Charitable Donations, Political Connections and Top Executive Stock Ownership:Evidence from Chinese Listed Companies

摘要

Based on resource dependence theory, principal-agent theory and institutional theory, a total of 893 samples from 2008 to 2014 were empirical analyzed, this paper studies the relationship between the intensity of charitable donation, political connections, institutional environment and the change of top executive stock ownership in China. Our results indicate that (1) Charitable donation is positively related to top executive stock ownership. (2) Charitable donations are positively correlated with top executive stock ownership in companies with political connections. However, in a companies without political connections, the relationship is not significant. (3) The degree of marketization has a significant positive moderating effect on the correlation between charitable donation and top executive stock ownership. However, in companies without political connections, the moderating effect of the degree of marketization on charitable donation and top executive stock ownership is not obvious.