Are Female Executives Really More Philanthropic?

The relationship between women executives and philanthropy is a hotspot of research on social responsibility, but existing research ignores the endogenous problems between the two. Female executives and charitable donations are likely to be under the influence of corporate culture simultaneously. If considering the enterprise culture, does the significant correlation exist between women executives and philanthropy? So, this paper answers whether the corporate culture influences senior executive gender characteristics and corporate philanthropy. Meanwhile, this paper answers whether the relationship between executives gender characteristics and corporate philanthropy exist after controlling the impact of cultural factors.This paper confirms prior findings of the association between female executives and the corporate philanthropy using the existing single equation model, based on the archival data from 2011 to 2013. However, this paper empirically finds that female executives and the corporate philanthropy are simultaneously determined. Then this paper interferes previously documented between female executives and the corporate philanthropy was the result of biased estimation induced by using endogenous variables in single-equation models.This paper expands the research of influence factors on corporate philanthropy from the perspective of enterprise culture and tries to measure corporate culture multiple features with quantitative method which enriches the corporate multi-culture measurement methods. At the same time, this paper provides empirical data for the enterprise culture management.