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北京工商大学学报(社会科学版)摇 摇 摇 摇 2019 年摇 第 5 期

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Corporate Diversification Degree and Charitable Donations Based on
Perspective of Stakeholder Identification Theory

WANG Fenmian, GENG Huifang & ZHOU Xuan
(University of International Business and Economics, Beijing 100029, China)

Abstract: The importance of stakeholders, to a large degree, determines the degree of top executives蒺 concern to their de鄄
mand. In contrast to specialized firms, the more diversification a firm is, the more important the outside stakeholders are, and
the more pressure a firm would face to respond to the stakeholders蒺 claims. By using a sample of Chinese A鄄share non鄄financial
listed companies during the years from 2004 to 2014, this paper analyzes the mechanism and boundary condition in which diversi鄄
fication affects charitable donations as an indicator of stakeholder demands. It finds that the more diversification degree, the more
important the stakeholders and the more the charitable donations. Further analysis shows that state鄄owned firms, political connec鄄
tions and consumer鄄sensitive industry play a positive moderating role in the relationship between product diversification and chari鄄
table donations. It offers a perspective for fully understanding the diversification of distinct stakeholder demands and sociopolitical
environments. The findings suggest that charitable donations can be a strategic response of a firm to stakeholder蒺s demand it
faces. Further research finds that, diversification degree would be strong in the state鄄owned enterprises, politically associated en鄄
terprises and consumer鄄sensitive industries which actively carry out the charitable donations and handle with the demand and po鄄
litical issues. The research conclusion enriches the current research for enterprise diversification strategy. Moreover, it also pro鄄
vides some empirical evidence to study the impact between firm蒺s strategic reaction and charitable donations.
Key Words: diversification degree; stakeholders; charitable donations; state鄄owned enterprises; PSM

(本文责编摇 王沈南)

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