Does share pledging affect corporate philanthropy? Evidence from China

JC Xiong (First Author), YX Tong (Participant Author), FD Zhang (Participant Author), CY Ouyang (Participant Author), KC Chan (Participant Author)

科研成果: 期刊稿件期刊论文

1 引用 (Web of Science)


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.
期刊Journal of Business Finance and Accounting
早期在线日期13 2月 2023
已出版 - 2023

Corresponding author email

Project sponsor

National Natural Science Foundation of China (NSFC)
Social Science Foundation of Jiangxi Province

Project No.



  • SSCI
  • ABDC-A*


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