Reputation Mechanism, Agency Conflict and Corporate Donation ——An Empirical Study on Listed Companies in China
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Reputation Mechanism, Agency Conflict and Corporate Donation ——An Empirical Study on Listed Companies in China
LI Shi-tian1, SONG Xian-zhong2
1.International Business College, South China Normal University, Guangzhou 510631, China; 2.Management School, Jinan University, Guangzhou 510632, China
Abstract Corporate donation is considered an important way of implementing corporate social responsibility generally. On the basis of summing up the research literature and selecting 2007-2009 data of China listed companies, this paper empirically analyzes the factors of listed companies’ corporate philanthropy donation by using WLS methods. The empirical results show that the degree of the corporate emphasizing on reputation has a positive impact on Chinese listed companies’ donations level, and agency conflict between managers and owners also has a positive impact on their donations level. Therefore, corporate donation behavior has deviated from the definition of corporate social responsibility, and clamming corporate social responsibility is just a slogan. The research paper finding has a certain significance on understanding relationship between corporate social responsibility and corporate donation behavior rationally.
LI Shi-Tian,SONG Xian-Zhong. Reputation Mechanism, Agency Conflict and Corporate Donation ——An Empirical Study on Listed Companies in China. Economic Survey, 2014, 31(4): 092.
2014, Vol. 31 
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