| Corporate philanthropy is an important part of corporate social responsibility,and its role has become increasingly prominent in the promotion of social equity,improving social welfare and other aspects.Eighteen reports of the party proposed that to improve the social assistance system,improve the system of social welfare,support the development of charity,do a good job of preferential treatment resettlement work.The central committee of the communist of China on a series of decision to support the charity,provide a powerful ideological guarantee for doing charity work,which has aroused widespread concern in the academic and practical circles of corporate philanthropy.According to the <China charity development report>,in China,private enterprises have gradually become an important force in the charity.More and more research has found that family business will be more charitable donations to fulfill corporate social responsibility,family businesses generally have a sense of social responsibility.The paper regards the family business of charitable donations as the research object,and analyses the influence factors and evaluation results of corporate philanthropy from the perspective of family involvement.This paper attempts to explore the family involvement of corporate philanthropy family enterprise internal and external environment factors,and family charitable donations and corporate value is indirect effects produced by the enterprise financing intermediary transmission mechanism.Specifically,the paper focuses on the following three aspects: 1.under the framework of social and emotional wealth theory,the paper researches the relationship between family involvement and corporate charitable donations,and reveals family motivation of charitable donations in family enterprises different equity balance degree and slack resources;2.the paper researches the relationship between family involvement and charitable donations in different types of Regulative,Normative and Cognitive Institution,further analysis the factors affecting the family enterprise charity donation,from institution theory;3.according to the structure conduct performance analysis model,market structure decides enterprise behavior,family enterprise of charitable donation behavior is influenced by internal and external environmental impact,what effect does this on the performance of enterprises(value)? In other words,the relationship between philanthropy and corporate family business value.Study first according to the characteristics of family enterprises in China,based on the Socioemotional Wealth perspective,the paper researches the relationship between family involvement and corporate charitable donations,and the moderating effects of equity balance degree and slack resources,and collect CSMAR database and RESSET financial database of listed family firms second-hand data,using logit and tobit regression analysis method to research hypotheses for empirical test.The results show that:(1)family involvement and corporate philanthropy is basically a positive correlation between the two variables of family involvement in(the proportion of family ownership and family control duration)was positively correlated with corporate philanthropy.(2)equity balance degree and corporatephilanthropy is a significant positive correlation relationship,slack resources and corporate philanthropy is a significant positive correlation relationship.(3)positive the moderating effects of equity balance degree between family involvement and corporate charitable donations.(4)positive the moderating effects of slack resources between family ownership and corporate charitable donations,positive the moderating effects of slack resources between the sustainable control of family time and corporate charitable donations.Different equity balance degree and redundant resources of the family business,family involvement in corporate philanthropy is different.Secondly,based on the perspective of Scott system theory,the paper analyses the moderating effects of institutional environment between family involvement and corporate philanthropy.And uses the empirical data of listed family firms.The results show that:(1)some hypothesis of the moderating effects of regulative institution between family involvement and corporate charitable donations are validated.positive the moderating effects of regulative institution between family ownership and corporate charitable donations,positive the moderating effects of regulative institution between family members to the board of directors and corporate charitable donations.(2)some hypothesis of the moderating effects of Normative institution between family involvement and corporate charitable donations are validated.positive the moderating effects of Normative institution between family members to the board of directors and corporate charitable donations.(3)some hypothesis of the moderating effects of Cognitive institution between family involvement and corporate charitable donations are validated.positive the moderating effects of Cognitive institution between family ownership and corporate charitable donations,positive the moderating effects of Cognitive institution between family members to the board of directors and corporate charitable donations.Finally,evaluation results of family enterprise charity donation,the introduction of mediate variables,the paper reveals the relationship between the family business corporate philanthropy--corporate value.Among processing of family enterprise charity donation--corporate finance,government subsidies,enterprise value of the mediation process,the empirical results support the most of the research hypothesis.Specifically,(1)family enterprises charitable donations and corporate value is significantly positive correlation.(2)Family enterprises philanthropy and corporate debt financing is related.(3)Family corporate philanthropy through debt financing on firm value produced indirect effect.The results show family involvement included socio-emotional wealth has a positive effect on promoting family enterprise charity donation,that is influenced by the internal environment and external environment of family enterprises,At the same time,the family enterprise charity donation has a significant impact on the enterprise value,and indirectly through the mediate variable.The theoretical contribution of this paper is: first,the paper enriches and supplements the content factors of corporate philanthropy,the existing research and Analysis on the behavior of corporate donation is mainly explained from the enterprise level,the paper is mainly from the perspective of corporate philanthropyfamily factors.Second,the existing literature mainly compares the differences between family businesses and non-family enterprises in the aspects of corporate philanthropy,This paper from the family business in the perspective of heterogeneity,creative use of quadrant analysis method,to explore the different types of family businesses and family involvement and the relationship between corporate philanthropy,more clearly illustrates the family involvement and the relationship between corporate philanthropy.Third,Third,this paper uses Scott system theory systematically examines the moderating effects of institutional environment on family involvement and corporate philanthropy,From the perspective of institutional environment system of regulative,Normative and Cognitive institution of relationship between between family involvement and corporate charitable donations in the internal mechanism,for further in-depth understanding of the factors affecting the family enterprise charity donation provides a different perspective. |
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