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Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/111255

Title:	Managerial Altruism and Governance in Charitable Donations
Authors:	Ho, Shirley J.;Huang, Cheng‐Li 何靜嫺
Contributors:	經濟學系
Date:	2017
Issue Date:	2017-07-19 16:25:46 (UTC+8)
Abstract:	We describe a double agency problem in firms` charitable donations. When managers have better knowledge about the effectiveness of donations and their altruistic preferences, it is difficult for shareholders to tell whether charitable donations are made for a strategic purpose or due to managerial altruism. We characterize the equilibrium donations in a heterogeneous competition model. We show that managerial altruism is a substitute for the effectiveness of donations, and excess donations cannot be prevented by a compensation scheme that reduces the interest conflicts between ownership and management. Under board authorization, the board will tolerate donations with high effectiveness and low altruism as well as donations corresponding to low effectiveness and high altruism. Under a penalty scheme, the altruistic manager will increase donations, in order to increase donation`s strategic benefit to compensate for the loss from the penalty. © 2017 John Wiley & Sons, Ltd.
Relation:	Managerial and Decision Economics,
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1002/mde.2845
DOI:	10.1002/mde.2845
Appears in Collections:	[金融學系] 期刊論文

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