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Reputation repair and corporate donations: An investigation of responses to regulatory penalties
China Journal of Accounting Research Pub Date : 2019-09-01 , DOI: 10.1016/j.cjar.2019.06.001
Xue Xia , Fei Teng , Xiaolong Gu

Abstract According to the risk management and reputation insurance theory of corporate social responsibility, corporate donations can help a company to repair its reputation after a crisis. This study uses a propensity score matching–difference in difference (PSM + DID) methodology to investigate the charitable donation activities of companies that have been subject to regulatory penalties. The analysis of a sample of A-share listed companies in the 2004–2016 period shows that companies significantly increase their charitable donations after regulatory penalties, but this effect weakens over time. Further analysis reveals that non-state-owned companies, companies with higher ownership concentrations, and companies receiving severer penalties are more motivated to make donations after regulatory penalties. By studying the reputation repair behavior of companies that have been subject to regulatory penalties, this study offers further support for the risk management and reputation insurance theory of corporate social responsibility. It also enriches our understanding of companies’ active responses to regulatory penalties and provides insights into companies’ motives for making charitable donations.

中文翻译:

声誉修复和企业捐赠:对监管处罚的回应调查

摘要根据企业社会责任的风险管理和声誉保险理论,企业捐赠可以帮助企业在危机后恢复声誉。这项研究使用倾向得分匹配-差异差异(PSM + DID)方法来研究受到监管处罚的公司的慈善捐赠活动。对2004年至2016年期间A股上市公司样本的分析表明,在受到监管处罚后,公司大幅增加了其慈善捐款,但随着时间的推移,这种影响减弱了。进一步的分析表明,非国有公司,所有权集中度较高的公司以及受到更严厉处罚的公司在受到监管处罚后更有动力做出捐赠。通过研究受到监管处罚的公司的声誉修复行为,本研究为企业社会责任的风险管理和声誉保险理论提供了进一步的支持。它还丰富了我们对公司对监管处罚的积极反应的理解,并深入了解了公司进行慈善捐赠的动机。
更新日期:2019-09-01
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