Corporate donations and shareholder value

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Do foreign institutional investors drive corporate social responsibility? Evidence from listed firms in China (2020, background): “…by academic directors (Cho, Jung, Kwak, Lee, & Yoo, 2017), cross-listing (Boubakri et al., 2016), CEOmarital status (Hegde &Mishra, 2019), regulatory and legal systems (Liang & Renneboog, 2017), and board gender diversity (Bear, Rahman, & Post, 2010; Elmagrhi et al., 2019; McGuinness et al., 2017).”
Peer Effects of Corporate Social Responsibility (2019, unknown): “Some recent studies begin to show that CSR is not merely driven by a firm’s own characteristics but to a greater extent determined by external factors such as legal and economic environment (e.g., Liang & Renneboog (2016, 2017)).”
Firms and social responsibility: A review of ESG and CSR research in corporate finance (2021, background): “” (12)However, Liang and Renneboog (2017a) use a global sample of firms and find that charitable donations cause good firm financial performance and firm value.”