文献类型：期刊文献

英文题名：Institutional Ownership and Corporate Philanthropic Giving in an Emerging Economy

作者：Song, Yuanyang[1];Gianiodis, Peter T.[2];Li, Yuanxu[3]

机构：[1]East China Univ Sci & Technol, Strateg Management & Int Business, Sch Business, Shanghai, Peoples R China;[2]Clemson Univ, Strateg Management & Entrepreneurship, Coll Business & Behav Sci, Clemson, SC 29631 USA;[3]Fudan Univ, Int Business & Strateg Management, Sch Management, Shanghai, Peoples R China

年份：2016

卷号：12

期号：2

起止页码：357

外文期刊名：MANAGEMENT AND ORGANIZATION REVIEW

收录：;WOS:【SSCI(收录号:WOS:000379753600008)】；

基金：We thank Christopher Marquis (Editor), Anne S. Tsui, and two anonymous reviewers for their insightful comments and suggestions. This research was supported in part by the National Natural Science Foundation of China (71302040), the Ministry of Education of Humanities and Social Science Project (13YJC630138), and the Project of Shanghai Planning of Philosophy and Social Science (2013EGL001).

语种：英文

外文关键词：China; corporate philanthropy; emerging economies; institutional investor; stakeholder salience

摘要：In this study, we examine the effect of institutional ownership on corporate philanthropy in China, an emerging economy. Employing stakeholder identification and salience theory, we posit that institutional ownership positively influences corporate philanthropy, which varies for different types of institutional investors. We further argue that institutional ownership's influence is stronger when philanthropy is aligned with firm goals. Using data from Chinese publicly listed firms, we find a positive effect of institutional ownership on philanthropy, and this effect is stronger for domestic institutional owners when compared to foreign institutional owners, and long-term when compared to short-term institutional owners. We also find that the positive influence of institutional ownership is stronger in private firms and in regions with low institutional development - situations characterizing high alignment between philanthropy and firm goals. Our findings highlight the important role of institutional investors on corporate philanthropy decisions, which have implications for scholars studying and policy makers enacting corporate governance in emerging economies.