摘要
本文以2008-2013年沪深A股上市公司为样本,选取诉讼风险这一外部不确定性因素,研究了诉讼风险对公司慈善捐赠活动的影响,并在此基础上进一步探讨了制度环境、信息环境对于该影响的调节效应。研究发现:(1)我国上市公司面临的诉讼风险能够显著提高慈善捐赠水平,前期的败诉经历对提高公司本期慈善捐赠水平的作用更明显,异地诉讼风险对提高公司本期慈善捐赠水平的作用更明显;(2)这种影响在市场化程度高、法制环境差、司法透明度低的制度环境下更明显;(3)这种影响在分析师预测人数多、盈余管理水平低的信息环境下更明显。在对内生性、变量度量误差、公司固定效应等问题进行稳健性检验后,结果依然显著。本文基于我国制度背景,从公司的风险管理动机出发,验证了公司诉讼风险对于慈善捐赠的影响,从侧面反映了公司履行企业社会责任的"声誉保险"作用,并为此作用机制提供了经验证据;丰富了公司慈善捐赠动机的相关文献,将有助于加深社会公众和政府对公司慈善捐赠行为的理解和认识。
This research provides the evidence of ＂reputation insurance＂ motivation of corporate philanthropy.Based on the theoretical analysis and empirical test,we find that corporate litigation risk has a positive impact on corporate charitable giving.As litigation risk has gradually become one of the most important external uncertainty factors affecting the existence and development of every single company with the progress of national legal system reform,this risk factor is drawing more and more attention in corporate risk management.Using a sample of listed companies in A-share capital market in China from 2008 to 2013,this paper examines the impact of litigation risk on corporate charitable activities.Furthermore,we discuss whether the differences in institutional environment and information environment will influence this impact.Eventually,our paper finds out that：（1） Litigation risk of listed company has a positive effect on its charitable giving.Relative to the experiences of winning lawsuits or reconciliation,losing the lawsuits will have a more obviously positive impact on corporate philanthropy.Besides,relative to the local lawsuits,the nonlocal lawsuits will have a more obviously positive impact on corporate philanthropy;（2） Distinguishing the differences of the institutional environment,the institutional environment will also significantly affect the impact of litigation risk on the corporate philanthropy.Specifically,the effect is more significant for companies in the regions with higher degree of marketization,lower level of legal environment and weaker judicial transparency;（3） Distinguishing the differences of the information environment,the better the company＇s information environment in which the company operates,the more obvious the effect of litigation risk on corporate philanthropy.Specifically,the effect is stronger for the companies followed by more analysts and with lower level of earnings management.After controlling the sample selection bias,measurement error of key variables and fixed effect of firm level,our conclusions are still robust.Overall,this paper verifies the influence of corporate litigation risk on its social responsibility from the perspective of reputation management,confirming the ＂reputation insurance＂ theory by providing specific empirical evidence,enriching and complementing the related literature of corporate charitable motives,deepening the public and government＇s understanding of corporate philanthropy＇s intrinsic mechanism.
出处
《南开管理评论》
CSSCI
北大核心
2017年第2期108-121,共14页
Nankai Business Review
基金
国家自然科学基金项目(71302184)
教育部人文社会科学研究基金项目(13YJC790054)资助
关键词
诉讼风险
公司慈善捐赠
声誉保险
Litigation Risk
Corporate Charitable Giving
Reputation Insurance
