Corporate philanthropy and investment efficiency: Empirical evidence from China
Corporate philanthropy and investment efficiency: Empirical evidence from China
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企业慈善与投资效率：来自中国的经验证据
DOI：
10.1016/j.pacfin.2018.08.008
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发表时间：
2018-10-01
影响因子：
4.6
通讯作者：
Zhang, Feida Frank
中科院分区：
文献类型：
--
作者：
Chen, Jun;Dong, Wang;Zhang, Feida Frank
通过对中国面板数据的分析，我们发现慈善参与与投资效率之间存在正相关关系。此外，我们发现，当公司位于制度环境较好的地区时，慈善事业和投资效率之间的正相关关系更强。我们的研究结果表明，从事慈善捐赠的公司有激励，以提高他们的声誉和/或促进他们与利益相关者的关系，从而降低代理问题和更高的投资效率。
Using panel data from China, we find a positive relationship between philanthropic engagement and investment efficiency. In addition, we find that the positive association between philanthropy and investment efficiency is stronger when the company is located in a region with better institutional environments. Our results suggest that companies engaging in philanthropic donations have incentives to enhance their reputation and/or promote their relationships with stakeholders, leading to lower agency problems and higher investment efficiency.