Deep root then branching leaves:Research on the local preference of private enterprises'charity donation and firms'performance stability
Based on the institutional theory and the perspective of relationship networks,this paper explores the positive effect of local preferences of private enterprises'charity donations on performance stability.The research results using the private enterprises listed on the Shanghai and Shenzhen A-shares in China from 2007 to 2021 prove the above hypothesis.We further examine the moderating effect from the perspective of information transmission,proving that the ability to disseminate and receive information can effectively enhance the positive relationships.This article also verifies that local government-enterprise relationships and the local community relationships are the intermediary mechanisms.This article explores the theory of social responsibility of private enterprises as well as firms'high-quality development under the unique institutional background of China's transitional economy,which also has important practical implications.
local preference of charity donationcorporate social responsibilityperformance stabilityinstitutional environmentprivate enterprise
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