Impact of corporate philanthropy on firm performance: The moderating role of board structure

Limeng Ying, Jiaming Zhang, Junyi Zhu and Yufei Gan

Research in International Business and Finance, 2024, vol. 72, issue PA

Abstract: Corporate philanthropy plays an important role in enhancing firm reputation and financial performance. Further, board structure has the responsibility to make philanthropic decisions. This study investigates the moderating role of board structure on the relationship between corporate philanthropy and financial performance. We apply fixed effect model for analysing the results, while generalized method of moments (GMM) is employed to check the robustness of the results. We find that corporate philanthropy has a significant positive impact on financial performance. Further, results provide support for the moderating role of board attributes. The findings suggest that the policymakers should take appropriate decisions regarding corporate philanthropy while considering other factors such as board attributes.

Keywords: Corporate philanthropy; Financial performance; Board attributes; Asian emerging economies (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:72:y:2024:i:pa:s0275531924003283

DOI: 10.1016/j.ribaf.2024.102535

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