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高管贫困经历与企业慈善捐赠
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TitleCEO Poverty Experience and Corporate Philanthropy  
作者许年行 李哲  
AuthorXu Nianhang and Li Zhe  
作者单位中国人民大学 
OrganizationSchool of Business, Renmin University of China 
作者Emailnhxu@ruc.edu.cn;lizhewenbei@163.com 
中文关键词慈善捐赠 出生地贫困程度 童年“大饥荒”经历 汶川地震 
Key WordsCorporate Philanthropy; Poverty Status in Birthplace; Famine Experience in Childhood; Wenchuan Earthquake 
内容提要慈善捐赠一直以来都受到社会的广泛关注,特别是在我国《慈善法》刚刚出台之后,更是当前学术界研究的一个热点课题。本文利用2006-2014年上市公司慈善捐赠数据,研究高管贫困经历(出生地贫困程度或童年是否具有“大饥荒”经历)对企业慈善捐赠行为的影响,并考察汶川地震这一自然灾害的外生冲击如何影响两者之间的关系。研究发现:(1)当CEO出生于贫困地区,其所在企业进行了更多的社会慈善捐赠,同时,那些早期经历过“大饥荒”的CEO所在企业的慈善捐赠水平也更高;(2)有过贫困经历的CEO所在企业的慈善捐赠水平在地震发生后有更大幅度的提高,说明地震这一自然灾害事件的外部冲击会给那些成长于贫困环境的CEO更大的触动,从而提高其慈善捐赠水平。这些结论在进行选择性偏差调整、倾向分值配对法(PSM)检验、Placebo检验、CEO变更前后的动态比较、不同变量定义、不同样本的稳健性测试后依然稳健。进一步研究发现,出生于富裕地区的CEO所在企业并未捐赠更多,并且,有过贫困经历且受过良好教育的CEO会进行更多的慈善捐赠以回馈社会,但政治关联并不影响两者之间的关系。最后,有过贫困经历CEO所进行的慈善捐赠活动更有助于提升公司绩效。本文不仅从新的视角推进了企业慈善捐赠动机的研究,对于企业如何更好地履行社会责任、促进社会共同发展也具有重要的现实意义。 
AbstractCorporate philanthropy has attracted a lot of attention from society and is a hot issue in finance research, especially after the pass of The Charity Law of the People’s Republic of China recently. By using the donation data of listed firms in 2006-2014, we investigate how a CEO’s early-life poverty experience affects corporate philanthropy, as well as how the exogenous shock of natural disasters affects this relationship. The results show that, firstly, firms with CEOs born in poverty counties or grown up during “Great Famine” donate more to the society. Secondly, after the Wenchuan Earthquake, there is much more increase in corporate donation for firms whose CEOs have poverty experience, indicating that the external shock of natural disasters could deeply touch the hearts of CEOs with poverty experience. These findings remain robust after controlling for the potential selective bias, adopting propensity score matching and placebo tests, conducting dynamic comparison of CEOs’ turnover, as well as using alternative variable measurements and different samples. Further analyses find that CEOs born in affluent areas do not outperform in corporate philanthropy. In addition, well-educated CEOs with poverty experience donate more to the society; however, political connections do not affect the relationships between early poverty experience of CEOs and corporate donations. Finally, the philanthropy decisions made by CEOs with poverty experience can enhance firms’ performance. The paper not only contributes to the literature on the motivation of corporate donation, but also has practical implications for firms to fulfil their social responsibility so as to achieve social common development. 
文章编号WP1111 
登载时间2016-09-13 
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