Corporate donations and shareholder value

• Main Authors: LIANG, Hao, RENNEBOOG, Luc
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2017
• Subjects: Corporate social responsibility; corporate philanthropy; charitable donations; political donations; corporate foundation; corporate governance; firm value; Finance; Finance and Financial Management
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/5337; https://ink.library.smu.edu.sg/context/lkcsb_research/article/6336/viewcontent/SSRN_id2885936.pdf
• Institution: Singapore Management University

Do corporate donations enhance shareholder wealth or reflect agency problems? We address this question for a global sample of firms whereby we distinguish between charitable and political donations, as well as between donations in cash and in kind. We find that charitable donations are positively re...