Abstract
Prior studies on corporate social performance and innovation suggest both competing and complementary relations may exist between these two constructs. In this study, we examined the relationship between corporate philanthropy (CP) and research and development (R&D) by theorizing an inverted U-shaped relationship. Data from Chinese publically-traded pharmaceutical companies during 2010-2013 well supports our argument. In addition, we found this nonlinear relationship is stronger for firms with political connections than for firms without such connections. This study has both significant theoretical and practical implications.
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