Corporate philanthropy, political connections, and external corporate venturing: Evidence from a transitional economy

被引:6
作者
Dai, Weiqi [1 ]
Yin, Juelin [2 ]
Liao, Mingqing [3 ]
Arndt, Felix [4 ]
机构
[1] Zhejiang Univ Finance & Econ, PR Sch Business Adm, Hangzhou 310018, Peoples R China
[2] Sun Yat Sen Univ, Sch Business, 135 Xingang West Rd, Guangzhou N642510275, Peoples R China
[3] Guangdong Univ Finance & Econ, Sch Accounting, Guangzhou 510320, Peoples R China
[4] Univ Guelph, Gordon S Lang Sch Business & Econ, Guelph, ON N1G 2W1, Canada
关键词
Corporate venturing; External corporate venturing; Corporate philanthropy; Political connections; Nonmarket strategy; Legitimacy; SOCIAL-RESPONSIBILITY CSR; ENTREPRENEURIAL ORIENTATION; INSTITUTIONAL ISOMORPHISM; CHARITABLE CONTRIBUTIONS; NONMARKET STRATEGY; CONTINGENT VALUE; VALUE CREATION; FIRM; PERFORMANCE; LEGITIMACY;
D O I
10.1007/s10490-022-09812-1
中图分类号
C93 [管理学];
学科分类号
12 ; 1201 ; 1202 ; 120202 ;
摘要
Academic interest in corporate venturing (CV) has grown considerably over the past decade, given its importance to corporate transformation and improvement. Prior research emphasized the effect of the external market environment on CV, neglecting the role of nonmarket arenas in supplying resources and opportunities to incumbent firms as a potentially vital antecedent to CV activities. This paper brings attention to the important but ignored role of corporate philanthropy, which has been employed by private firms to build their political legitimacy and garner the resources and opportunities needed in their external corporate venturing (ECV) activities. Drawing on institutional theory, in particular the notion of political legitimacy, this paper first tests the relationship between corporate philanthropy and ECV. It then unveils the varying moderating roles of three types of political connections (i.e., exploiting entrepreneurs' prior governmental working experience, being political council members and affiliating with the All-China Federation of Industry and Commerce) that influence the proposed relationship. Research findings from 1,574 entrepreneurial private firms in China support our theoretical predictions. This paper advances the CV literature by introducing a nonmarket strategy explanation to the antecedent of ECV and specifying the simultaneous effect of corporate philanthropy and political connections on ECV.
引用
收藏
页码:1253 / 1287
页数:35
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