From endowed trust to earned trust: Firms located in trusted regions

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-04-11 DOI:10.1016/j.irfa.2025.104252

Lin Yu, Jiahui Ye, Lin Yang

引用次数: 0

Abstract

Trust can be obtained by firm location (endowed trust) or stakeholder-oriented activities (earned trust). We are interested in whether firms located in trusted regions are more likely to protect stakeholders' benefits as a strategy to earn trust. Based on a sample of Chinese firms, we find a significant and positive correlation between endowed trust and firms' environmental and social commitment. We suggest that endowed trust has two effects: 1) shaping local firms' legal cognition and thus decreasing misconduct; and 2) providing resources and thus mitigating financial constraints, both of which encourage firms to protect the environment and society. Moreover, the positive effect of endowed trust is weakened when corporate governance or the local legal environment is strong.

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从赋予信任到赢得信任：位于受信任地区的公司

信任可以通过企业选址（赋予的信任）或利益相关者导向的活动（赢得的信任）获得。我们感兴趣的是，位于受信任地区的公司是否更有可能将保护利益相关者的利益作为赢得信任的一种策略。基于中国企业的样本，我们发现捐赠信托与企业的环境和社会承诺之间存在显著的正相关关系。本文认为，赋予信托具有两种作用：1)塑造当地企业的法律认知，从而减少不当行为；2)提供资源，从而减轻财务约束，这两者都鼓励企业保护环境和社会。此外，当公司治理或当地法律环境较强时，赋予信托的积极作用减弱。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.