• corporate giving;
  • earthquakes;
  • political affiliation;
  • representation of external demands
  • 慈善捐款;
  • 地震;
  • 政治关联;
  • 外部诉求代表


This study seeks to explain why firms respond in different ways to similar external administrative pressures, such as government demands for charitable giving, particularly in a transitional economy such as China's. Taking the perspective of the CEO's representation on external demands, the study explores the relationship between political affiliation and corporate giving, stimulated by powerful and politically affiliated CEOs, who are the government's natural constituency and who comply with governmental demands for donation. The study introduces contingent factors that influence the CEO's perception of how to satisfy government demands, and that moderate the relationship between political affiliation and corporate giving. Using firm-level data of corporate contributions following the Sichuan earthquake of May 12, 2008, we find that corporations with CEOs who hold political affiliations have a significantly higher probability of donation and also more cash giving. This relationship is moderated by contingent factors such as government ownership, financial condition, and concentration of voting rights.


本研究尝试解释,公司为何对来至于外部的相似的行政压力——例如政府要求公司参与慈善捐赠——做出不同的反应,特别是在中国这样的转型经济国家。公司慈善捐赠受强势且具有政治关联的CEO推 动。这些CEO是政府忠实的拥护者,并且遵从政府要求公司进行捐赠的诉求。基于CEO所代表的外部诉求这一视角,本文探讨政治关联与公司慈善捐赠之间的关系。本文还引入影响CEO判断如何满足政府诉求的情景因素,这些情景因素调节政治关联和公司慈善捐赠之间的关系。基于2008年5月12日四川地震后公司层面的捐赠数据,我们研究发现,相比CEO不具有政治关联的公司而言,CEO具有政治关联的公司更可能参与慈善捐款,并且捐款更多。并且,这一关系受到政府所有权、财务状况以及控制权集中度等情景变量的调节作用。