The benevolence of the billionaires: Evidence from China's Hurun rich list

• Debuted entrepreneurs will increase corporate donations. • Media coverage plays a mediating effect. • Findings are augmented by poor institutional environment and information transparency. This study investigates whether and how the public pressure on entrepreneurs' wealth shapes corporate donations in the context of China. Using a sample in 2010–2019 and a general difference-in-difference approach, we find that debuted entrepreneurs will increase corporate donations. This is robust to different samples and estimation approach. We also demonstrate the mediating effect of media coverage and find the impact is augmented when firms are located in areas with a poor institutional environment or less information transparency. This article explains the impact of the public pressure on corporate decision-making from the perspective of the disclosure of entrepreneurs’ wealth.