Climate Policy Uncertainty and Corporate Strategic Philanthropy —Evidence from China

This study investigates the impact of climate policy uncertainty (CPU) on corporate philanthropy using data from listed Chinese firms between 2010-2022. We find that CPU is positively associated with firms' charitable donations. After a series of robustness tests, including the use of instrumental variables, the conclusions remain robust. Furthermore, the positive relationship between CPU and corporate philanthropy is more significant for firms with few political connections and those in carbon-intensive industries.