Effect of Donation Expenditure of Listed Companies on Corporate Performance through Corporate Image : Focusing on the Moderating Effect of Corporate Transparency

This study empirically examines the impact of corporate donations on firm performance among Chinese listed companies, with particular attention to the mediating role of corporate image and the moderating role of corporate transparency. The findings yield three key insights. First, corporate donations significantly improve firm performance, confirming that corporate social contributions enhance financial outcomes. Second, donations positively affect corporate image, which in turn strengthens firm performance, demonstrating a mediating effect. This suggests that donations are most effective when paired with image management strategies rather than viewed merely as monetary outlays. Third, corporate transparency serves as a critical moderator: the positive effect of donations is stronger in firms with higher transparency, emphasizing the importance of authenticity and credibility in maximizing the benefits of social contributions. Overall, this study demonstrates that corporate donation activities function not only as a means of fulfilling social responsibility but also as a strategic tool for sustainable growth and value creation.