| The existing research on corporate social responsibility is mainly based on the CSR data disclosed by enterprises.However,there is also a phenomenon in practice,that is,companies have actually undertaken CSR,but do not disclose or even "hide"this behavior,for example,companies will keep quiet about their charitable giving(i.e.quiet giving).So why do companies give quietly?Based on stakeholder theory and moral compensation theory,this paper takes 2009 as the research starting point,uses the data of Shanghai-Shenzhen A-share private listed companies from 2009 to 2020,and uses Logit regression model to empirically test the impact of corporate corruption on quiet giving behavior,as well as the moderating effect of marketization level and corporate transparency.The empirical results of this paper show that:(1)Corporate corruption has a significant positive impact on quiet giving.It indicates that the higher the level of corporate corruption is,the more likely it is to make quiet giving in order to reduce the concern of shareholders and other stakeholders and avoid the moral and interest loss caused by the possible exposure of corporate corruption.(2)The level of marketization has a negative moderating effect on the relationship between corporate corruption and quiet giving.In other words,the weaker the positive effect of corruption on quiet giving.This indicates that compared with low-market areas,enterprises in high-market areas may suffer less profit loss and moral loss after corruption exposure,and active disclosure of corporate social responsibility information can improve the economic interests and corporate reputation of enterprises.(3)Corporate transparency has a negative moderating effect on the relationship between corporate corruption and quiet giving.In other words,the higher the corporate transparency,the weaker the positive impact of corporate corruption on quiet giving.It indicates that the disclosure of donation information under high corporate transparency can not only alleviate the tension between enterprises and stakeholders,but also make up for the moral loss caused by the exposure of corporate corruption,and reduce the moral deficit after the exposure of corporate corruption.The possible innovation of this paper is mainly reflected in three aspects.Firstly,this paper extends the existing research on corporate strategic silence.Existing research mainly from the CEO’s personal characteristics,employees,government and consumers and other stakeholders the perspective of enterprise strategic silence(that is,the enterprise engaged in positive behavior to remain silent)to its reasons,this paper discussed from the point of view of enterprise corporate corruption degree of influence on enterprise strategic silence,the higher the degree of corruption is discussed enterprise is willing to donate the cause of silence.Second,this paper makes an incremental contribution to understanding the existing literature on the divergence between corporate corruption and charitable giving.The existing literature has studied the relationship between corporate corruption and charitable giving,but the conclusions are quite different.Some findings are positive,while others are negative.This paper analyzes the relationship between corporate corruption and charitable giving in detail,focusing on corporate corruption at a more micro level of charitable giving,such as quiet giving.Therefore,it is of great significance to study the charitable donation behavior after enterprise corruption.Thirdly,this paper expands the application boundary of stakeholder theory and moral compensation theory.Existing research has not paid attention to the moral compensation behavior of quiet giving.This paper combines stakeholder theory and moral compensation theory to explain the reasons for corporate strategic silence,and finds that the positive social behavior of enterprises is not only for the exchange of interests,but also may be a kind of moral compensation.At the same time,this paper has some practical value,and believes that mandatory disclosure of corporate charitable donation information is necessary in practice,which may play a certain role in improving the level of corporate governance.This paper also has the following deficiencies.First of all,in addition to corporate charitable donations,enterprises may also keep quiet on other socially responsible behaviors(such as environmental protection,employee welfare,etc.).Due to the availability of data,this paper does not consider all factors,and subsequent studies can measure the impact of corporate corruption on other positive social behaviors.Secondly,this paper is conducted in the context of China(transition economy).China’s unique anti-corruption policy makes the behavior of enterprises after corruption hidden,and quiet giving is also a common phenomenon.Due to the differences in institutional backgrounds,the research conclusions may not be applicable to other institutional backgrounds.Subsequent studies can consider the institutional backgrounds of different countries to investigate the impact of corporate corruption on quiet giving. |
