Hometown heroism: The philanthropy of local CEOs
研究中国A股上市公司2008-2023年数据，发现本地CEO显著提升企业慈善捐赠，机制是身份驱动的内部动机和声誉驱动的外部压力，但在文化多元、竞争激烈、治理严格的环境中效果减弱。
How informal institutions shape executive behavior has become a central question in the corporate social responsibility literature. This study develops a dual perspective that combines internal drives and external pressures to investigate local CEOs' philanthropic contributions as a form of hometown heroism. Based on a sample of Chinese A-share listed companies from 2008 to 2023, this study provides empirical evidence that local CEOs significantly enhance corporate philanthropic behavior. Additional analyses further support the original hypotheses by confirming two underlying mechanisms: (1) internal motivation of identity-driven emotional attachment, and (2) external pressure of reputation-driven social constraints. Moreover, the impact of local CEOs is mitigated in environments characterized by high cultural diversity, intense market competition, and stringent governance practices. Overall, this study enriches the existing literature by examining how CEO characteristics influence firm-level sustainability endeavors in an emerging market. The findings provide practical implications for policymakers and firms that foster socially responsible practices tailored to specific institutional and cultural contexts. • Based on a sample of Chinese A-share listed companies from 2008 to 2023, this study provides empirical evidence that local CEOs significantly enhance corporate philanthropic behavior. • The relationship is attributable to two underlying mechanisms: (1) internal motivation of identity-driven emotional attachment, and (2) external pressure of reputation-driven social constraints. • The impact of local CEOs is mitigated in environments characterized by high cultural diversity, intense market competition, and stringent governance practice. • Overall, this study enriches the existing literature by examining how CEO characteristics influence responsible activities in an emerging market.