David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
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Journal of Business Ethics 45 (3):195 - 211 (2003)
In a departure from the traditional studies of corporate philanthropy that focus on board composition, advertising, and social networks, the authors investigate the financial correlates of corporate philanthropy. The research design controls for firm size and industry while observing firms from a variety of industries. The sample contains matched pairs of generous and less generous corporate givers. The authors find, as hypothesized, a positive relationship between a firm''s cash resources available and cash donations, but no significant relationship between corporate philanthropy and firm financial performance, regardless of whether corporate philanthropy is measured as cash payouts or the aggregate contributions that charities actually receive, and regardless of whether financial performance is gauged using accounting measures or market measures. Whereas the link between available resources and corporate philanthropy is well accepted in the literature on corporate social responsibility, it has been rarely tested and never so definitively found as in this research.
|Keywords||agency theory cash flow corporate philanthropy financial performance strategic management|
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Citations of this work BETA
Ran Zhang, Zabihollah Rezaee & Jigao Zhu (2010). Corporate Philanthropic Disaster Response and Ownership Type: Evidence From Chinese Firms' Response to the Sichuan Earthquake. [REVIEW] Journal of Business Ethics 91 (1):51 - 63.
Crawford Spence & Ian Thomson (2009). Resonance Tropes in Corporate Philanthropy Discourse. Business Ethics 18 (4):372-388.
Ran Zhang, Jigao Zhu, Heng Yue & Chunyan Zhu (2010). Corporate Philanthropic Giving, Advertising Intensity, and Industry Competition Level. Journal of Business Ethics 94 (1):39 - 52.
Tae Hee Choi & Jinchul Jung (2008). Ethical Commitment, Financial Performance, and Valuation: An Empirical Investigation of Korean Companies. [REVIEW] Journal of Business Ethics 81 (2):447 - 463.
Ma Del Mar García de Los Salmones, Angel Herrero Crespo & Ignacio Rodríguez Del Bosque (2005). Influence of Corporate Social Responsibility on Loyalty and Valuation of Services. Journal of Business Ethics 61 (4):369 - 385.
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