Impact of High-Quality Higher Education on Public Good: Evidence From Corporate Philanthropy of Listed Companis in China

The study uses the data of listed companies in China from 2012 to 2020 to investigate the impact of top managers’ high-quality university educational backgrounds and their native places on Chinese enterprises’ participation in public good. A linear regression method was used. Higher education plays an important role in the promotion of public good. From the perspective of behavior and intensity, high-quality higher education highlights a unique role in the depth and intensity of corporate philanthropy. There is regional heterogeneity among top managers in promoting enterprises’ participation in public good: Top managers born in Midwest China are more likely to promote enterprises’ participation in public good. This study empirically tested the theoretical results of past domain-specific research, focusing on the impact of top managers’ background (education and place of origin) on the engagement of listed companies in public good. It proposes a set of innovative and comprehensive indicators to measure companies’ engagement in public good, and explores the influence of managers’ higher education quality on the firm's engagement in economic and educational causes, as well as the level of such engagement.