厦门大学会计发展研究中心专职研究人员沈哲教授及其团队合作的论文“Independent Director-Affiliated Donations and Stock Price Crash Risk”于2025年在European Financial Management 在线刊发。

This paper investigates whether and how independent director-affiliated corporate donations affect stock price crash risk in China. We find a significant positive relationship between affliated donations and future crash risk. The relationship is more significant for firms with weak internal governance and limited external monitoring, when affli-ated directors serve on the audit committee, and in non-state-owned enterprises. Overall, our findings suggest that the social ties built through affiliated donations undermine rather than enhance director monitoring,and that agencytheory has more explanatory power than resource dependence theory for understanding the impact of affiliated donations on stock price crash risk.

全文链接：

https://onlinelibrary.wiley.com/doi/10.1111/eufm.70028