Foreign ownership and corporate philanthropy

Aoran Wang, Xian Luo, Ying Zeng and Hao Zhang

Finance Research Letters, 2022, vol. 46, issue PB

Abstract: We explore the relationship between foreign ownership and corporate philanthropy using donation data from a sample of Chinese listed companies. We manually collect ownership data on foreign investors in these companies from 2003 to 2018. We further collect data on the foreign investors’ jurisdictions of origin and find that these investors come from 39 jurisdictions. We show that foreign ownership significantly increases corporate donations. Instrumental variable regressions confirm this finding. We conclude that foreign investors inject the values of social responsibility to investees and thus increase corporate philanthropy. Our results are robust to a battery of robustness tests.

Keywords: Corporate philanthropy; Foreign investor; Social responsibility (search for similar items in EconPapers)
JEL-codes: G23 M14 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1544612321004438
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:46:y:2022:i:pb:s1544612321004438

DOI: 10.1016/j.frl.2021.102461

Access Statistics for this article

Finance Research Letters is currently edited by R. Gençay

More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().