Research On The Effect Of Economic Policy Uncertainty On Corporate Philanthropy

Philanthropy can not only gain the public recognition,but also help companies get more resources.Philanthropy has gradually become a strategy for the enterprises.With the deepening of reforming and opening up,China's economy has entered a period of emerging and transition.China has issued a series of macroeconomic policies to meet the requirements of the rapid development of the times,but the frequent release and adjustment of economic policies has also improved the economic policy uncertainty the enterprises faced.Uncertainty will also increase the difficulty of financing for enterprises.Scholars have done a lot of research on the impact of economic policy uncertainty on corporate behavior,but previous research has focused more on operational behaviors such as investment decisions,financing decisions,and innovation decisions.There is less research on non-business behavior.This paper starts from the “resource dependence theory“ and “strategic philanthropy theory“ to study the impact of economic policy uncertainty on corporate philanthropy.We also studies the mechanism of this relationship from the perspective of the external resource environment and internal resource status of the enterprise.The article systematically sorts out the researches on philanthropy and economic policy uncertainty.Based on the “resource dependence theory” and “strategic philanthropy theory”,this paper put forward the research hypotheses..Listed companies from 2009 to 2018 are used as research samples to verify research hypotheses through empirical research methods.In the end,the following conclusions were reached: 1)Economic policy uncertainty has a positive effect on corporate philanthropy;2)Marketization has a negative regulating effect on this effect relationship;3)Redundant resources of enterprise has a negative regulating effect on this effect relationship;4)Market position of the company has a negative regulating effect on this effect relationship.