The Relationship Between Corporate Philanthropy And Shareholder Wealth: A Risk Management Perspective
从风险管理视角提出，企业慈善能积累道德资本，为企业的关系型无形资产提供类似保险的保护，从而增加股东财富。
I present a complex theoretical explanation that draws on multiple bodies of literature to present an academically rigorous version of a simple argument: good deeds earn chits. I advance/defend three core assertions: (1) corporate philanthropy can generate positive moral capital among communities and stakeholders, (2) moral capital can provide shareholders with insurance-like protection for a firm's relationship-based intangible assets, and (3) this protection contributes to shareholder wealth. I highlight several managerial implications of these core assertions.