关键词: 企业捐赠, 共同股东, 同群效应, 竞争威胁, 察觉-动机-能力

Abstract: The current literature on imitation behavior among peer firms primarily focus on firms in the same industry. However, as shareholder becomes prevalent in the finance market, firms are faced with competitions not only from their industry counterparts but also from investee peers—firms that share common shareholders. Based on awareness-motivation-capability, this paper investigated why and how philanthropy performance of investee peers influences the philanthropy performance of focal firms. Using a sample of Chinese listed firms from 2008 to 2018, it is found that philanthropy performance of investee peers positively affects the philanthropy performance of focal firms. Additionally, both environmental complexity and the degree of shareholder ownership positively moderate this relationship, strengthening the peer influence effect. This paper contributions to the current research on peer effect in corporate philanthropy behavior by extending the scope beyond industry peers to include investee peers. It also enriches the application of awareness-motivation-capability model and adds more antecedents of corporate philanthropy behavior.

Key words: corporate philanthropy, common shareholders, peer effect, competitive tension, awareness-motivation-capability