Original
Walking the Regulatory Line: The Effects of a Disbursement Quota on Foundations
Abstract
ABSTRACT Foundations exist to support charitable causes over an extended period, allowing investment returns to improve social conditions. In many countries, this is regulated by a required payout percentage each year. The existing research, overwhelmingly from the United States, has examined foundations' regulatory compliance under the static conditions of the longstanding rule of distribution of 5% of assets annually. Drawing on regulatory behavior theory, this research takes advantage of the rare opportunity presented by a decrease in the disbursement rate in Canada to determine whether foundations altered their behavior and assesses the factors associated with differential responses. This facilitates the assessment of whether a mandated disbursement quota functions as a floor, a norm, or is irrelevant in guiding payouts, which will assist practitioners and policymakers in assessing the policy relevance for foundation compliance or over‐compliance.
中文
游走于监管红线：支出配额对基金会的影响
摘要
基金会旨在长期支持慈善事业，使投资收益能够改善社会状况。在许多国家，这受到每年规定支出比例的监管。现有研究绝大多数来自美国，考察了基金会在长期以来每年分配5%资产这一静态规则下的监管合规情况。基于监管行为理论，本研究利用加拿大降低支出率这一难得机会，来判断基金会是否改变了行为，并评估与差异性反应相关的因素。这有助于评估强制性支出配额究竟是发挥底线、规范还是无关作用来引导支出，从而帮助实践者和政策制定者评估基金会合规或超额合规的政策相关性。
关键词
基金会、支出配额、监管合规、监管行为理论、加拿大、非营利组织、政策设计、超额合规