Contemporary Finance & Economics ›› 2022, Vol. 0 ›› Issue (2): 91-102.

• Business Administration • Previous Articles     Next Articles

Mixed Ownership Reform and Charitable Donation Behaviors Optimization in State-Owned Enterprises

MA Xin-xiao1, TANG Tai-jie2, HU Jun3   

  1. 1. Sun Yat-sen University, Guangzhou 510275;
    2. Peking University, Beijing 100871;
    3. Hainan University, Haikou 570228, China
  • Received:2021-07-17 Revised:2021-10-08 Online:2022-02-15 Published:2022-02-22

Abstract: Consciously fulfilling the civic obligations is an important driving force for micro-enterprises to settle down and even to achieve economic and social stability. To optimize the charitable donation behaviors also has become an important target of state-owned enterprises in advancing their mixed ownership reforms in the new era. Taking the state-owned listed companies from 2008 to 2018 as the samples, this paper investigates whether the mixed ownership reform can promote the optimization of the state-owned enterprises' charitable donations characteristics on the basis of hand sorting the natures of shareholders, the equity ratio and the information of the appointed directors. The findings show that to send directors to state-owned enterprises by non-state shareholders and to participate in their governance can alleviate agency problems and improve the efficiency of operation and management, thereby exerting a positive effect on the charitable donation behaviors of state-owned enterprises, which is manifested in the increase at the level of charitable donations. Further research indicates that this effect is more obvious in local state-owned enterprises, the enterprises in the competitive industries and those with higher external social expectations. Finally, non-state-owned shareholders' governance can enhance the value effect of charitable donations of state-owned enterprises and improve the quality of their social responsibility information disclosure. This conclusion indicates that the participation of non-state shareholders in the high-level governance of state-owned enterprises can optimize their charitable donations and realize their economic goals in an comprehensive way, which not only supports the active exploration of the decision-makers to improve the governance of state-owned enterprises, but also does useful supplement to the academic researches on the charitable donations and the heterogeneous shareholder governance of state-owned enterprises in the context of deepening the reform in all respects.

Key words: state-owned enterprises, charitable donation, mixed ownership reform, non-state shareholders' governance

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