Philanthropic giving of China’s hotel firms: The roles of state ownership,corporate misconduct and executive remuneration |
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| Institution: | 1. School of Business and Tourism Management, Yunnan University, Kunming, 650091, China;2. Tourism and Social Administration College, Nanjing Xiaozhuang University, Nanjing, 211171, China;3. School of Hospitality Business Management, Carson College of Business, Washington State University, Pullman, WA 99164-4742, USA;4. Department of Apparel, Events, and Hospitality Management, College of Human Sciences, Iowa State University, Ames, IA 50011-1078, USA;5. School of Hospitality Business Management, Carson College of Business, Washington State University, Vancouver, WA 98686, USA;1. I-Shou University No. 1, Section, 1, Xuecheng Road, Dashu District, 84001, Kaohsiung, Taiwan;2. Griffith University, Department of Tourism, Sport & Hotel Management, Griffith Business School, 170, Kessels Road, Nathan, QLD, 4111, Australia;3. Singapore Institute of Technology, Design and Specialised Business Cluster, 10 Dover Drive, Singapore, 138683, Singapore;1. Business School, The University of Queensland, St Lucia 4067, Queensland, Australia;2. Institute of Tourism ITW, Lucerne University of Applied Sciences and Arts - Lucerne School of Business, Rösslimatte 48, 6002 Lucerne, Switzerland;1. Howard Feiertag Department of Hospitality and Tourism Management, Pamplin College of Business, Virginia Polytechnic Institute and State University, 295 West Campus Drive, Blacksburg, VA, 24061, United States;2. Chaplin School of Hospitality & Tourism Management, Florida International University, 3000 Northeast 151st Street, North Miami, FL, 33181, United States;3. University of Nevada, Las Vegas William F. Harrah College of Hotel Administration, 4505 S. Maryland Parkway, Las Vegas, NV, 89119, United States;1. School of Hospitality Business Management, Carson College of Business, Washington State University, 915 N. Broadway, Everett, WA, USA;2. School of Hospitality and Tourism Management, Purdue University, Marriott Hall, 900 W. State Street, West Lafayette, IN 47907, USA;1. Department of Psychology, Henan University, China;2. Hospitality and Tourism Institute, Duy Tan University, Viet Nam;3. Faculty of Social Sciences and Humanities, Duy Tan University, Viet Nam;4. School of Hospitality and Tourism, Auckland University of Technology, New Zealand |
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| Abstract: | This study utilizes value enhancement theory, agency cost theory and crisis management theory to scrutinize the philanthropic giving (PG) of China’s listed hotel companies from 2003 to 2018. The results of dynamic panel regression tests reveal that state ownership (company character), corporate misconduct (crisis management determinant) and executive remuneration (agency cost determinant) are influential factors in hotel firms’ PG, but none of the value enhancement determinants can explain PG. Specifically, state ownership is negatively correlated with PG, reflecting low PG in government dominated hotel firms in China. PG is negatively associated with executive remuneration, indicating that hotel managers care more about self-interest than social responsibility. PG is also positively related to corporate misconduct, suggesting that hotel firms use philanthropy to manage a crisis. Finally, the lagged PG has a positive effect on PG, implying that PG is intended to avoid damage to social image and reputation of China’s hotel firms. |
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| Keywords: | Philanthropic giving China’s hotel firms State ownership Value enhancement theory Agency cost theory Crisis management theory |
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