Abstract：Based on stakeholder theory and contingent management perspective, this study discusses whether and how corporate philanthropy influences corporate financial performance. Corporate philanthropy is expected to enhance corporate financial performance by improving stakeholder relationship. However, due to differences arising from development stage and firm visibility, firms may not be able to benefit equally from philanthropic giving. In particular, the positive relationship between corporate philanthropy and corporate performance will be stronger for established firms and firms with higher visibility than for new ventures and firms with lower visibility. Empirical analyses using data on Chinese Ashare listed firms throughout the years from 2007 to 2012 supported these arguments.
2015, Vol. 12 
