Effect Of Corporate Philanthropy Research Articles

Research on the Mechanism and Effects of Corporate Philanthropy on Enterprise Innovation

This article selects all A-share listed companies from 2012 to 2020 as samples and systematically analyzes the impact mechanism and effect of corporate philanthropy on corporate innovation. Research has found that corporate philanthropy can promote corporate innovation; The degree of marketization, legal level, and government governance level can have a positive impact on corporate innovation through corporate philanthropy; Whether state-owned or non-state-owned enterprises, corporate philanthropy has a significant positive impact on corporate innovation. However, compared to state-owned enterprises, the moderating effect of marketization process, legal level, and government governance level on the relationship between corporate philanthropy and corporate innovation in non-state-owned enterprises is not significant; External investors play a partial mediating role in the relationship between corporate philanthropy and corporate innovation.

The effect of corporate philanthropy on corporate performance of Chinese family firms: The moderating role of religious atmosphere

Drawing on sustainable family business theory and stakeholder theory, this study explores how corporate philanthropy affects corporate performance with the consideration of the moderating effects of religious atmosphere. Based on data of Chinese 534 listed family firms, the results show that corporate philanthropy is positively associated with corporate financial performance (CFP) and corporate social performance (CSP). Moreover, religious atmosphere negatively moderates the relationship between corporate philanthropy and CFP, but positively moderates the relationship between corporate philanthropy and CSP. Our findings provide systemic understandings of family firms' CFP and CSP by drawing important insights of corporate philanthropy and religious atmosphere.

Valuation Effect of Emotionality in Corporate Philanthropy

Despite receiving a great deal of research attention, the effect of corporate philanthropy on shareholder value remains inconclusive. To address this issue, the present paper examines emotionality as an important factor based on which investors infer about the firm’s motive as well as the beneficiary’s worthiness and react accordingly. Consistent with attribution theory, our event study shows that announcements with more emotional expressions are associated with higher cumulative abnormal stock returns and the effect is stronger when investor attention is greater. We further find that the positive interaction effect between emotionality and investor attention is more pronounced for scandal-free firms than for firms with corporate social irresponsibility (CSI). The empirical evidence remains consistent under various robustness tests. The paper concludes with implications for future research and managerial practices.

Corporate philanthropy effect on hospitality consumer benefit

Abstract Although hospitality researchers have examined the effect of corporate philanthropy on the supply side of the hospitality sector, research on the influences of corporate philanthropy on the hospitality industry remains incomplete. The theoretical innovation of this study fills an important gap by proposing a theoretical model of corporate philanthropy. The model uses game theory to explain the impact of corporate philanthropy on hospitality consumer benefit and to shed light on the effect of corporate philanthropy on the demand side of the hospitality sector. The analysis, based on equilibrium market outcomes, reveals that the impact of corporate philanthropy on hospitality consumer benefit depends on the cost reduction effect and the induced cost of corporate philanthropy. Model solutions offer theoretical support for the hypothesis, popular in the literature, that corporate philanthropy is expected to have a beneficial effect on consumer benefit, and also show that corporate philanthropy may have no impact on hospitality consumer benefit.

Corporate Philanthropy and the Cost of Equity Capital

Using the Million Dollar List dataset containing major corporate philanthropic gifts, we examine whether corporate philanthropy is associated with a firm’s cost of equity capital. On one hand, philanthropy is an allocation of shareholder returns to a third party with uncertain returns, thereby increasing business risk. On the other hand, corporate philanthropy may increase public perceptions of the firm resulting in higher and more certain cash flows, decreasing business risk. Given these competing predictions, the effect of corporate philanthropy on the cost of equity is unclear. We find that, on average, when firms make large philanthropic donations, they experience an increase in their cost of capital. However, this effect is mitigated among firms that are able to use corporate giving as a marketing tool and that have lower agency costs. Furthermore, our findings are robust to propensity score matching and Heckman’s two-stage procedure. Overall, our findings suggest that giving large individual gifts negatively affects a firm’s external financing costs.

기업의 사회공헌활동이 회계투명성에 미치는 영향 : 발생액의 질과 실제이익조정을 중심으로

기업의 사회공헌활동이 회계투명성에 미치는 영향 : 발생액의 질과 실제이익조정을 중심으로

The relationship between equity structure and corporate philanthropy behavior based on mathematical model

This paper explores the effect of corporate philanthropy on corporate value based on mathematical model. It analyzes the relationship between corporate philanthropy and corporate value from the perspective of the listed companies and the government. Based on the theoretical analysis between government and companies, this paper finds that the effort of corporate philanthropy is not fixed. There existing a certain critical condition. Equity structure should be considered as an important factor to analyze the corporate philanthropy behavior. Our results also can be used to improve internal control environment, optimize equity structure, strengthen supervision and management, and to develop a scientific charity policy.

The Effect of Corporate Philanthropy on Organization Commitment and Job Performance of Employees: Workplace Spirituality as Mediating Variable

The article is aimed at examining the effect of corporate philanthropy on employees' organization commitment and job performance through the angle of workplace spirituality. For this purpose, the data were collected from 347 employees working in different corporations in Beijing. By regression analysis, we found that corporate philanthropy had a positive effect on organization commitment and job performance, meanwhile workplace spirituality played a partly mediating role. All the alternate hypotheses of the study were accepted. According to these research results, it is suggested that corporations should engage in philanthropy activities and take some other measures for promoting employees’ workplace spirituality.

Inner Stakeholder Effect of Corporate Philanthropy -focusing on giving and volunteering participation of the employees-

Inner Stakeholder Effect of Corporate Philanthropy -focusing on giving and volunteering participation of the employees-