CEO任期、分析师关注度与企业慈善捐赠

CEO Tenure, Attention to Analysts and Corporate Charitable Donation

基于高层梯队理论和委托代理理论,以2009—2016年A股制造业上市公司为研究样本,理论分析并实证检验了CEO既有任期、CEO预期任期对企业慈善捐赠的影响,以及分析师关注度对上述关系的调节作用。研究结果表明:CEO既有任期与企业慈善捐赠呈倒U型关系;CEO预期任期与企业慈善捐赠呈正相关关系。进一步分析发现,分析师关注度削弱了CEO任期与企业慈善捐赠的关系。上述研究结论对深入理解企业慈善捐赠行为、完善公司治理机制和加强企业的人力资源管理具有一定的启示意义。

Based on the upper echelons theory and the principal-agent theory, this paper takes the data of China＇s A-share listed manufacturing companies from 2009 to 2016 as the research samples to theoretically analyze and empirically examine the impact of CEO existing tenure and CEO expected tenure on corporate charitable donations, as well as the mediating role of the attention to the analysts in the above relationship. The results show that there is an inverted U-shaped relationship between CEO existing tenure and corporate charitable donation, while the relationship between CEO expected tenure and corporate charitable donation presents a positive correlation. Further analysis shows that the attention to the analysts has weakened the relationship between CEO tenure and corporate charitable donation. The conclusions of the above study has certain enlightenment significance in understanding more about the corporate charitable donations, improving corporate governance mechanism and enhancing human resources management.