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Corporate philanthropy, public awareness, and the cost of equity capital: Evidence from China

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  • Jun Xie

    (Department of Finance, School of Economics and Management, Wuhan University)

  • Junyi Chen

    (Department of Finance, School of Economics and Management, Wuhan University)

Abstract

This study examines whether a firm's philanthropic behavior affects its cost of equity capital and whether public awareness about the firm influences this effect in the context of China. We find that firms experience an increase in their cost of equity capital when the probability or the amount of philanthropic giving increases, and this effect is moderated when firms have high public awareness. Furthermore, for firms in the eastern region or those in less competitive industries, the positive effect of corporate philanthropic giving on the cost of equity capital can be moderated as the firms' public awareness increases.

Suggested Citation

  • Jun Xie & Junyi Chen, 2021. "Corporate philanthropy, public awareness, and the cost of equity capital: Evidence from China," Annals of Economics and Finance, Society for AEF, vol. 22(1), pages 153-194, May.
    • Handle: RePEc:cuf:journl:y:2021:v:22:i:1:xiechen
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    More about this item

    Keywords

    Corporate Philanthropy; Cost of Equity Capital; Public Awareness; Corporate Social Responsibility;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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