Does Digital Financial Inclusion Influence Corporate Charitable Donations? Evidence from China's Digital Transformation

The primary objective of this research is to explore the manner in which Digital Financial Inclusion (DFI) exerts an influence on Corporate Charitable Donations (CCD), while also investigating the mediating function of Digital Transformation (DT) and the moderating role of CEO Green Experience (CGE).By utilizing panel data sourced from Chinese-listed companies spanning the period from 2015 to 2022, this study adopts multiple regression models to conduct empirical analysis.The key results of the research are summarized below: (1) DFI exerts a notably positive impact on CCD.This outcome demonstrates that the widespread expansion of digital financial services serves as an effective driver in promoting corporate philanthropic activities.(2) DT acts as a partial mediator in the relationship between DFI and CCD.This implies that enterprises can strengthen the positive effect of DFI on charitable donations by advancing their internal digitalization efforts.(3) CGE plays a positive moderating role in the connection between DFI and CCD.In other words, CEOs who possess backgrounds in environmental fields are better equipped to utilize digital financial tools, thereby enhancing the performance of corporate social responsibility.Additionally, a heterogeneity analysis reveals that the impact of DFI on CCD differs across various regions and ownership structures.Specifically, the effect is most prominent in the Northeast region, and it is more distinct in non-state-owned enterprises.This research not only contributes to the enrichment of academic literature related to digital finance and corporate social responsibility but also offers empirical evidence and practical insights.For enterprises, it provides guidance on how to leverage digital tools to fulfill social responsibilities; for policymakers, it offers valuable references for optimizing the digital finance environment.