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

摘要： 随着股东分散投资的日渐普遍，共同股东企业成为一种常见现象。然而，针对共同股东企业所形成的同群研究却鲜有涉及。基于察觉-动机-能力(awareness-motivation-capability，AMC)的视角，利用中国沪深 A 股主板上市公司2008~2018年十大股东数据，探究共同股东企业捐赠行为的同群效应。研究结果表明，共同股东所形成的同群企业捐赠水平与焦点企业捐赠水平呈显著正相关关系。此外，焦点企业所在行业的环境复杂性与股东在焦点企业的持股比例会增强上述关系。本研究不仅拓展了企业捐赠行为的同群效应研究范畴，也扩展了察觉-动机-能力框架的应用，同时丰富了企业捐赠行为动因的研究。

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