Charitable Donation, R&D Investment, Top Management Team Faultlines and Brand Equity—— Empirical Evidence from Growth Enterprises Market Listed Companies

Abstract

Abstract: Based on information decision-making theory and social-categorization theory, this paper uses 467 listed companies on China’s Growth Enterprise Market from 2009 to 2018, adopts Heckman two-phase model, 2SLS, Two-Step System GMM and two-way fixed-effect estimation methods to study the relationship between charitable donation, R&D investment, top management team faultlines and brand equity. The results show that: the charitable donation of GEM listed companies has a significant positive impact on their R&D investment and brand equity; When charitable donation and R&D inputs are simultaneously applied to brand equity, the positive influence of charitable donation on brand equity is further enhanced; R&D investment positively affects brand equity, and plays a partial mediating role in the relationship between charitable donation and brand equity; Information cognitive faultlines plays a positive role in the relationship between charitable donation and R&D investment, R&D investment and brand equity; Social classification faultlines play a negative role in the relationship between charitable donation and R&D investment, while the negative role between R&D investment and brand equity is not significant.

Key words: charitable donation, R&D investment, information cognitive faultlines, social classification faultlines, brand equity

Shao Wei, Liu Jianhua, Cui Dengfeng, Li Yuanyuan. Charitable Donation, R&D Investment, Top Management Team Faultlines and Brand Equity—— Empirical Evidence from Growth Enterprises Market Listed Companies[J]. Management Review, 2022, 34(8): 286-298.

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