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| 論文名稱 | Corporate Philanthropy , Firm Performance, and Default Risk |
| 研討會開始日期 | 2015-06-05 |
| 研討會結束日期 | 2015-06-06 |
| 所有作者 | Li-Hsun Wang, Chu-Hsiung Lin |
| 作者順序 | 第一作者 |
| 通訊作者 | 是 |
| 研討會名稱 | 2015 International Conference of Taiwan Finance Association |
| 是否具有對外公開徵稿及審稿制度 | 是 |
| 研討會舉行之國家 | NATTWN-中華民國 |
| 研討會舉行之城市 | 台中 |
| 發表年份 | 2015 |
| 所屬計劃案 | none |
| 可公開文檔 |
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| 可公開文檔 | |
| 可公開文檔 |
[摘要] :
Using samples that contribute to charitable activities through foundation giving in Taiwan, this paper investigates their financial performance and default risk. We show the charitable giving firms have no superior financial performance but lower stock and default risks, indicating shareholders are benefited by philanthropy. It is likely that the favorable reputation reduces the degree of different opinion; shareholders can earn a fair stock return without bearing a respective level of risk. This study also shows the charitable firms have lower volatility on ROA, higher sales per capita, and higher debt ratio, providing empirical evidence to the theoretic propose that philanthropy can enhance customer loyalty, employee morale and allow firms to access external capital easily. We further find the charitable firms tend to be older. The presence of financial advantage, stable income, and employee morale lead to the lower default risk.
[英文摘要] :
Using samples that contribute to charitable activities through foundation giving in Taiwan, this paper investigates their financial performance and default risk. We show the charitable giving firms have no superior financial performance but lower stock and default risks, indicating shareholders are benefited by philanthropy. It is likely that the favorable reputation reduces the degree of different opinion; shareholders can earn a fair stock return without bearing a respective level of risk. This study also shows the charitable firms have lower volatility on ROA, higher sales per capita, and higher debt ratio, providing empirical evidence to the theoretic propose that philanthropy can enhance customer loyalty, employee morale and allow firms to access external capital easily. We further find the charitable firms tend to be older. The presence of financial advantage, stable income, and employee morale lead to the lower default risk.
