How Does Nonprofit Revenue Diversification Affect Revenue Volatility Before, During, and After External Economic Crisis?
利用2004-2012年面板数据，研究发现非营利组织收入多元化在正常情况下能降低收入波动，但在2008年大衰退期间及之后该效应消失，部分收入来源在经济下行时更有效降低波动。
Nonprofits widely adopt revenue diversification with the belief that it improves their fiscal health and promotes a higher output of charitable services. However, this belief tells us little about the effects of revenue diversification during crises. This study, using panel data from 2004 to 2012, examines how nonprofit revenue diversification affects revenue volatility in the context of systematic risks, such as the 2008 Great Recession. The results reveal that while revenue diversification effectively lowers revenue volatility under normal conditions, this effect did not persist during and after the Recession, although certain revenue sources were shown to be more efficient in reducing volatility during economic downturns. These findings underscore the importance of understanding the varying stability of revenue streams and their compositions to ensure financial resilience in times of crisis. Finally, this study offers both theoretical insights and practical guidance for nonprofit organizations seeking financial resilience amid economic turmoil.