| The year 2008 is an important turning point in the development of philanthropy and related research in China.From ordinary people to enterprises,the enthusiasm for philanthropy and mutual help is extremely high-spirited.At the same time,the technological revolution accelerated the exchange of information and greatly shortened the distance between people.The we-media has greatly expanded the channels of information exchange,and “good news has wings” is no longer a luxury.In this context,corporate philanthropy has gradually become the focus of attention of the government,enterprises,media and the public,which affects the image and social status of enterprises and even decision-makers.From the perspective of enterprises,to explore the driving factors and strategic significance of charitable donation,the existing research has given many tentative answers.However,as a decision of enterprises,the decision makers will also have an impact on the philanthropy of enterprises.Managers and shareholders may have benefit conflict due to the separation of ownership and control.Enterprise managers may,for their own sake,use corporate funds for charitable donations rather than investment that may bring benefits to shareholders and the company,thereby damaging the interests of shareholders.As a core of the management,the relationship between CEO ’s personal power and corporate philanthropy,as well as the governance role of external supervision,is also a question worth exploring.This paper firstly explains the basic concepts.Then,reviews the basic theories such as information asymmetric,agency theory,management power theory,etc.Afterwards,on the basis of summarizing previous literatures,this paper deeply analyzes the relationship between CEO power and philanthropy,and discusses the influence of the supervision,such as analyst attention and media attention,on the relationship between the two,and puts forward the corresponding hypothesis.This paper selects listed companies from 2008 to 2017 as research samples,uses CEO power,a comprehensive indicator,to test the research hypothesis empirically.Then,the robustness test is carried out in various ways,alternative measure,special year consideration,endogenous discussion,etc.,to ensure the robustness of the results.In addition,this paper conducts further analysis to explore the external economic policy conditions and opportunity of CEOs for philanthropy.The empirical results of this paper show that:(1)CEO power is positively related to philanthropy.The more powerful the CEO,the more likely companies are to make charitable donations.(2)Analyst attention has a negative moderating effect on the correlation between CEO power and philanthropy.(3)Media Attention has a negative moderating effect on the correlation between CEO power and philanthropy.Analyst and media attention can effectively supervising that CEO uses his power to make charitable donations for his own benefit,thus alleviating the agency problem between CEO and shareholders.In addition,the positive correlation between CEO power and philanthropy is more significant when the external economic policy uncertainty is low or the CEO is leaving after three years.Finally,this paper draws a conclusion about the research,provides relevant policy and management advice,and looks forward to the future research directions. |
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