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Erschienen in: Asia Pacific Journal of Management 3/2019

11.06.2019

Corporate giving and corporate financial performance: the S-curve relationship 

verfasst von: Yongqiang Gao, Haibin Yang, Taïeb Hafsi

Erschienen in: Asia Pacific Journal of Management | Ausgabe 3/2019

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Abstract

The relationship between corporate giving and corporate financial performance has remained inconclusive after decades of research. This study advances our understanding by contending that stakeholders may react differently to a firm’s various levels of corporate philanthropic giving. The relationship between corporate giving and firm performance could be better captured using an S-curve shape in that either a low or high level of corporate giving will reduce, while a moderate level of corporate giving will increase, firm performance. We further examine the moderating effects of firm ownership and regional development. We contend that stakeholders may have higher expectations for the social performance of state-owned enterprises (SOEs) versus private-owned enterprises (POEs), resulting in a lower performance effect for SOEs with the same amount of corporate giving. Similarly, stakeholders in developed regions are also likely to have higher expectations for corporate giving, leading to a lower performance effect for the same level of corporate giving. Analyses of listed firms in China during the period from 2003 to 2013 support our thesis.

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Fußnoten
1
ALRE: Arms’ length relational ethics.
 
2
CSRE: Communal sharing relational ethics.
 
3
Considering the pool of all stakeholders.
 
4
Chen Guangbiao, the founder and Chair of Jiangsu Huangpu Recyling Resources Co., Ltd., often initiates charitable programs by himself. For example, he spent more than RMB100 million to found the “Huangpu Disaster Prevention and Mitigation Training Center” in 2009, just after the 2008 Sichuan earthquake. During the 2008 Sichuan earthquake relief, Chen led a group of about 120 employees to take part in the emergency interventions (e.g., finding and saving victims).
 
5
The Marketization Index measures regional development by using five first-level indicators: government-market relations, development of non-state-owned economy, product market development, factor market development, and development of market intermediaries and legal system. Each first-level indicator further contains several second-level indicators.
 
6
This was rightly pointed out by a reviewer.
 
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Metadaten
Titel
Corporate giving and corporate financial performance: the S-curve relationship 
verfasst von
Yongqiang Gao
Haibin Yang
Taïeb Hafsi
Publikationsdatum
11.06.2019
Verlag
Springer US
Erschienen in
Asia Pacific Journal of Management / Ausgabe 3/2019
Print ISSN: 0217-4561
Elektronische ISSN: 1572-9958
DOI
https://doi.org/10.1007/s10490-019-09668-y

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