China's Speed In The COVID-19 Pandemic - Corporate Internationalization Experience, Charitable Donation Speed And Financial Performanc

In the era of economic globalization,the concept of corporate philanthropy continues to expand into other developing countries,and China is no exception.Especially in the past decade,the quantity and overall quality of corporate charitable donation in China have shown a steady growth trend,and the research on corporate charitable behavior has also attracted attention.As the main body of market economy,why enterprises actively make charitable donations and whether this behavior can win good financial performance have become an important topic for researchers.The previous research background focused more on the daily donation of enterprises or the donation in the face of natural disasters,and there was little literature on the background of sudden public crisis.At the same time,few studies have introduced the perspective of “resources” into the relevant research of corporate charitable donation.Therefore,on the basis of high-order theory,resource-based theory,stakeholder theory,resource conservation theory and relevant literature research,this paper explores the impact of executives’ internationalization experience on the speed of corporate charitable donation and the impact of corporate charitable donation speed on its financial performance.Based on the basic sample of A-share listed companies in Shanghai and Shenzhen from 2019 to 2020,this paper extracts the relevant information of epidemic donation of listed companies during the epidemic in 2020 from sina.com,people’s daily and other official websites,carries out regression analysis through Heckman two-stage model and event research method,and uses a variety of robustness tests and endogenous problem processing to ensure the reliability of the research results.The results of this study are as follows: firstly,the speed of corporate philanthropy has a significant positive impact on the internationalization of the researchers;Second,the severity of the epidemic in the region has played a significant positive regulatory role,that is,executives with rich international experience can respond more quickly when facing the rise of the number of confirmed cases in the region;Third,the government’s economic support has played a significant negative regulatory role,that is,the local government’s economic support is high,and entrepreneurs with international experience tend to slow down the donation speed when donating;Fourth,the slower the speed of charitable donation,the better the financial performance,and the two show a significant negative relationship;Fifth,the medical background of senior executives plays a negative regulatory role,that is,the faster the senior executives with medical background donate,the better the financial performance of the enterprise;Sixth,the financing constraints of enterprises play a positive regulatory role,that is,the higher the financing constraints of enterprises,the slower the donation of enterprises,the better the financial performance of enterprises.Seventh,the popularity of enterprises plays a negative regulatory role,that is,the more well-known the enterprise,the faster the enterprise donation,the better the financial performance of the enterprise.Compared with the existing literature,this study reveals the role of executives with international experience in promoting the speed of corporate charitable donation from the perspective of resources under the background of COVID-19,and explains the expectations of stakeholders from the perspective of resource conservation.This study will provide some feasible basis and suggestions for entrepreneurs to make charitable donations and improve enterprise financial performance.