The effect of corporate philanthropy on corporate performance of Chinese family firms: The moderating role of religious atmosphere

Drawing on sustainable family business theory and stakeholder theory, this study explores how corporate philanthropy affects corporate performance with the consideration of the moderating effects of religious atmosphere. Based on data of Chinese 534 listed family firms, the results show that corporate philanthropy is positively associated with corporate financial performance (CFP) and corporate social performance (CSP). Moreover, religious atmosphere negatively moderates the relationship between corporate philanthropy and CFP, but positively moderates the relationship between corporate philanthropy and CSP. Our findings provide systemic understandings of family firms' CFP and CSP by drawing important insights of corporate philanthropy and religious atmosphere.