Agency Problems of Corporate Philanthropy

被引：519

作者：

Masulis, Ronald W. ^{[1
]}

Reza, Syed Walid ^{[2
]}

机构：

[1] Univ New S Wales, Sydney, NSW 2052, Australia

[2] Queensland Univ Technol, Brisbane, Qld 4001, Australia

来源：

REVIEW OF FINANCIAL STUDIES | 2015年 / 28卷 / 02期

关键词：

OWNERSHIP; GRANTS; COSTS;

D O I：

10.1093/rfs/hhu082

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Evaluating agency theory and optimal contracting theory views of corporate philanthropy, we find that as corporate giving increases, shareholders reduce their valuation of firm cash holdings. Dividend increases following the 2003 Tax Reform Act are associated with reduced corporate giving. Using a natural experiment, we find that corporate giving is positively (negatively) associated with CEO charity preferences (CEO shareholdings and corporate governance quality). Evidence from CEO-affiliated charity donations, market reactions to insider-affiliated donations, its relation to CEO compensation, and firm contributions to director-affiliated charities indicates that corporate donations advance CEO interests and suggests misuses of corporate resources that reduce firm value.

引用

页码：592 / 636

页数：45

共 50 条

[1] Donate Money, but Whose? An Empirical Study of Ultimate Control Rights, Agency Problems, and Corporate Philanthropy in China
Tan, Justin
Tang, Yuejun
JOURNAL OF BUSINESS ETHICS, 2016, 134 (04) : 593 - 610
[2] Mandatory minimum dividend, agency problems, and corporate investment
Kirch, Guilherme
Vancin, Daniel Francisco
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2023, 66
[3] Private benefits of corporate philanthropy and distortions to corporate financing and investment decisions
Masulis, Ronald W. W.
Reza, Syed Walid
CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2023, 31 (03) : 464 - 490
[4] Corporate cash holdings, agency problems, and economic policy uncertainty
Javadi, Siamak
Mollagholamali, Mohsen
Nejadmalayeri, Ali
Al-Thaqeb, Saud
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2021, 77
[5] Corporate Philanthropy in the Czech and Slovak Republics
Hanousek, Jan
Kocenda, Evzen
Svitkova, Katarina
FINANCE A UVER-CZECH JOURNAL OF ECONOMICS AND FINANCE, 2010, 60 (02): : 102 - 121
[6] Hello, is anybody there? Corporate accessibility for outside shareholders as a signal of agency problems
Firth, Michael
Lin, Chen
Wong, Sonia Man-lai
Zhao, Xiaofeng
REVIEW OF ACCOUNTING STUDIES, 2019, 24 (04) : 1317 - 1358
[7] Understanding corporate philanthropy in the hospitality industry
Chen, Ming-Hsiang
Lin, Chien-Pang
INTERNATIONAL JOURNAL OF HOSPITALITY MANAGEMENT, 2015, 48 : 150 - 160
[8] Corporate Philanthropy, Ownership Type, and Financial Transparency
Qian, Cuili
Gao, Xinzi
Tsang, Albert
JOURNAL OF BUSINESS ETHICS, 2015, 130 (04) : 851 - 867
[9] Corporate Governance and Agency Theory: A Bibliometric Review
Swain, Kirti Ranjan
Chaudhury, Suman Kalyan
PACIFIC BUSINESS REVIEW INTERNATIONAL, 2021, 13 (11): : 110 - 119
[10] Corporate Philanthropy and Tunneling: Evidence from China
Chen, Jun
Dong, Wang
Tong, Jamie
Zhang, Feida
JOURNAL OF BUSINESS ETHICS, 2018, 150 (01) : 135 - 157

← 1 2 3 4 5 →