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Company can not only make charity donation, but also carry out volunteer service to perform philanthropic responsibilities. So how do company’s philanthropic activities affect its financial performance? This paper uses data of Chinese A share listed companies to investigate the effect of philanthropic activities on corporate financial performance by two-stage Heckman selection model. The results show that corporate charity donation has a positive impact on its financial performance, however volunteer service has a negative and significant on it. There are evidences show that as a rational person, companies perform philanthropic responsibilities through charity donations, which can have a better positive impact on companies.

The Effect of Philanthropic Activities on Corporate Financial Performance: From the Perspectives of Charity Donation and Volunteer Service