Do CEOs' personal donations matter? The impact of the CEO's personal donations on consumers' attitudes toward his/her company in China

Abstract Although numerous studies have confirmed the positive link between corporate donations and consumers' attitudes toward companies, the influence of CEOs' personal donations on consumers' attitudes toward companies remains unknown. This paper addresses this gap in the Chinese context. The results from three studies show that a CEO's personal donations may influence consumers' attitude toward the CEO's company, and this influence is stronger than the influence of the company's donation. CEO type moderates the influence. Furthermore, there is an interactive effect between the CEO's donation and his/her company's donation on consumers' attitude toward the company. Consumers tend to have more positive attitudes toward a company when the CEO donates but the company does not than when the CEO does not donate but the company does. Such effects are moderated by consumers' thinking style. Our studies provide implications for companies seeking to strengthen their market position through CSR in the Chinese market.