Crowding-in and crowding-out effects of corporate philanthropy on R&D investment

被引：2
|
作者：
Zhang, Shuxia [1 ]
Xu, Liping [2 ]
Liu, Ning [2 ]
机构：
[1] Hunan Univ Sci & Technol, Sch Business, Xiangtan, Peoples R China
[2] Hunan Univ, Sch Business, Changsha, Peoples R China
来源：
MANAGERIAL AND DECISION ECONOMICS | 2022年 / 43卷 / 06期
基金：
中国国家自然科学基金;
关键词：
SOCIAL-RESPONSIBILITY; FINANCING CONSTRAINTS; OWNERSHIP STRUCTURE; AGENCY THEORY; FIRM; PERFORMANCE; COSTS; BENEFITS; BEHAVIOR; SLACK;
D O I：
10.1002/mde.3491
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using a sample of Chinese-listed firms over the period 2007-2018, this study investigates the effect of corporate philanthropy (CP) on research and development (R&D) investment and the mechanisms involved. The results show that an inverted U-shaped relationship exists between CP and R&D investment, suggesting that CP first has a crowding-in effect and then a crowding-out effect on R&D investment. Further mechanism analysis shows that the crowding-in effect of CP on R&D investment is partly realized through the path of obtaining government subsidies and mitigating financing constraints, and the crowding-out effect is partly the result of agency conflicts and resource allocation.
引用
收藏
页码：1835 / 1849
页数：15
相关论文
共 50 条
  • [1] Crowding-out or crowding-in? Public and private investment in India
    Bahal, Girish
    Raissi, Mehdi
    Tulin, Volodymyr
    WORLD DEVELOPMENT, 2018, 109 : 323 - 333
  • [2] Crowding-Out or Crowding-In: Government Health Investment and Household Consumption
    Cheng, Hao
    Zhi, Yu-Peng
    Deng, Zi-Wei
    Gao, Qing
    Jiang, Rui
    FRONTIERS IN PUBLIC HEALTH, 2021, 9
  • [3] Crowding-Out or Crowding-In? Analyzing the Effects of Government Spending on Private Investment in Turkey
    Sen, Huseyin
    Kaya, Ayse
    PANOECONOMICUS, 2014, 61 (06) : 631 - 651
  • [4] MACROECONOMIC RATES OF RETURN OF PUBLIC AND PRIVATE INVESTMENT: CROWDING-IN AND CROWDING-OUT EFFECTS
    Afonso, Antonio
    Aubyn, Miguel St.
    MANCHESTER SCHOOL, 2009, 77 : 21 - 39
  • [5] The Crowding-In and Crowding-Out Effects of FDI on Domestic Investment in the Yangtze Delta Region
    Wu, Guoxin
    Sun, Yu
    Li, Zhuning
    CHINA-AN INTERNATIONAL JOURNAL, 2012, 10 (02) : 119 - 133
  • [6] The Crowding-in and Crowding-out Effects of FDI on Domestic Investment in the Yangtze Delta Region
    Wu, Guoxin
    Sun, Yu
    Li, Zhuning
    TRANSNATIONAL CORPORATIONS REVIEW, 2010, 2 (04) : 59 - 75
  • [7] Crowding-out and crowding-in effects of the components of government expenditure
    Ahmed, H
    Miller, SM
    CONTEMPORARY ECONOMIC POLICY, 2000, 18 (01) : 124 - 133
  • [8] The Crowding-in and Crowding-out Effects of Foreign Direct Investment on Domestic Investment in the Yangtze Delta Region
    Wu, Guoxin
    Sun, Yu
    Li, Zhuning
    TRANSNATIONAL CORPORATIONS IN CHINA: RESEARCH AND DEVELOPMENT, 2012, : 137 - 148
  • [9] Crowding-in and crowding-out effects of public investments in the Portuguese economy
    Andrade, Joao Sousa
    Duarte, Antonio Portugal
    INTERNATIONAL REVIEW OF APPLIED ECONOMICS, 2016, 30 (04) : 488 - 506
  • [10] 'Expressive' obligations in public good games: Crowding-in and crowding-out effects
    Bernasconi, Michele
    Corazzini, Luca
    Marenzi, Anna
    RESEARCH IN ECONOMICS, 2013, 67 (01) : 13 - 24
12345