Abstract: Based on the resource dependence theory and the transaction cost theory, taking the listed companies in Shanghai and Shenzhen A-share markets as samples, this paper theoretically analyzes and empirically tests the impact of customer concentration on corporate donation and its internal mechanisms. The findings indicate that the higher the customer concentration, the lower the level of corporate donation will be. With the increase in product uniqueness, customer concentration would have a stronger impact on corporate donation. In state-owned enterprises, the strength of the impact of this kind of relationship is weaker than that in non-state-owned enterprises. In areas with better institutional environment, the impact of customer concentration on corporate donation is stronger. The conclusions of this study can effectively explain the differences between the willingness and behaviors of corporate donations; meanwhile it reveals the importance of customer concentration on corporate behaviors.

Key words: customer concentration; corporate donation; product uniqueness; ownership property; institutional environment