Research On Corporate Charitable Donation Behavior And Financial Performance In China's Institutional Environment

With the awakening of consumer awareness,the promotion of philanthropy by the state,and the corporate social responsibility movement sweeping the global,companies are required to undertake corresponding social responsibilities while pursuing economic interests.Along with the improvement of China's marketization,the competition of enterprises has become increasingly fierce.The internal and external stakeholders of enterprises have put forward more social responsibility requirements for enterprises.As a direct expression of corporate social responsibility,charitable donations are being incorporated into the daily management of more and more enterprises.But donating or not donating,when to donate,donating more and donating less,has been an open question,In the past,scholars paid more attention to the internal characteristics of enterprises,such as:the profitability of enterprises,the redundant resources of enterprises,corporate culture and managerial values.However,with the development of research and the maturity of the theory,scholars have gradually shifted the research perspective to the environment outside the enterprise.Many scholars believe that corporate charitable donation behavior is a manifestation of adapting to the environment,and also a response to the external stakeholders'demands and pressures This paper integrates institutional theory,resource dependence theory,stakeholder theory and strategic management theory,and uses institutional theory as the main line to construct a framework for corporate charitable donation analysis in a complete and systematic institutional environmentAny enterprise that wants to survive and thrive in a social environment must constantly exchange itself with the external environment.This paper takes the three pillars of the institutional environment as the variables,and uses the relationship between government and market,industry competition and media attention as the proxy variables,and puts corporate charitable donations into the whole institutional environment to study.From top to bottom,it covers government regulation factors,industry normative factors,and cultural-cognitive factors provide a new perspective for corporate charitable donation researchBased on the panel data of China's Shanghai and Shenzhen A-share listed companies from 2012 to 2016,this paper empirically tests the corporate charitable donation model in the institutional environment,which proves that the company will comply with the institutional environment and make a donation response.The higher the level of government intervention,the lower the degree of marketization,and the company's appointments to establish contacts with the government through charitable donations.The more intense the industry competition,the higher the willingness of enterprises to donate.Media attention will also promote the level of donations.The characteristics and market position of the enterprise itself will also affect the perception of the institutional environment.This paper constructs and verifies the charitable donation analysis model in the institutional environment,and provides a new idea for institutional theory to study corporate charitable donations.