Arbeitspapier
Corporate philanthropic practices
We study corporate philanthropy using an original database that includes firm-level data on dollar giving, giving priorities, governance, and managerial involvement in giving programs. Results provide some support for the theory that giving enhances shareholder value, as firms in the same industry tend to adopt similar giving practices and firms that advertise more intensively also give more to charity. But much of our evidence indicates that agency costs play a prominent role in explaining corporate giving. Firms with larger boards of directors are associated with significantly more cash giving and with the establishment of corporate foundations. Consistent with effective monitoring by creditors, firms with higher debt-to-value ratios give less cash to charities and are less likely to establish foundations. The empirical work considers the impact of industry regulation on giving and controls for state philanthropy laws and fiduciary responsibility laws.
- Language
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Englisch
- Bibliographic citation
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Series: Claremont Colleges Working Papers ; No. 2006-01
- Classification
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Wirtschaft
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Corporate Finance and Governance: Government Policy and Regulation
Business and Securities Law
Economics of Regulation
Accounting
- Subject
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Corporate philanthropy : corporate governance
boards of directors
monitoring, agency costs
Wohltätigkeit
Unternehmensethik
Corporate Governance
Vorstand
Leistungskontrolle
USA
- Event
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Geistige Schöpfung
- (who)
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Brown, William O.
Helland, Eric
Smith, Janet Kiholm
- Event
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Veröffentlichung
- (who)
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Claremont McKenna College, Department of Economics
- (where)
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Claremont, CA
- (when)
-
2006
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
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Object type
- Arbeitspapier
Associated
- Brown, William O.
- Helland, Eric
- Smith, Janet Kiholm
- Claremont McKenna College, Department of Economics
Time of origin
- 2006