CAJ | 학술논문

本文实证研究了女性高管、制度环境对慈善捐赠行为的影响。研究结果表明，女性高管与中国上市公司的慈善捐赠显著正相关，即当公司中有女性高管、女性高管的比例越高，上市公司的慈善捐赠越多。本文进一步发现，政府干预调和了女性与公司捐赠之间的正相关关系，即当上市公司处于政府对市场干预较少的地区时，女性高管对公司慈善捐赠的正面影响显著下降，表明女性高管和外部制度环境之间呈现替代关系。本文的研究结论丰富了慈善捐赠相关领域的研究，且拓展了女性高管在公司决策中的经济后果研究。
본문실증연구료녀성고관、제도배경대자선연증행위적영향。연구결과표명，녀성고관여중국상시공사적자선연증현저정상관，즉당공사중유녀성고관、녀성고관적비례월고，상시공사적자선연증월다。본문진일보발현，정부간예조화료녀성여공사연증지간적정상관관계，즉당상시공사처우정부대시장간예교소적지구시，녀성고관대공사자선연증적정면영향현저하강，표명녀성고관화외부제도배경지간정현체대관계。본문적연구결론봉부료자선연증상관영역적연구，차탁전료녀성고관재공사결책중적경제후과연구。
Using a sample of Chinese listed firms, this paper empirically examines the influence of female man- agers on corporate charitable donation. The results show that female managers have a significantly positive impact on corporate charitable donation. In particular, the existence of female manager and the ratio of female managers are significantly positively associated with corporate charitable donation. Moreover, my paper also reveals that the positive association between female managers and corporate charitable donation is attenuated for firms located in provinces with better institutional environment. That is, the better the institutional environment is, the smaller the positive effect of female managers on corporate charitable donation is. This finding implies that there is a substitu- tion relationship between female managers and institutional environment. Above results are robust for a battery of sensitivity tests. San Cong Si De, Qin Nv Gong, and You Fu Gong. These old Chinese sayings reflect the narrow traditional value of Chinese women for thousands of years. However, the economic miracle of reforming and opening up in past 30 years changed the traditional views of the Chinese society towards women. Recent annual reports of Chinese lis- ted firms show that the female managers in the male-dominated business community occupy increasingly important seats. Extant literature indicates that female managers gradually own the right to make recommendations, vote, and even involve in decision-making power （Firth, 2007）. Female managers can rely on their knowledge to help the company increase creativity, solve problems more effectively and better understand the complexity of the surround- ings （Ren ＆ Wang, 2010; Jia ＆ Zhang, 2011 ）. According to the annual reports, the female managers in the pro- portion of the management of listed companies in China are also increasing. Female managers have more opportuni- ties to participate in firms＇ decision-making and become an important and ignored force. In comparison with male managers, female managers are inclined to social responsibility and have stronger oversight motives （Ibrahim ＆ Angelidis, 1994; Gul et al. , 2011 ）. Especially, women contain a significant differ- ence value orientation from men in ethics （ Gillgan, 1993）. Therefore, female managers can play their own unique and important role on decision-making in corporate charitable donation, which becomes an increasingly frequent and important corporate disclosure. Preston ＆ O＇Bannon （1997）, Ruf （2001） argues that gains from corporate social responsibility significantly outweigh the costs, and corporate performance will be significantly improved. Extant studies in Chinese background also show that corporate charitable donation helps company win market reputation, enhance market performance and accounting performance （Zhong, 2007; Fang, 2009）. And then, whether and how female managers can influence the corporate charitable donation？ The discussion and analysis of this problem will help us further understand the economic consequences and expand the research on corporate charitable dona- tion. The contributions of our study are as follows ：（ 1 ） To our knowledge, Chinese scholars rarely address the con- cern about the impact of gender on firms＇ charitable donations decision-making, so this paper fill this gap and pro- vide incremental empirical evidence based on Chinese background. （2） In line with the reality of contemporary corporations＇ decision-making, prior studies argue that the decision-making mechanism under the framework of op- erational diversity requires managers＇ extensive participation （ Kabongo et al. , 2011 ）, therefore this paper firstly expands the range of female managers from the directors to all top managers. （3） Taking this unique background in the Chinese stock market into account, this paper further examines the substitution effect between institutional envi- ronment and female managers, which expands and enriches extant studies.