IDEAS home Printed from https://ideas.repec.org/a/bla/acctfi/v65y2025i4p4086-4110.html

Marital Role Reversal and Family Business Philanthropy: Evidence From China

Author

Listed:
  • Shanzhong Du

Abstract

Corporate philanthropy not only serves as a critical component of a family business's reputation but also signifies a strategic commitment to sustainable development. Investigating the drivers of philanthropic engagement within family businesses through the lens of marital role reversal in the allocation of management rights offers valuable insights. Using a sample of publicly listed couple‐controlled family businesses in China, this study empirically examines the impact of marital role reversals on philanthropic activities in these enterprises. This study finds that marital role reversal can lead to an increase in philanthropy by exerting resource and reputation effects. Meanwhile, the positive impact of marital role reversal on philanthropy is more significant for family businesses with higher non‐family shareholding and family businesses located in areas with weak traditional ethical culture and high institutional efficiency. Furthermore, marital culture, offspring situation and relative executives all affect the relationship between marital role reversal and philanthropy. In addition, marital role reversal more effectively improves philanthropy when the control rights are allocated more to the wife than to the husband. Finally, the analysis of economic consequences indicates that philanthropic incentives stemming from marital role reversal align with sustainable investment motivations rather than strategic self‐interest considerations.

Suggested Citation

  • Shanzhong Du, 2025. "Marital Role Reversal and Family Business Philanthropy: Evidence From China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(4), pages 4086-4110, December.
    • Handle: RePEc:bla:acctfi:v:65:y:2025:i:4:p:4086-4110
    DOI: 10.1111/acfi.70068
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/acfi.70068
    Download Restriction: no
    File URL: https://libkey.io/10.1111/acfi.70068?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    2. Ran Zhang & Jigao Zhu & Heng Yue & Chunyan Zhu, 2010. "Corporate Philanthropic Giving, Advertising Intensity, and Industry Competition Level," Journal of Business Ethics, Springer, vol. 94(1), pages 39-52, June.
    3. Hegde, Shantaram P. & Mishra, Dev R., 2019. "Married CEOs and corporate social responsibility," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 226-246.
    4. Geng Niu & Yi Wang & Yang Zhou & Xu Gan, 2024. "Family ties and corporate tax avoidance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(8), pages 976-996, October.
    5. Pan, Yue & Weng, Ruoyu & Xu, Nianhang & Chan, Kam C., 2018. "The role of corporate philanthropy in family firm succession: A social outreach perspective," Journal of Banking & Finance, Elsevier, vol. 88(C), pages 423-441.
    6. Gary S. Becker, 1981. "A Treatise on the Family," NBER Books, National Bureau of Economic Research, Inc, number beck81-1.
    7. Villalonga, Belen & Amit, Raphael, 2006. "How do family ownership, control and management affect firm value?," Journal of Financial Economics, Elsevier, vol. 80(2), pages 385-417, May.
    8. Amit, Raphael & Ding, Yuan & Villalonga, Belén & Zhang, Hua, 2015. "The role of institutional development in the prevalence and performance of entrepreneur and family-controlled firms," Journal of Corporate Finance, Elsevier, vol. 31(C), pages 284-305.
    9. Suess, Julia, 2014. "Family governance – Literature review and the development of a conceptual model," Journal of Family Business Strategy, Elsevier, vol. 5(2), pages 138-155.
    10. Amore, Mario Daniele & Miller, Danny & Le Breton-Miller, Isabelle & Corbetta, Guido, 2017. "For love and money: Marital leadership in family firms," Journal of Corporate Finance, Elsevier, vol. 46(C), pages 461-476.
    11. Chen, Donghua & Jiang, Dequan & Yu, Xin, 2015. "Corporate philanthropy and bank loans in China," Pacific-Basin Finance Journal, Elsevier, vol. 35(PA), pages 402-424.
    12. Marcello M. Mariani & Khowlah Al-Sultan & Alfredo De Massis, 2023. "Corporate social responsibility in family firms: A systematic literature review," Journal of Small Business Management, Taylor & Francis Journals, vol. 61(3), pages 1192-1246, May.
    13. Gérard Hirigoyen & Amélie Villéger, 2017. "Women and power: a theoretical approach using the example of copreneurial businesses," Post-Print hal-02118625, HAL.
    14. Anne Beatty & W. Scott Liao & Joseph Weber, 2010. "The Effect of Private Information and Monitoring on the Role of Accounting Quality in Investment Decisions," Contemporary Accounting Research, John Wiley & Sons, vol. 27(1), pages 17-47, March.
    15. Chen, Shu & Ying, Sammy Xiaoyan & Wu, Huiying & You, Jiaxing, 2021. "Carrying on the family's legacy: Male heirs and firm innovation," Journal of Corporate Finance, Elsevier, vol. 69(C).
    16. Ma, Liangbo, 2023. "Corporate social responsibility reporting in family firms: Evidence from China," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
    17. Chen, Mengyuan & Xiao, Jason Zezhong & Zhao, Yang, 2021. "Confucianism, successor choice, and firm performance in family firms: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 69(C).
    18. Jiang, Fuxiu & Shi, Wei & Zheng, Xiaojia, 2020. "Board chairs and R&D investment: Evidence from Chinese family-controlled firms," Journal of Business Research, Elsevier, vol. 112(C), pages 109-118.
    19. Jean-Luc Arregle & Michael A. Hitt & Isabelle Mari, 2019. "A missing link in family firms’ internationalization research: Family structures," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(5), pages 809-825, July.
    20. Carlsson, Fredrik & He, Haoran & Martinsson, Peter & Qin, Ping & Sutter, Matthias, 2012. "Household decision making in rural China: Using experiments to estimate the influences of spouses," Journal of Economic Behavior & Organization, Elsevier, vol. 84(2), pages 525-536.
    21. Custódio, Cláudia & Metzger, Daniel, 2014. "Financial expert CEOs: CEO׳s work experience and firm׳s financial policies," Journal of Financial Economics, Elsevier, vol. 114(1), pages 125-154.
    22. John C. Driscoll & Aart C. Kraay, 1998. "Consistent Covariance Matrix Estimation With Spatially Dependent Panel Data," The Review of Economics and Statistics, MIT Press, vol. 80(4), pages 549-560, November.
    23. Jean-Luc Arregle & Michael Hitt & Isabelle Mari, 2019. "A missing link in family firms’ internationalization research : Family structures," Post-Print hal-02312288, HAL.
    24. Anne Beatty & W. Scott Liao & Joseph Weber, 2010. "The Effect of Private Information and Monitoring on the Role of Accounting Quality in Investment Decisions," Contemporary Accounting Research, John Wiley & Sons, vol. 27(1), pages 1-1, March.
    25. Fuxiu Jiang & Kenneth A Kim, 2020. "Corporate Governance in China: A Survey [The role of boards of directors in corporate governance: a conceptual framework and survey]," Review of Finance, European Finance Association, vol. 24(4), pages 733-772.
    26. repec:bla:jfinan:v:58:y:2003:i:3:p:1301-1327 is not listed on IDEAS
    27. Liu, Chelsea, 2018. "Are women greener? Corporate gender diversity and environmental violations," Journal of Corporate Finance, Elsevier, vol. 52(C), pages 118-142.
    28. Xingqiang Du, 2017. "Religious Belief, Corporate Philanthropy, and Political Involvement of Entrepreneurs in Chinese Family Firms," Journal of Business Ethics, Springer, vol. 142(2), pages 385-406, May.
    29. Michele Pinelli & Francesco Chirico & Alfredo De Massis & Alessandro Zattoni, 2024. "Acquisition Relatedness in Family Firms: Do the Environment and the Institutional Context Matter?," Journal of Management Studies, Wiley Blackwell, vol. 61(4), pages 1562-1589, June.
    30. Alexander Dyck & Natalya Volchkova & Luigi Zingales, 2008. "The Corporate Governance Role of the Media: Evidence from Russia," Journal of Finance, American Finance Association, vol. 63(3), pages 1093-1135, June.
    31. Thomas M. Zellweger & Robert S. Nason & Mattias Nordqvist & Candida G. Brush, 2013. "Why Do Family Firms Strive for Nonfinancial Goals? An Organizational Identity Perspective," Entrepreneurship Theory and Practice, , vol. 37(2), pages 229-248, March.
    32. Wen He & Xin Yu, 2019. "Paving the way for children: Family firm succession and corporate philanthropy in China," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 46(9-10), pages 1237-1262, October.
    33. Jintong Tang & Zhi Tang & Shaji A. Khan, 2022. "Do the rich give more? The effects of family wealth and entrepreneurial effort on firm philanthropy and growth," Asia Pacific Journal of Management, Springer, vol. 39(2), pages 699-722, June.
    34. Yung-Ming Shiu & Shou-Lin Yang, 2017. "Does engagement in corporate social responsibility provide strategic insurance-like effects?," Strategic Management Journal, Wiley Blackwell, vol. 38(2), pages 455-470, February.
    35. Alain Verbeke & Liena Kano, 2012. "The Transaction Cost Economics Theory of the Family Firm: Family–Based Human Asset Specificity and the Bifurcation Bias," Entrepreneurship Theory and Practice, , vol. 36(6), pages 1183-1205, November.
    36. Ronald C. Anderson & David M. Reeb, 2003. "Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500," Journal of Finance, American Finance Association, vol. 58(3), pages 1301-1328, June.
    37. Jin-hui Luo & Yuangao Xiang & Ruichao Zhu, 2017. "Military top executives and corporate philanthropy: Evidence from China," Asia Pacific Journal of Management, Springer, vol. 34(3), pages 725-755, September.
    38. Dean Xu & Chuang Chen & Xiaohui Wu, 2019. "Ownership structure and the use of non-family executives in family-dominated Chinese listed firms: An institutional logics perspective," Asia Pacific Journal of Management, Springer, vol. 36(3), pages 797-820, September.
    39. Baruch Lev & Christine Petrovits & Suresh Radhakrishnan, 2010. "Is doing good good for you? how corporate charitable contributions enhance revenue growth," Strategic Management Journal, Wiley Blackwell, vol. 31(2), pages 182-200, February.
    40. Li, Weiwen & Au, Kevin Yuk-fai & He, Ai & Song, Lihong, 2015. "Why Do Family-controlled Firms Donate to Charity? The Role of Intrafamily Succession Intention, Social Status, and Religiosity," Management and Organization Review, Cambridge University Press, vol. 11(4), pages 621-644, December.
    41. Xu, Nianhang & Yuan, Qingbo & Jiang, Xuanyu & Chan, Kam C., 2015. "Founder's political connections, second generation involvement, and family firm performance: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 33(C), pages 243-259.
    42. Giulia Ferrari & Anne Solaz & Agnese Vitali, 2024. "Are Female-Breadwinner Couples Always Less Stable? Evidence from French Administrative Data," European Journal of Population, Springer;European Association for Population Studies, vol. 40(1), pages 1-29, December.
    43. Dean Shepherd & J. Michael Haynie, 2009. "Family Business, Identity Conflict, and an Expedited Entrepreneurial Process: A Process of Resolving Identity Conflict," Entrepreneurship Theory and Practice, , vol. 33(6), pages 1245-1264, November.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Du, Shanzhong & Cao, June, 2023. "Non-family shareholder governance and green innovation of family firms: A socio-emotional wealth theory perspective," International Review of Financial Analysis, Elsevier, vol. 90(C).
    2. Zheng, Xiaojia & Zhu, Bing & Yang, Ge, 2023. "The soft landing: Does intrafamily succession matter for corporate risk-taking?," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
    3. Du, Shanzhong & Ma, Lianfu & Li, Zhuo, 2022. "Non-family shareholder governance and corporate risk-taking: Evidence from Chinese family-controlled businesses," Journal of Business Research, Elsevier, vol. 145(C), pages 156-170.
    4. Cao, Feng & Li, Sifei & Dai, Ming & Li, Jing, 2023. "Your heart is where your treasure is: Family chairman and tax avoidance in family-controlled firms," Journal of Business Research, Elsevier, vol. 154(C).
    5. Fuxiu Jiang & Xiaojia Zheng & Wei Tang, 2018. "Non-family chair and corporate performance," Frontiers of Business Research in China, Springer, vol. 12(1), pages 1-30, December.
    6. Minghui Yang & Yan Wang & Lu Bai & Petra Maresova, 2023. "Corporate social responsibility, family involvement, and stock price crash risk," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(3), pages 1204-1225, May.
    7. Wan, Liangyong & Deng, Lai & Li, Weiwen & He, Ai, 2025. "A new battlefield for later-generation successors: The effects of transgenerational succession on corporate venture capital investments," Journal of Business Research, Elsevier, vol. 200(C).
    8. Tan, Weiqiang & Xie, Weimin & Zhang, Hengxin, 2026. "Social trust and management appointment in family firms," Research in International Business and Finance, Elsevier, vol. 81(C).
    9. Vekemans, Lien & Michiels, Anneleen & Steijvers, Tensie & Molly, Vincent, 2025. "What drives bank financing in family firms? A systematic review and research agenda," Journal of Family Business Strategy, Elsevier, vol. 16(2).
    10. Li, Xinlan & Li, Changhong & Wang, Zhan & Jiao, Wenting & Pang, Yiwen, 2021. "The effect of corporate philanthropy on corporate performance of Chinese family firms: The moderating role of religious atmosphere," Emerging Markets Review, Elsevier, vol. 49(C).
    11. Wonsuk Cha & Ujvala Rajadhyaksha, 2021. "What do we know about corporate philanthropy? A review and research directions," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 30(3), pages 262-286, July.
    12. Zulfiquer Ali Haider & Jialong Li & Yefeng Wang & Zhenyu Wu, 2021. "Do Family Firms Have Higher or Lower Deal Valuations? A Contextual Analysis," Entrepreneurship Theory and Practice, , vol. 45(4), pages 709-739, July.
    13. Jiang, Fuxiu & Pei, Mingqi & Cai, Yiqian & Zheng, Xiaojia, 2025. "Pricing family leadership: Evidence from audit fees," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
    14. Chenghao Huang & Jing Tang, 2023. "Will auditors charge more for corporate philanthropy? Evidence from China," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 32(1), pages 125-153, January.
    15. Jiang, Fuxiu & Wang, Weiyi & Zheng, Xiaojia, 2024. "Board chair and credit rating of family firms: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 84(C).
    16. Khaw, Karren Lee-Hwei & Wei, Yi & Ma, Shiyue, 2025. "Family firms and risk taking: Does the integration of ESG practices matter?," Emerging Markets Review, Elsevier, vol. 69(C).
    17. Yadan Liu & Shaowei Zhang & Fengwen Chen & Yikang Mu, 2025. "Clan culture and digital transformation: Evidence from Chinese family firms," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(1), pages 971-1008, March.
    18. Zhang, Dongyang & Guo, Yichen & Vigne, Samuel A., 2024. "Does family culture hamper corporate deceptive green behavior decision-making?," Journal of Economic Behavior & Organization, Elsevier, vol. 228(C).
    19. Jiang, Fuxiu & Cai, Xinni & Nofsinger, John R. & Zheng, Xiaojia, 2020. "Can reputation concern restrain bad news hoarding in family firms?," Journal of Banking & Finance, Elsevier, vol. 114(C).
    20. Chan-Jane Lin & Tawei Wang & Chao-Jung Pan, 2016. "Financial reporting quality and investment decisions for family firms," Asia Pacific Journal of Management, Springer, vol. 33(2), pages 499-532, June.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:acctfi:v:65:y:2025:i:4:p:4086-4110. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/aaanzea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.