政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/120418

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题名:	Does Corporate Philanthropy Increase Firm Value? The Moderating Role of Corporate Governance
作者:	蘇威傑 Su, Weichieh Sauerwald, Steve
贡献者:	國貿系
关键词:	corporate philanthropy;agency theory;corporate governance
日期:	2018-04
上传时间:	2018-10-08 17:32:50 (UTC+8)
摘要:	The link between corporate philanthropy and firm value has been controversial. On one hand, corporate philanthropy is often criticized as an agency cost because it may serve narrow managerial self-interests. On the other hand, corporate philanthropy may enhance firm value because it improves the relationships between firms and their stakeholders. In this study, we argue that this controversy is contingent upon whether corporate governance mechanisms can stimulate the financial benefit of corporate philanthropy. Based on a sample of U.S. firms from 1996 to 2003, we find that CEO long-term pay positively moderates the relationship between corporate philanthropy and firm value while multiboard outside directors negatively moderate this relationship. Contrary to our expectations, we find that the relationship between corporate philanthropy and firm value enhances as CEO tenure increases. Our findings show that corporate governance plays an important moderating role in the relationship between corporate philanthropy and firm value.
關聯:	Business & Society, Vol.57, No.4, pp.599-635
数据类型:	article
DOI 連結:	https://doi.org/10.1177/0007650315613961
DOI:	10.1177/0007650315613961
显示于类别:	[國際經營與貿易學系 ] 期刊論文

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