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本文选取中国沪深两市A股上市公司为样本,运用实证分析法研究女性董事对公司慈善捐赠行为的影响。研究发现,性别多样化的董事会鼓励上市公司从事慈善捐赠行为。女性董事比例较高的公司更倾向于进行慈善捐赠,但在捐赠数额上体现一定的谨慎性。公司绩效越好的公司越不会进行慈善捐赠,且公司慈善捐赠行为所带来的声誉效应对于公司盈利带来的声誉效应的替代效应很明显。因此,很多捐赠公司实质上通过慈善行为来弥补自身盈利能力不足所带来的声誉下降,从而提升公司形象。
This paper chooses the A-share listed companies in Shanghai and Shenzhen stock markets as samples, and uses empirical analysis to study the impact of female directors on the charity donations. The study found that a gender-diverse board of directors encourages listed companies to engage in charity donations. Companies with a higher percentage of female directors are more likely to make charitable donations, but show some caution in the amount of donations. The less likely a company with better corporate performance will be to make a charity donation, the more obvious the substitution effect of the corporate reputation of a charity donation on the corporate reputation of the company. As a result, many donor companies substantially reduce their reputations through philanthropy to compensate for their own lack of profitability, thus enhancing their corporate image.