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| 論文名稱 | Good deeds earn chits? Evidence from philanthropic family controlled firms |
| 發表日期 | 2017-10-31 |
| 論文收錄分類 | 其他 |
| 所有作者 | Li-Hsun Wang, Chu-Hsiung Lin, Erin H. Kao, and Hung-Gay Fung |
| 作者順序 | 第一作者 |
| 通訊作者 | 是 |
| 刊物名稱 | Review of Quantitative Finance and Accounting (EconLit, MOST A- Level Journal) |
| 發表卷數 | 49 |
| 是否具有審稿制度 | 是 |
| 發表期數 | October |
| 期刊或學報出版地國別/地區 | NATUSA-美國 |
| 發表年份 | 2017 |
| 發表月份 | 10 |
| 發表形式 | 電子期刊 |
| 所屬計劃案 | IBRS105004 |
| 可公開文檔 |
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| 可公開文檔 |
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| 可公開文檔 |
[摘要] :
This study examines whether charitable family controlled firms have lower default risk. Using Taiwan data that provide clear information about firms' benevolent intention and avoid endogeneity issue of risk and charitable activities, we show that charitable family controlled firms have lower default risk, which is proxied by value-at-risk and expected shortfall measures. Our finding shows that charitable activities bring benefits of lower risk to shareholders. This study also provides various channels that can lower default risk for the charitable firms. That is, these firms appear to have higher credit ratings, engage less in earnings management, and have higher worker productivity. This study argues that the benevolent mindset of decision makers at firms help lower default risk.
[英文摘要] :
This study examines whether charitable family controlled firms have lower default risk. Using Taiwan data that provide clear information about firms' benevolent intention and avoid endogeneity issue of risk and charitable activities, we show that charitable family controlled firms have lower default risk, which is proxied by value-at-risk and expected shortfall measures. Our finding shows that charitable activities bring benefits of lower risk to shareholders. This study also provides various channels that can lower default risk for the charitable firms. That is, these firms appear to have higher credit ratings, engage less in earnings management, and have higher worker productivity. This study argues that the benevolent mindset of decision makers at firms help lower default risk.
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