Welcome to Francis Academic Press

Academic Journal of Business & Management, 2023, 5(4); doi: 10.25236/AJBM.2023.050421.

A literature review on the impact of charitable giving on corporate performance from a multi-dimensional perspective


Jingwen Jia

Corresponding Author:
Jingwen Jia

College of Economics and Management, Inner Mongolia University of Technology, Hohhot, China


This paper summarizes the motivation of charitable donation and the mechanism of its economic consequences from multiple perspectives, divides the motivation of donation and the different mechanisms of economic consequences, and analyzes the existing relevant research. In this paper, the transmission chain and future research trends of motivational donation, donation behavior and economic consequences of charitable donation are obtained from multiple perspectives.


Charitable donation, Donation motivation, Enterprise performance

Cite This Paper

Jingwen Jia. A literature review on the impact of charitable giving on corporate performance from a multi-dimensional perspective. Academic Journal of Business & Management (2023) Vol. 5, Issue 4: 136-141. https://doi.org/10.25236/AJBM.2023.050421.


[1] Pava, M.L., Krausz,J. The association between corporate social-responsibility and financial performance: The paradox of social cost. Journal of Business Ethics. Dordrecht: Mar, (1996) 15,321. 

[2] William, O. Brown, Eric Helland, Janet Kiholm Smith. Corporate philanthropic practices. Journal of Corporate Finance, (2006)12. 

[3] Manuel Castelo Branco, Lúcia Lima Rodrigues. Corporate Social Responsibility and Resource-Based Perspectives. Journal of Business Ethics, (2006)2. 

[4] Campbell D., Moore G., Metzger M. Corporate philanthropy in the U. K. 1985-2000: Some findings. Journal of Business Ethics, (2002)39(1/2), 29-41. 

[5] Berman S.L., Wicks A.C., Kotha S., Jones T.M. Does stakeholder orientation matter? The relationship between stakeholder management models and firms performance. Academy of Management Joumal, (1999)5, 488-506.

[6] Yan Bo, Wang Ran, ZHANG Yaohui. Research on Civic consciousness, Corporate value and Corporate Donation Behavior. South China Economy, (2009)5:3-13. 

[7] Tian Xueying, Ye Minghai. A review of the research on corporate charitable donation Behavior: Practical development and theoretical evolution. Science and Technology, (2009)2, 60-63.

[8] Lu Zhengwen, Liu Chunlin. Research on the Impact of charitable Giving on Corporate Performance: from the perspective of Consumers. Journal of Shanxi University of Finance and Economics, (2012)34, 81-88.

[9] Zhang Jianjun, Driving factors of foreign enterprises' Contributions: A two-stage institutional model. Management World, (2011) 7, 98-112.

[10] Wood, D.J. Business and society. Glenview IL: Scott Foresman, (1990).

[11] Mescon, T.S., Tilson,D.J. Corporate philanthropy: A strategic approach to the bottom-line. California Management Review, (1987), 49-61. 

[12] Michael E. Porter,Mark. R. Kramer. The Competitive Advantage of Corporate Philanthropy. Harvard Business Review. (2002)12, 57-68.

[13] Smith, C. The New Corporate Philanthropy. Harvard Business Review, (1994)72(3), 105-116.

[14] Brammer S, Millington A. Profit Maximization VS. Agency: An Analysis of Charitable Giving by UK Firms. Cambridge Journal of Economics, (2005)29(4).

[15] Shen Qi-Taisong, Jiang Zhi-hua. The Evolution of Corporate Social Responsibility research -- Vertical review from concept to issue. Social Scientists,(2013)1,75-78. 

[16] Yue Heng. An Empirical Study on Influencing Factors of Charitable Donation Behavior of Private Enterprises. Southwest Jiaotong University,(2015).

[17] Wang Jun, Zheng Ling, Jiang Ruochen. A Study on the Causal Relationship between charitable donation and financial Performance of Private Enterprises: Based on the analysis of political relevance and the moderating effect of Marketization degree. Journal of Shanxi University of Finance and Economics, (2016)38,103-114.

[18] Harbaugh, W. T. What do Donations Buy? A Model of Philanthropy Based on Prestige and Warm Glow. Journal of Public Economics, (1998)67,269-284.

[19] Gao Yaqiang, Chen Yajing, Zhang Yunjun. "Red Scarf" or "Green Scarf": A study on charitable donation motives of Private Enterprises. Management World,(2012)8,106-114.

[20] Li Sihai, Lu Qirui, Song Xianzhong. Behind the generous donation of loss-making enterprises. China Industrial Economics, (2012)8,148-160.

[21] Zhu Tao, Tu Yuejun. Do Management equity Incentives Reduce Corporate Charitable Giving?. Journal of Jinan, (2022)04,102-117.

[22] Qi F, Zhu M, Long Q . A Comprehensive Study on the Effect of XBRL-Adopted Financial Reporting on the Sensitivity of Executive Compensation Performance: A Multi-Dimensional Perspective[J]. IEEE Access, 2018, PP(99):1-1.

[23] Xu Zhi, Guo Furong, Gan Shengdao. Management self-interest, Property right nature and Corporate Charitable Donation. Soft Science, (2021)03,49-54.

[24] Tan Weijia, Xu Liping. Agency Cost, governance mechanism and Corporate Donation. Economic Management, (2015)9,51-62.

[25] Li Xue, Luo Jinhui, Huang Zeyue. Suspicion of "original sin", institutional environment and charitable donation of Private Enterprises. Accounting Research, (2020)1,135-144.

[26] Dai Yiyi, Pan Yue, Feng Shu. Is charitable giving by Chinese companies a kind of "political donation"? -- Evidence from the Change of Municipal Party Secretary. Economic Research Journal, (2014)49, 74-86.

[27] Li Weian, Wang Pengcheng, Xu Yekun. Charitable Donation, Political Association and Debt Financing: Resource Exchange Behavior between Private Enterprises and Government. Nankai Management Review. (2015)18, 4-14.

[28] Zhu Bin, Liu Wen. Both Red and Good: An analysis of the mechanism of corporate political connection affecting corporate charitable giving. Journal of Social Sciences of Jilin University. (2020)60, 215- 240.

[29] Huang W, Wang Y. Local government financial pressure, political identity and corporate charitable giving: Evidence from the National Private Enterprise Survey. Contemporary Finance and Economics. (2020)10, 39-50.

[30] Su Wujun, Yan Qing. Debt financing cost, Social responsibility and corporate performance: An empirical study based on Chinese A-share listed companies. Southern Finance, (2020)10, 13-27.

[31] Ruan Gangming, Wei Yufangzhou, Guan Feng. Charitable Giving, Social Capital and Financing Constraints. Accounting and Economics Research, (2019)5, 79-91.

[32] Wei Haoqiang, Zhao Xiangfang, Huang Chao, Liu Zhengkai. Short selling mechanism and corporate charitable donation: From the perspective of Insurance Function. Accounting and Economics Research, (2020)6, 45-59.

[33] Wu Lianghai, Niu Liying, Wang Lingqian. Earnings Management, Strategic Donations and Stock Price Volatility: Empirical Evidence from China's A-share Market. Journal of Nanjing Audit University. (2018)15, 55-67.

[34] Cao H M, Meng Y. Is Corporate charitable donation hypocrisy -- Based on the perspective of stock price crash risk. Accounting Research, (2019)4, 89-96.

[35] Hu Jun, Peng Yuanhuai, Song Xianzhong, Zhou Linzi. Equity pledge of Controlling Shareholders and Strategic Charitable Donation: From the perspective of Risk of control Transfer. China Industrial Economy, (2020)2,174-192.