女性董事、公司绩效与公司慈善捐赠行为研究——基于汶川地震与玉树地震灾后捐赠的经验数据  

Female Directors, Corporate Performance and Corporate Philanthropy： Research on Wenchuan Earthquake and Yushu Earthquake

作　　者：尹美群[1] 张继东[2] 王璋[1] 

机构地区：[1]北京第二外国语学院国际会计与财务研究中心 [2]美国加利福尼亚州立大学富勒顿分校会计系

出　　处：《中国会计评论》2014年第3期467-478,共12页China Accounting Review

基　　金：国家自然科学基金项目“货币政策、稳健性来源与公司价值”(71202170);国家社科基金项目“价值链节点企业的风险传导、风险测度与价值回报研究”(13BGL042);教育部人文社科基金项目“价值链风险溢出与投资转移研究”(11YJA630179)的资助

摘　　要：本文选取中国沪深两市A股上市公司为样本,运用实证分析法研究女性董事对公司慈善捐赠行为的影响。研究发现,性别多样化的董事会鼓励上市公司从事慈善捐赠行为。女性董事比例较高的公司更倾向于进行慈善捐赠,但在捐赠数额上体现一定的谨慎性。公司绩效越好的公司越不会进行慈善捐赠,且公司慈善捐赠行为所带来的声誉效应对于公司盈利带来的声誉效应的替代效应很明显。因此,很多捐赠公司实质上通过慈善行为来弥补自身盈利能力不足所带来的声誉下降,从而提升公司形象。The study examines whether women directors impact on corporate social responsibility and how women directors＇ influences the results of the commitment of corporate social responsibility. We collected the firm samples from Chinese stock exchanges which commit the charity donation when the earthquakes happened in 2008 and 2010 separately in China. It is found that gender diversity in a boardroom motivates the firms to commit charity donations in public firms when these natural casualties happened. However, firms with more women directors in the board prefer to conservative ways to commit their social responsibili- ty. Another finding is that the effect of female directors in a board on corporate social respon- sibility normally was substituted by the effect of financial performance on corporate social responsibility and in a long run while financial performance was controlled the effect of female directors in a board on corporate social responsibility became significant. These results implied that women director really change some corporate social behaviors, and then raise the profile of firms.

关 键 词：企业社会责任 慈善捐赠 女性董事 

分 类 号：C913.68[经济管理] D632.9[社会学] F272.5[政治法律—政治学]