Restrained Effect of the Third Distribution on Enterprises:Intermediary Mechanism and Enterprise Heterogeneity
Charitable donations are an important way for enterprises to participate in the third distribution,exerting restraining,regulating,and guiding effects on enterprise behaviors.This study examined the re-strained effect of the third distribution on non-financial enterprises during 2009-2021 from the risks restated in financial reports.The results suggested that the higher level of participation in the third distribution,i.e.charitable donations,corresponded to stronger restrained effect and lower occurrence possibility of risks re-stated in financial reports.The impact mechanism examination showed that the quality of internal control and transparency of listed companies played an intermediary role in the restrained effect of the third distribution on enterprises.The analysis of enterprise heterogeneity indicated that the restrained effect of the third distribu-tion was stronger on the enterprises with state-owned property rights,and good performance,financing con-straints weaken the effect.In addition,the restrained effect of the third distribution was stronger on the enter-prises at the maturity stages than on those at the other stage.Therefore,enterprises should attach importance to the role of the third distribution to incorporate the third distribution into their strategic planning,establish a sound social responsibility management system to improve the social responsibility awareness of employees,and cooperate with the government and social organizations to carry out public welfare projects and promote the development of the third distribution.The government should improve relevant laws,regulations,and sys-tems to encourage and support enterprises to participate in the third distribution through tax incentives and other means and take measures to regulate the charitable donations and other public welfare activities of enter-prises.
Third DistributionCharitable Donations of EnterprisesInternal ControlEnterprise Transpar-encyRestrained Effect
NETL
NSTL
万方数据
