Does share pledging affect corporate philanthropy? Evidence from China
研究发现，内部人股权质押的企业比未质押的企业更频繁进行慈善捐赠，且这种效应在股价下行压力大或面临追加保证金风险的企业中更显著。慈善捐赠有助于降低股价下行风险，改善市场表现。
Abstract We investigate the effect of insiders’ share pledging (SP) on corporate philanthropy and find that SP firms engage in corporate philanthropy more often than non‐SP firms. This effect is more pronounced for firms with higher downward price pressure or margin call risks. Our results remain robust after using alternative measures and addressing endogeneity issues. We also sample a group of SP and non‐SP firms that make comparable philanthropic donations and find that SP firms show better market performance and lower downside risks of stock price movements than non‐SP firms, indicating that SP firms use corporate philanthropy to alleviate margin call risks.