The Selfish Goodwill: New Evidence from Corporate Philanthropy in Typhoon
台风灾害地域性特征较强且频发的特点有利于比较灾后受灾地区和非受灾地区企业慈善捐赠行为的差异,还能从地方政府、市场和当地企业三者长期互动关系中识别出这种"善意"的非利他动机。本文以2008—2015年沪深两市上市公司为研究样本,结合气象学中的风场模型计算的地区台风破坏力指数,研究台风灾害对地区上市公司慈善捐赠行为的影响。主要结果显示,沿海城市遭受的台风破坏力越大,当地企业的捐赠越多。进一步的动机检验表明,一方面,媒体对台风的宣传力度越大,或者所处行业竞争激烈、产品与消费者直接接触以及属于行业领导者的企业,其受台风灾害影响而捐赠的声誉动机会更强烈;另一方面,与以大地震为背景的研究结论所不同的是,在台风灾害发生时,企业慈善捐赠的政治动机更加突出。本文发现,在财政压力较大的地区,企业受台风影响而捐赠的现象更为明显,而且相对于民营企业,摊派压力影响下的当地国有企业更有可能因台风破坏而捐赠救灾。最后,本文还发现,灾后慈善捐赠为救灾企业带来显著的正向经济后果,从而验证了企业灾后"善意"行为的非利他动机。本文研究为如何更好地激发企业履行社会责任的主动性提供了切实可行的方案。The strong regional characteristics and frequency of typhoon disaster make it easy to compare the differences of enterprise charity behavior between disaster areas and other areas, and study the non-altruistic motives of charitable donation after disaster from the perspective of the long-term interaction among local government, the market and local enterprises. This paper uses listed companies in Shanghai and Shenzhen from 2008 to 2015 as research samples, combining with the typhoon damage index calculated by wind field model, to study the influence of typhoon disaster to charitable donation of local listed companies. The main results show that in coastal cities, the greater typhoon damage is, the more local enterprises donate. Further motivation tests show that on one hand during typhoon with more media propaganda, in the competitive industry, companies with products directly contacted with consumers and industry leader firms, the reputation motivation in corporate donations is more intense. On the other hand, when typhoon disasters occur, the charitable giving has more political motivation, which is different from the research conclusions with the background of earthquake. This study shows that in the region with greater financial pressure the phenomenon that companies＇ donation affected by the typhoon is more apparent. And comparing with the private enterprises, local state-owned enterprises are more likely to increase donation because of the typhoon disaster under the pressure of government apportion. Finally, this paper also finds that the post disaster charitable donation can bring significant economic consequences to the enterprises, which verifies the non-altruistic motives of this＂goodwill＂. This paper provides practical solutions for stimulating the initiative of corporate social responsibility.