Stories and Societies: How Fiction-Reading CEOs Affect Corporate Philanthropy
研究发现CEO读小说的爱好能增强共情能力，进而促使企业更多参与慈善捐赠，对员工福利和道德治理也有积极影响。
Abstract This study examines how CEOs’ hobby of reading fiction reinforces empathy and, in turn, is associated with higher corporate philanthropy. Grounded in the Empathy–Altruism Hypothesis, we propose that fiction-reading sustains and deepens a multidimensional yet integrated empathic capacity, which motivates prosocial organizational decisions. With a large dataset of CEOs from non-state-owned enterprises (non-SOEs) listed in China’s A-share market from 2001 to 2018, we show robust evidence that firms led by fiction-reading CEOs engage more in corporate philanthropy; additionally, we confirm that empathy mediates this positive relationship. Furthermore, a difference-in-differences analysis with CEO transition data reveals a significant increase in corporate philanthropy with a newly appointed fiction-reading CEO. Supplementary results show that fiction-reading CEOs promote broader prosocial practices, including employee welfare and ethical governance. By introducing fiction-reading as an unobtrusive, verifiable measure of empathy, this study offers a novel methodological approach for tracing the micro-foundations of corporate social responsibility.