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High-tech enterprise identification policy and corporate charitable donations: A perspective on the spillover effects of innovation policy

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  • Lyu, Xiaoting
  • Zhao, Yueyang

Abstract

Using China's listed companies from 2008 to 2023 as a sample, our study finds that the High-Tech Enterprise Identification (HTEI) policy significantly increases the intensity of corporate charitable donations. The easing of financing constraints and increased media attention are two channels through which HTEI positively affects corporate charitable donations. Furthermore, the scale of local government debt can weaken this positive impact. Heterogeneity analysis reveals that the effect of HTEI on corporate charitable donations is more pronounced among non-state-owned enterprises and firms in regions with lower new-quality productivity.

Suggested Citation

  • Lyu, Xiaoting & Zhao, Yueyang, 2025. "High-tech enterprise identification policy and corporate charitable donations: A perspective on the spillover effects of innovation policy," Finance Research Letters, Elsevier, vol. 86(PA).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pa:s1544612325016447
    DOI: 10.1016/j.frl.2025.108390
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    References listed on IDEAS

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