The Inverted U‐Shaped Relationship between Corporate Philanthropy and Spending on Research and Development: A Case of Complementarity and Competition Moderated by Firm Size and Visibility

Yongqiang Gao · Jian Wu · Taı̈eb Hafsi

45 citations0/0 files storedCorporate Social Responsibility and Environmental Management

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Corporate Social Responsibility Reporting Firm Innovation and Growth Corporate Social Responsibility and Sustainability

Abstract

Abstract Prior studies on corporate social responsibility (CSR) and innovation suggest either a competing or a complementary relationship between CSR and spending on research and development (R&D) activities. In this study, we unravel this puzzle by theorizing an inverted U‐shaped relationship between CSR in general and corporate philanthropy (CP) in particular, and R&D spending. Drawing mainly on stakeholder theory, we suggest that CP, by securing stakeholders’ support differently at different levels of spending, would first increase and then reduce R&D spending. Evidence from Chinese publicly traded companies during 2006–2015 well supports our arguments. In addition, we find this inverse U‐shaped non‐linear relationship between CP and R&D spending to be strengthened by firm visibility and weakened by firm size. This study has important theoretical and practical implications. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment

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1997Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of who and What Really Counts 1979The External Control of Organizations: A Resource Dependence Perspective 1995The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications 2003Corporate Social and Financial Performance: A Meta-Analysis 2001Corporate Social Responsibility: A Theory of the Firm Perspective 1995The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications 1997Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of Who and What Really Counts 2006Politically Connected Firms

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