慈善捐赠能否促进企业绩效?

Does Corporate Philanthropy Increase Firm Performance?

慈善捐赠是企业履行社会责任的重要方式,它与企业绩效之间的关系虽然已得到学术界的广泛讨论,但至今未获得一致结论。本文整理了2008年以来国内外有关慈善捐赠与企业绩效关系的相关论文,使用Meta方法对现有研究做出分析,试图获得综合性结论,并探索不一致结论背后的原因。研究发现,整体而言,慈善捐赠能够促进企业绩效的增长,但因慈善捐赠和绩效度量不同,慈善捐赠对企业绩效的积极影响存在差异。相比是否捐赠,采用连续变量度量慈善捐赠更易得到积极的结果,说明慈善捐赠对企业绩效的影响具有门槛效应;相比股票市场绩效,慈善捐赠对市场绩效和财务绩效具有更强的促进作用,说明慈善捐赠对不同类型绩效的影响存在强度和路径差异。此外,制度环境也是导致“慈善捐赠-企业绩效”关系不一致的原因,当社会信任水平越高、法律制度越健全,慈善捐赠对企业绩效的促进作用更为明显。本文的结论补充了该领域量化文献研究的不足,并对现有研究提出一定的拓展空间。

Corporate philanthropy is an important way for firms to fulfill corporate social responsibility.Although the relationship between corporate philanthropy and firm performance has been widely discussed,it has not yet reached a consensus.This research collects relevant papers on the relationship between corporate philanthropy and performance from 2008 onwards,and employs the Meta-analysis to obtain overall conclusions and to explore the reasons behind the inconsistent conclusions.This research finds that corporate philanthropy positively impacts firm performance.Different measurements of corporate philanthropy and performance moderate this relationship.Specifically,in contrast to the use of dummy variable,corporate philanthropy with continuous variables measurement has greater impact on performance,indicating the existence of the threshold effect;compared with stock market performance,corporate philanthropy has greater positive impact on market performance and financial performance.In addition,the institutional environment can induce the heterogeneity of the relationship.In areas with higher degree of trust and rule of law,the positive impact of corporate philanthropy on firm performance is more obvious.The conclusion of this paper supplements the deficiencies of quantitative literature research in this field,and proposes a certain expansion space for existing research.