高管地震经历与企业捐赠决策——基于烙印理论的实证研究

Executives'experience of earthquake and corporate donations decision-making:an empirical research based on branding theory

企业捐赠是一种直接衡量企业社会责任指标,并广泛应用于公司决策的研究中。为了探索高管童年时期的地震经历对于企业捐款的影响,基于烙印理论的视角,以2006—2021年所有A股上市公司的数据为样本进行了实证研究。最终得出结论:高管童年时期的地震经历能够促使其产生道德烙印,从而促进企业的捐款水平;高管公司注册地的地震频率越高,其道德烙印对企业捐款的促进作用越显著;企业的融资约束水平对地震经历与企业捐款之间的关系起到负向调节作用。这些结论在经过一系列稳健性测试后依然成立。进一步研究发现,童年时期有过地震经历的高管所在企业在疫情期间的捐款表现优于其他企业,说明道德烙印在疫情环境中也发挥着一定的作用。

As a direct and easily to measure indicator of corporate social responsibility,corporate donation has been widely used in the research of various corporate behavior decisions.In order to explore the impact of executives'childhood earthquake experience on corporate donations,based on the perspective of branding theory,an empirical study was conducted using the data of all A-share listed companies from 2006 to 2021 as samples.Finally,the conclusion is that the earth-quake experience of senior executives in their childhood can promote their moral imprint,and thus promote the donation level of their companies.The higher the earthquake frequency of the place the company of the executive is registered,the more significant the promotion effect of its ethical brand on corporate donation;the level of corporate financing constraints has a negative moderating effect on the relationship between earthquake experience and corporate donations.These conclusions remain robust after a series of robustness tests.Further research found that the donation performance of the enterprises who executives had experienced earthquakes in childhood was better than that of other enterprises during the epidemic,indicating that ethical branding plays a certain role in the epidemic environment.