Institutional Cross-ownership and Corporate Philanthropy
2021
Abstract Using a sample of Chinese listed firms from 2006 to 2018, we find that institutional cross-ownership in the same industry increases corporate philanthropic giving. Our findings imply that strengthened governance and greater peer pressure from a common ownership increase politically motivated corporate philanthropy in China. Besides, this positive association is weaker for firms with better political connections, but stronger for firms with greater visibility.
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