The Effect of Nonprofit Governance on Donations: Evidence from the Revised Form 990
研究了非营利组织治理质量是否影响捐赠者决策，发现六项治理指标（如书面政策、独立审计、高管薪酬审批等）与捐赠和政府资助正相关，对管理者和监管者有启示。
ABSTRACT We examine whether donors reward nonprofit organizations that report better governance. From a sample of 10,846 organizations from 2008 to 2010, we first identify seven nonprofit governance dimensions using factor analysis. We then test whether the quality of governance influences donor decisions by including the seven governance factors in the standard donor's demand model. We find consistent evidence that donations and government grants are positively associated with six of the seven factors that capture good governance, including formal written policies (e.g., conflict of interest), independent audits and audit committees, review and approval of executive compensation, board oversight (e.g., board independence), management characteristics (e.g., no related parties), and accessible financial information. Our results have implications for nonprofit managers and regulators. Moreover, mandatory disclosure of governance policies for nonprofit organizations provides an interesting contrast to mandatory adoption of governance policies for publicly traded companies. JEL Classifications: G18; G38; H39; L30; L31; L38; M40; M41; M42; M48. Data Availability: All data are publicly available.