Public welfare-oriented media promotion and corporate donations: Evidence from “Touching China”

Abstract

Mass media play a broad role in raising public awareness. Using a staggered difference-in-differences approach, this study examines the impact of public welfare-oriented media promotion on corporate donations through a natural experiment of the Touching China program. We find that companies in cities where one of the People Who Moved China was born donate 23.9% more than others. The effect is more significant in companies that have gender-diverse boards, are state-owned, receive negative media coverage, and are in the growth stage, and deeds of philanthropy strengthen it. The heterogeneity implies three mechanisms: raising altruistic charitable awareness, maintaining government connections, and bolstering corporate reputation. This paper provides a new perspective on the link between media promotion and corporate social responsibility.