Clan Culture and Corporate Charitable Donations——Based on the Perspective of Financial Culture with Chinese Characteristics
Corporate philanthropy serves as a significant aspect of societal wealth distribution,contributing to the advancement of common prosperity.In many regions,clan culture stands out as a hallmark of traditional values,with clan organizations historically playing pivotal roles in charitable endeavors.This study employs the per capita number of family trees as a proxy for clan culture and examines its impact on corporate charitable contributions,focusing on private companies listed in Shanghai and Shenzhen between 2007 and 2022.Our analysis reveals a positive association between the strength of clan culture in a region and the likelihood and magnitude of corporate charitable donations.This relation-ship persists across various robustness tests,underscoring its reliability.Furthermore,our mechanism tests elucidate that the tradition of clan-based charity,intertwined with the pursuit of business network stability within clan culture,fosters corporate philanthropy.Additionally,our group-level analysis indicates that in regions characterized by smaller asset bases and lower levels of marketization,clan culture exerts a more pronounced influence on corporate charitable giving.This study not only contributes to the existing literature on the intersection of culture and finance but also carries practi-cal implications.By leveraging the positive aspects of traditional culture,particularly clan traditions,to bolster philan-thropic initiatives,we can further advance the goal of common prosperity.
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