主题 / Topic：The role of corporate philanthropy in family firm succession: A social outreach perspective
时间 / Time：10月26号（周四）｜Oct. 26th (Thursday), 3：30- 5：00 PM
地点 / Venue：文澜103教室｜Classroom 103，WENLAN Building
主讲/Speaker
Johnny Chan (陈锦全)为美国西肯塔基大学(Western Kentucky University)讲座教授、富布莱特学者。他于阿拉巴马大学取得财务金融博士学位 (Ph.D. in Finance, University of Alabama)，并在2000年获得特许财务分析师 (Chartered Financial Analyst)执照。陈教授目前为bv伟德源自英国始于1946教授（2017），学术研究成果丰富，已发表期刊论文180篇。其中，绝大多数收录于Social Science Citation Index (SSCI) 的知名国际学术期刊中，包括 Accounting, Organizations, and Society, European Accounting Review, European Financial Management, Family Business Review, Financial Management, International Business Review, Journal of Accounting, Auditing, and Finance, Journal of Banking and Finance, Journal of Business Ethics, Journal of Business Finance and Accounting, Journal of Corporate Finance, Journal of Empirical Finance, Journal of Financial Markets, Journal of Futures Markets, Journal of International Business Studies, Journal of Small Business Management, Management International Review, Real Estate Economics 等知名期刊。
研究领域/Research Interests
公司治理，分析师行为，共同基金，财务教育等
Corporate governance, Analyst behavior, Mutual funds, Financial education, etc.
摘要/Abstract
We propose and test a social outreach hypothesis of family firm succession. We argue that family firms proactively engage in social outreach activities as a strategy to ensure smooth succession. We focus on corporate philanthropy (CP), a social outreach activity, in a family firm succession to test our hypothesis. The results show that family firms engage in a strategy of using more CP in connection to family firm succession, especially when the successor is from the second generation. The findings are robust to alternative specifications of CP activities, various sub-sample analyses, using a difference-in-differences analysis, a two-stage least square approach, strategic choice on timing of succession, and accounting for the successor’s education and experience of working for the family firm before succession. We document that despite generally poorer performance after succession, a family firm with a second-generation CEO that engages in CP exhibits better market and accounting performance relative to other types of transitions, suggesting a strategy in which CP reduces the magnitude of poor performance after succession.
