic disaster response, or CPDR) is a growing form of corporate philanthropy. Through an event study methodology based on 1,775 firms listed on the Tokyo Stock Exchange, we analyze shareholder reaction to CPDR announcements after the 2016 Kumamoto earthquakes in Japan. Controlling for the possibility that the most common explanations (buying goodwill and corporate governance) are at play, our results provide an empirical test of a little-explored explanation for the positive shareholder reaction to CPDR: namely, that corporate philanthropy is a market signal to outside investors of the firm’s future financial prospects. We find this explanation to be significant. Of note are also the facts that shareholder reaction is only significantly positive in the case of cash donation (as opposed to in-kind), and is more positive when announced early. Overall, our results align with the “strategic philanthropy” view grounded in resource-dependence theory. But instead of the typical focus on non-financial stakeholders, we argue that philanthropic donations can be used to directly influence investors.
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