The determinants of sustainable corporate performance in public listed companies in China : The mediating role of strategic philanthropy

In recent years, both global and local corporations have faced heightened environmental volatility, resulting in inconsistent performance and an urgent need to pursue corporate performance sustainability. This study investigates how listed companies in China can achieve sustainable corporate performance within an emerging economy characterized by instability, uncertainty, and underdeveloped formal institutions. Drawing on the triple bottom line theory, the dynamic capabilities perspective of the resource-based view, and the concept of creating shared value, this study explores the relationships among organizational learning, organizational guanxi, and Confucian ethics as predictor variables; strategic philanthropy as a mediating variable; and sustainable corporate performance as the dependent variable. It develops a conceptual path linking corporate resources to sustainable corporate performance through strategic philanthropy. A quantitative research design was employed using data collected from 156 Chinese listed firms that have established corporate philanthropic foundations. Data analysis was conducted using SmartPLS and SPSS software. The findings reveal that organizational learning, organizational guanxi, and Confucian ethics each have positive and significant effects on sustainable corporate performance. Furthermore, strategic philanthropy mediates these relationships. This research extends the triple bottom line theory by identifying a new strategic pathway to corporate sustainability. It also contributes to the resource-based view by highlighting underexplored contingent resources that enhance sustainable corporate performance and enriches the creating shared value framework by identifying new conditions under which firms engage in strategic philanthropy. The findings suggest that policymakers should foster an enabling environment that encourages firms to engage in strategic philanthropy. Corporate managers are advised to integrate organizational learning, organizational guanxi, Confucian ethics, and strategic philanthropy to achieve long-term sustainability and competitive advantage