The Research of Relationship between Corporate Philanthropy and Corporate Financial Performance

摘要：

The study examines the relationship between Corporate Philanthropy and corporate financial performance. It proposes a theoretical model that Corporate Philanthropy affects CFP by generating or protecting intangible assets, with the moderation of Enterprise Life Cycles. Notably, the process and mechanism varies with different stakeholders. Furthermore, it empirically tests the theoretical model by using the data of 285 Chinese public corporations. The evidence verifies the theoretical framework that, there is an inverse U-shaped correlation between Corporate Philanthropy and corporate financial performance. Moreover, the result suggests that Corporate Philanthropy has a more positive effect on CFP for corporations in late life cycles, compared with those in early stages with small scale, all else being equal.

作者: XU Erming YI Fengpeng YANG Zhengpei

作者单位: School of Business, Renmin University, Beijing, P.R.China, 100872

会议类型: 国际会议

会议名称: 2011 International Conference on Strategic Management(2011年战略管理国际会议 ICSM)

会议地点: 成都

会议语种:英文

页码: 780-788

在线出版日期: 2011-09-24（万方平台首次上网日期，不代表论文的发表时间）