Governance and efficiency in Chinese foundations
研究了治理对中国基金会效率的影响，发现内部治理、外部捐赠者治理和外部治理环境均与效率正相关，且治理机制间存在替代关系，财务报告质量是主要传导渠道。
Abstract This study examines the impact of governance on the efficiency of nonprofit organizations and the relationship among different governance mechanisms. Using a dataset of 3496 Chinese foundations from 2011 to 2015, we find that internal governance, external donor governance, and external governance environment are significantly and positively associated with foundations’ efficiency. Importantly, substitutional relationships exist among these governance mechanisms. Financial reporting quality is a major channel through which governance influences efficiency. Furthermore, the positive association between governance and efficiency is more pronounced for small foundations than for large ones and for noneducation‐focused foundations than for education‐focused ones. This study offers practical guidance for foundations to improve their efficiency by enhancing both internal and external governance and will be of interest to foundation leaders, donors, and policymakers.