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Superstition and Corporate Philanthropy: Evidence from Chinese Zodiac Year Belief

Published online by Cambridge University Press:  05 December 2025

Lin Zhang ,
Guo Zhang Open the ORCID record for Guo Zhang [Opens in a new window] ,
Chenlv Zeng Open the ORCID record for Chenlv Zeng [Opens in a new window]  and
Honghui Chen
Lin Zhang
Affiliation:
South China University of Technology, China
Guo Zhang
Affiliation:
South China University of Technology, China
Chenlv Zeng*
Affiliation:
South China University of Technology, China
Honghui Chen
Affiliation:
Sun Yat-sen University, China
*
Corresponding author: Chenlv Zeng; Email: chenlvzeng@163.com
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Abstract

Superstitions are unproven beliefs that shape decision-making. While many studies have examined their influence on corporate financial decisions, few have addressed their impact on corporate social responsibility (CSR). In this study, we focus on the superstition associated with the Chinese zodiac year – a belief linked to bad luck – and investigate its effect on firms’ charitable donations. Drawing on literature concerning stress appraisal, resource building, and corporate philanthropy, and using data from Chinese listed firms from 2008 to 2020, we find a positive association between a CEO’s zodiac year and corporate donations. Furthermore, this effect is weakened by CEO’s overconfidence and amplified by increased negative media coverage of CEOs during zodiac years. This study contributes to the literature on the outcomes of superstitions in management, the antecedents of corporate philanthropy, the boundary conditions of stress appraisal, and the agency motivations of corporate philanthropy. Managerial implications are also discussed.

摘要

摘要

迷信是影响决策的未经证实但普遍存在的信念。现有研究已广泛探讨迷信对企业财务决策的影响, 但鲜有文献关注其对企业社会责任 (CSR) 行为的作用。本研究关注中国传统文化中本命年与厄运相关的迷信, 并实证检验了 CEO 本命年对企业慈善捐赠的影响。具体而言, 本研究借鉴压力评估、资源构建和企业慈善相关文献, 并利用 2008 年至 2020 年中国上市公司的面板数据, 发现 CEO 的本命年信仰显著促进企业慈善捐赠。此外, 当 CEO 过度自信时, 这种效应会减弱; 而本命年期间 CEO 负面媒体报道的增加则会增强该效应。本研究从四个方面拓展了理论边界: (1) 丰富了管理迷信行为研究; (2) 深化了企业慈善前因研究; (3) 完善了压力评估理论的边界条件; (4) 揭示了企业慈善的代理动机。本文亦探讨了相关的管理实践启示。

Keywords

CEOscorporate philanthropyresource buildingstress appraisalsuperstitionszodiac year beliefCEO企业慈善资源构建压力评估迷信本命年信仰

Information

Type
Article
Information
Management and Organization Review , Volume 21 , Issue 5 , October 2025 , pp. 915 - 942
Copyright
© The Author(s), 2025. Published by Cambridge University Press on behalf of International Association for Chinese Management Research.

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