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首页> 外文期刊>Journal of Business Ethics >Corporate Philanthropy, Reputation Risk Management and Shareholder Value: A Study of Australian Corporate giving
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Corporate Philanthropy, Reputation Risk Management and Shareholder Value: A Study of Australian Corporate giving

机译：企业慈善，声誉风险管理和股东价值：澳大利亚企业捐赠研究

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摘要

This study examines the role of corporate philanthropy (CP) in the management of reputation risk and shareholder value of the top 100 ASX listed Australian firms for the 3 years 2011-2013. The results of this study demonstrate the business case for corporate philanthropy and hence encourage corporate philanthropy by showing increasing firms' investment in corporate giving as a percentage of profit before tax, increases the likelihood of an increase in shareholder value. However, the proviso is that firms must also manage their reputation risk at the same time. There is a negative association between corporate giving and shareholder value (Tobin's Q) which is mitigated by firms' management of reputation. The economic significance of this result is that for every cent in the dollar the firm spends on corporate giving, Tobin's Q will decrease by 0.413 %. In contrast, if the firm increase their reputation by 1 point then Tobin's Q will increase by 0.267 %. Consequently, the interaction of corporate giving and reputation risk management is positively associated with shareholder value. These results are robust while controlling for potential endogeneity and reverse causality. This paper assists both academics and practitioners by demonstrating that the benefits of corporate philanthropy extend beyond a gesture to improve reputation or an attempt to increase financial performance, to a direct collaboration between all the factors where the benefits far outweigh the costs.
机译：这项研究考察了企业慈善事业（CP）在2011-2013的3年中，在澳大利亚ASX上市的前100家公司的声誉风险和股东价值管理中的作用。这项研究的结果证明了企业慈善事业的商业案例，因此通过显示企业增加对企业捐赠的投资占税前利润的百分比，从而鼓励了企业慈善事业，增加了股东价值增加的可能性。但是，条件是公司还必须同时管理其声誉风险。公司捐赠与股东价值之间存在负关联（托宾Q），企业声誉管理可以缓解这种关联。该结果的经济意义是，公司在公司捐赠上每花费1美元，托宾Q值将下降0.413％。相反，如果公司的声誉提高1点，那么托宾的Q将提高0.267％。因此，公司捐赠与声誉风险管理的互动与股东价值成正相关。这些结果在控制潜在的内生性和反向因果关系时很可靠。本文通过证明企业慈善的好处不仅限于改善声誉或提高财务业绩的尝试，还为所有利益之间的直接协作提供了帮助，从而使收益远远超过成本。

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