Comparing Big Givers and Small Givers Financial Correlates of Corporate Philanthropy 比较大捐助者和小捐助者：企业慈善事业的财务关联.pdfVIP

Comparing Big Givers and Small Bruce Seifert Givers: Financial Correlates Sara A. Morris of Corporate Philanthropy Barbara R. Bartkus ABSTRACT. In a departure from the traditional rarely tested and never so definitively found as in this studies of corporate philanthropy that focus on board research. composition, advertising, and social networks, the authors investigate the financial correlates of corpo- KEY WORDS: agency theory, cash flow, corporate rate philanthropy. The research design controls for philanthropy, financial performance, strategic man- firm size and industry while observing firms from a agement variety of industries. The sample contains matched pairs of generous and less generous corporate givers. The authors find, as hypothesized, a positive rela- tionship between a firm’s cash resources available and According to the Council on Economic cash donations, but no significant relationship Priorities and Worth magazine (2001), the most between corporate philanthropy and firm financial generous corporate philanthropists were generous performance, regardless of whether corporate phil- indeed in 1999 – 25 U.S. corporations donated anthropy is measured as cash payouts or the aggre- at least $50 million apiece. The pattern of recip- gate contributions that charities actually receive, and ients varied. For example, Merck, the biggest regardless of whether financial performance is gauged