企业公益性捐赠引起研究者们广泛关注,已有研究重点关注企业公益性捐赠的影响因素和经济后果,但关于企业公益性捐赠的利他动机研究不足。地区幸福感是一种具有利他性特征的综合性社会资本,幸福感正在被运用到更多的管理学研究之中。从地区幸福感这一非正式制度的社会资本视角入手,以2007年至2013年中国A股国有上市公司和民营上市公司为研究对象,采用Tobit、OLS、Logit等多元回归分析方法,实证检验地区幸福感与企业公益性捐赠的关系,并进一步考察产权性质和制度环境对二者关系的影响。研究结果表明,地区幸福感对上市公司的公益性捐赠行为具有一定的正向影响,即地区幸福感程度越高,其所在地区的上市公司公益性捐赠的可能性越高、捐赠水平越高,但这一正向影响仅存在于民营企业中;良好的制度环境有助于促进地区幸福感对企业公益性捐赠的正向影响,并且这一正向激励效应在国有上市公司和民营上市公司中不存在显著差异。研究结论拓展了企业公益性捐赠的利他动机研究;通过对幸福感与信任、网络、道德伦理规范等之间关系的理论分析,初步构建了地区幸福感与企业公益性捐赠的理论关系;从社会资本角度将地区幸福感导入企业社会责任尤其是公益性捐赠行为的研究中,增进了福利社会学和社会心理学在公司治理层面的研究积累。运用社会学、经济学和心理学的相关理论对这些研究发现进行分析和解释,相关研究结论对于深入理解转型经济下地区幸福感的作用以及如何在新兴市场中构建幸福和谐社会具有一定的启示和指导意义。
Corporate philanthropic giving has drawn much attention from researchers and prior studies have mainly focused on the determinations and economic consequences of corporate philanthropy. To our knowledge,however,previous literature has relatively rarely examined the altruism motive of corporate philanthropic giving. Regional happiness is a kind of comprehensive social capital with the characteristic of altruism,because happiness mainly comes from the kindness and benevolence virtues of personal characteristics. At present,the researchers have paid more attention to the happiness research of management topics.From the perspective of happiness which is an informal institution about social capital and based on the A-share listed companies from 2007 to 2013 in China,this paper investigates and explores how the regional happiness and institutional environments affect the corporate philanthropic giving by using Tobit,OLS and Logit regressions,and the empirical results imply that: regional happiness has some positive effects on the corporate philanthropic giving only for POEs,specifically,the higher the happiness of some region,the higher the likelihood of its listed companies’ philanthropic giving and the donation levels. This finding suggests that regional happiness can serve as an alternative mechanism to urge firms toward philanthropic giving in emerging markets like China where business ethics are still evolving and dynamic; for POEs and SOEs,the positive effects about regional happiness to corporate philanthropic giving are enhanced when the institutional environments are better. The findings have been analyzed and interpreted through the theories about sociology,economy and psychology. The conclusions are helpful and meaningful to understand how the social capital of happiness plays roles,and how to guide enterprises actively to fulfill their social responsibility and to promote the sustainable development of China’s economy and society.Our study contributes to the extant literature in the following ways. Fi