This volume illuminates philanthropy in Africa through case studies and ethnographic material across a number of themes: cycles of reciprocity among black professionals, social justice philanthropy, community foundations, as well as ubuntu and giving in township and rural settings. Leading thinkers on normative aspects of philanthropy in Africa also critically explore the theories, perspectives and research on philanthropy."--Back cover.

Philanthropy and American Higher Education follows the issues that have persisted in giving and receiving philanthropy to American colleges and universities from the seventeenth century to present day. Through historical, philosophical, economic and legal perspectives, along with data analysis, Thelin and Trollinger outline their belief that support of higher education through philanthropy is central to the historic and future character of colleges and universities. This timely work is essential to the present and future financial planning and academic (...) direction of institutions, and the future of philanthropy for colleges and universities across the country. (shrink)

This paper briefly reviews the theories that seek to explain the phenomenon of corporate charitable donations and then provides a review of the empirical issues that have arisen in previous studies in this area. The findings of an analysis of charitable donations data from the entire U.K. FTSE index for the years 1985–2000 are then reported. These findings include the observation of a time-related increase in charitable donations, which is compared with an earlier study to give a 24 year history (...) of charitable donations in the U.K. The findings note little responsiveness of the monetary value of charitable donations to the economic performance of firms. An international comparison over time against U.S. trends is also reported and shows how U.S. corporations have traditionally been more generous than U.K. firms, but that the trend in the U.S. is downwards. Membership of a U.K.-based "tithing" club (the PerCent Club) is shown to be associated with higher profit performance against non-members. Members' charitable contributions against profit are shown to be higher than the FTSE mean although short of the 0.5% target figure in "cash" terms. The paper concludes with a brief discussion of these findings in relation to the theoretical positions advanced for corporate philanthropy. (shrink)

Drawing on stakeholder theory and the concept of enlightened self-interest, we argue that firms that actively engage in corporate philanthropic giving also tend to demonstrate greater concern for investors’ interests by providing more transparent financial information and avoiding corporate misconduct. Moreover, the relationships between corporate giving, financial information transparency, and corporate misconduct vary significantly according to the firm’s ownership type, which affects the fundamental motivations for corporate philanthropy. In a sample of Chinese publicly listed firms from the 2003–2009 period, (...) we find a positive relationship between corporate giving and financial transparency, and note that the relationship is stronger for non-state-owned enterprises. We also find a significantly negative association between corporate giving and corporate misconduct for non-SOEs, but not for SOEs. Taken together, these findings suggest that responsibility to both stakeholders and shareholders is a vital part of building trust and reputations in China’s non-SOE sector. (shrink)

Scholars have long suggested that CEOs can benefit from corporate philanthropy. However, little is known about this relationship in contexts of authoritarian capitalism such as China, where the state not only uses its control of economic entities to pursue social goals but also plays a key role in CEOs’ careers. We theorize how corporate philanthropy among state-controlled firms increases the CEO’s likelihood of receiving career benefits from the state in the form of outside directorships. Outside directorships represent an (...) important form of social capital in the Chinese context, and corporate philanthropy is an important mechanism through which social capital can be acquired. In addition, we theorize how two factors—the degree of state ownership and the number of independent directors on the CEO’s board—moderate this relationship. Analyzing a 12-year panel of state-controlled, publicly-listed firms in China comprising 6,594 firm-year observations, we find general support for our ideas. In so doing, we contribute to scholarship on the business–society relationship and corporate governance in the context of authoritarian capitalism. (shrink)

This study examines the role of corporate philanthropy in the management of reputation risk and shareholder value of the top 100 ASX listed Australian firms for the 3 years 2011–2013. The results of this study demonstrate the business case for corporate philanthropy and hence encourage corporate philanthropy by showing increasing firms’ investment in corporate giving as a percentage of profit before tax, increases the likelihood of an increase in shareholder value. However, the proviso is that firms must (...) also manage their reputation risk at the same time. There is a negative association between corporate giving and shareholder value which is mitigated by firms’ management of reputation. The economic significance of this result is that for every cent in the dollar the firm spends on corporate giving, Tobin’s Q will decrease by 0.413 %. In contrast, if the firm increase their reputation by 1 point then Tobin’s Q will increase by 0.267 %. Consequently, the interaction of corporate giving and reputation risk management is positively associated with shareholder value. These results are robust while controlling for potential endogeneity and reverse causality. This paper assists both academics and practitioners by demonstrating that the benefits of corporate philanthropy extend beyond a gesture to improve reputation or an attempt to increase financial performance, to a direct collaboration between all the factors where the benefits far outweigh the costs. (shrink)

The dynamic organisational processes in businesses dilute the boundaries between the individual, organisational, and societal drivers of corporate philanthropy. This creates a complex framework in which charitable project selection occurs. Using the example of European tour operators, this study investigates the mechanisms through which companies invest in charitable projects in overseas destinations. Inextricably linked to this is the increasing contestation by local communities as to how they are able to engage effectively with tourism in order to realise the benefits (...) tourism development can bring. This research furthers such debates by exploring the processes through which tour operators facilitate community development through charitable giving. Findings show, with no formal frameworks in existence, project selection depends upon emergent strategies that connect the professional with the personal, with trust being positioned as a central driver of these informal processes. Discretionary responsibilities are reworked through business leaders’ commitment to responsible business practises and the ethical subjectivity guiding these processes. (shrink)

경건을 정의하는 표면적 기획에 관한 한 『에우튀프론』은 정의(定義) 대화편이고 종교 이야기다. 그러나 『변명』 및 『크리톤』과 이루는 삼부작이라는 심층적 기획에 착안하면, 그것은 단순히 경건의 정의 이야기에 머무는 것이 아니라 경건과 정의(正義)를 어떻게 나누고 가르칠 것인가를 다루는 소통과 공감이야기요 교육 이야기다. 이 소통-교육 이야기는 소크라테스의 ‘인간애’를 특징적으로 부각하는데, 그 주된 면모는 ‘자신을 내어줌’이다. 이 작품에서 지혜 주장을 하는 에우튀프론은 정작 그것의 나눔에 ‘인색’한 반면, 무지 주장을 하는 소크라테스는 오히려 대화 상대에게 물음 제공자로서 ‘자신을 내어주는’ ‘인간애’를 드러낸다. 그의 ‘인간애’는 자신의 아포리아에 더해 남들도 (...) 자기처럼 아포리아에 빠져 무지 고백자가 되게 만드는 소통과 공감의 작업이며, ‘가르치지 않는 교육’이요, 질문을 통해 제자 자신이 스스로를 개선하고 계발하는 데 연습상대로 이용할 수 있도록 자신을 내어주는 에로스다. ‘자신을 내어줌’은 소크라테스 식 대화에서 논변의 소유권을 상대에게 귀속시키는 태도와 궤를 같이하는 소크라테스 식 소통-교육의 요체다. 배울거리를 넘겨주고 반대급부로 돈을 요구하는 소피스트적 교육과 달리 소크라테스적 소통-교육은 ‘주고받음’, 즉 공감과 공유를 중시한다. 자기 것 일부, 즉 배울거리를 넘겨주는 대신 자신 전체, 즉 영혼을 상대가 이용할 수 있게 온전히 내어준다. 『변명』 삼부작에서 소크라테스는 설득과 소통보다 진실과 정의에 몰두하는 『변명』에서부터 출발하여 『크리톤』에서는 설득과 공감으로, 『에우튀프론』을 통해서는 소통과 교육으로 차츰 문제 지평을 넓혀 간다. 이는 진실과 정의의 진정성이나 공유 의도만이 아니라 소통-교육의 성공, 즉 공유의 성취에까지 주목하는 플라톤의 문제의식의 발전을 반영한다. 그것에 따르면 교육은 소통을, 소통은 교육을 필요로 한다. 즉, 소통되는 교육이어야 하고, 교육적인 소통이어야 한다. (shrink)

In this article we argue that the emergence of a new form of organization – community enterprise – provides an alternative mechanism for corporations to behave in socially responsible ways. Community enterprises are distinguished from other third sector organisations by their generation of income through trading, rather than philanthropy and/or government subsidy, to finance their social goals. They also include democratic governance structures which allow members of the community or constituency they serve to participate in the management of the (...) organisation. Partnerships between corporations and community enterprises therefore raise the possibility of corporations moving beyond philanthropic donations toward a more sustainable form of intervention involving long-term commitments to communities. At the same time they change substantively the nature of any collaboration by allowing relationships to proceed on the basis of mutual advantage, thereby broadening their appeal and scope. In doing so, partnerships build capacity and enfranchise communities in a way that avoids the paternalism that has traditionally characterised relationships between corporations and voluntary sector organisations. Power relations are transformed because partners are seen as sources of valuable assets, knowledge and expertise, rather than recipients of patronage or charity. (shrink)

It has been claimed that ‘virtuous structures’ can foster moral agency in organisations. We investigate this in the context of employee involvement in corporate philanthropy, an activity whose moral status has been disputed. Employing Alasdair MacIntyre’s account of moral agency, we analyse the results of eight focus groups with employees engaged in corporate philanthropy in an employee-owned retailer, the John Lewis Partnership. Within this organisational context, Employee–Partners’ moral agency was evidenced in narrative accounts of their engagement in philanthropic (...) activities and in their disputes about the moral status of corporate philanthropy. (shrink)

Philanthropy is everywhere. In 2013, in the United States alone, some $330 billion was recorded in giving, from large donations by the wealthy all the way down to informal giving circles. We tend to think of philanthropy as unequivocally good, but as the contributors to this book show, philanthropy is also an exercise of power. And like all forms of power, especially in a democratic society, it deserves scrutiny. Yet it rarely has been given serious attention. This (...) book fills that gap, bringing together expert philosophers, sociologists, political scientists, historians, and legal scholars to ask fundamental and pressing questions about philanthropy’s role in democratic societies. (shrink)

Because it promises to benefit business and society simultaneously, strategic philanthropy might be characterized as a “happy marriage” of corporate social responsibility behavior and corporate financial performance. However, as evidence so far has been mostly anecdotal, it is important to understand to what extent empirics support the actual practice as well as value of a strategic approach, which creates both business and social impacts through corporate philanthropic activities. Utilizing data from the years 2006 to 2009 for a sample of (...) the Dow Jones Sustainability Index, which monitors the world’s most sustainable companies, the authors test a model of strategic philanthropy in which the dependent variable is evidence that a firm does or does not measure business and social impacts simultaneously. From the DJSI data, the authors find a proposed measure of overall corporate social performance to be the most important explanatory factor for engagement in strategic philanthropy. Moreover, this measure of CSP has a mediating effect on the relations between certain independent variables and strategic philanthropy. Other important findings provide support for the influence of the institutional factors industry and region on the likelihood that companies are practicing strategic philanthropy, but little effect of the business characteristics company size and profitability on that likelihood. (shrink)

This article argues that previous research on the outcomes of corporate responsibility should be refined in two ways. First, although there is abundant research that addresses the link between corporate responsibility (CR) and financial performance, hardly any studies scrutinize whether the type of corporate responsibility makes a difference to this link. Second, while the majority of CR research conducted within business studies concentrates on the financial outcomes for the firm, the societal outcomes of CR are left largely unexplored. To tackle (...) these two deficiencies, this article extends the different conceptualizations of corporate responsibility and elaborates both the financial and the societal outcomes of different types of CR. (shrink)

How to mitigate stock price crash risk has become a focus in the theoretical and practical fields. Building on the work of Kim et al., this paper investigates the relation between corporate philanthropy and crash risk under the unique Chinese institutional background. The results show that both state ownership and the 2005 split share reform attenuate the mitigating effect of corporate philanthropy on crash risk. Specifically, the negative relation between corporate philanthropy and crash risk is less pronounced (...) for state-owned enterprises than for non-state-owned enterprises, and it is also less pronounced after firms accomplish the split share reform. Further, this effect is more pronounced for firms with greater financial risks and poorer performance. Our paper contributes to the growing literature on the determinants of stock price crash risk and the economic consequences of corporate philanthropy. It also offers useful guidance to firms that are seeking to reduce stock price crash risk in emerging markets. (shrink)

We review some 30 years of academic research on corporate philanthropy, taking stock of the current state of research about this rising practice and identifying gaps and puzzles that deserve further investigation. To do so, we examine a total of 162 academic papers in the fields of management, economics, sociology, and public policy, and analyze their content in a systematic fashion. We distinguish four main lines of inquiry within the literature: the essence of corporate philanthropy, its different drivers, (...) the way it is organized, and its likely outcomes. After reviewing the main findings of the literature, we build on several research gaps to highlight directions for future research on corporate philanthropy with an interest in strengthening our understanding of this fascinating phenomenon at the crossroads of business and society. (shrink)

On the basis of a definition of God as “love”, human philanthropy is derived from Divine philanthropy, and therefore extends to all human beings. Because Divine philanthropy is most centrally expressed in Christ's incarnation and resurrection, Christ's identification with all who suffer presents the strongest motivation for human philanthropy. After a short review of the Romanian Orthodox Church's development after 1989, the author turns to his special case study, the Social-Medical Day-Care Christian Centre for older citizens. (...) He describes the wan in which Church-based philanthropy can integrate social-medical with Christian pastoral care, and how this work draws the local communities into assuming a shared responsibility. (shrink)

This paper examines the association between corporate philanthropy and tunneling by controlling shareholders. Using a unique dataset from China, the paper finds evidence that firms donating more are less likely to tunnel. The negative association between philanthropy and tunneling is stronger when firms are faced with more severe agency conflicts, as indicated by lower largest shareholding, fewer growth opportunities, lower state ownership, and weaker product market competition. The results suggest that companies engaging in philanthropy have incentives to (...) enhance their reputations and improve their relationships with stakeholders. (shrink)

This paper addresses the question of the existence of corporate philanthropy. It proposes a framework for analysing corporate philanthropy along the dimensions of business/society interest and primary/secondary stakeholder focus. The framework is then applied in order to understand business involvement with the arts in the U.K. A unique dataset of 60 texts which describe different firms' involvement with the Arts is analysed using formal content analysis to uncover the motivations for business involvement. Cluster analysis is then used in (...) order to identify motivational groupings. Two broad types of involvement are identified – advertisers and legitimators. Only in one case of the 60 is there the potential to observe pure altruism. The contribution of this paper is twofold. First, it provides a clear framework to understand the motivations for corporate giving and applies this using empirical data. Secondly, this research finds little evidence, if at all, of corporate philanthropy in the context of firms giving to the Arts in the U.K. (shrink)

Nonprofit organizations play a crucial role in society. Unfortunately, many such organizations are chronically underfunded and struggle to meet their objectives. These facts have significant implications for corporate philanthropy and Kant’s notion of imperfect duties. Under the concept of imperfect duties, businesses would have wide discretion regarding which charities receive donations, how much money to give, and when such donations take place. A perceived problem with imperfect duties is that they can lead to moral laxity; that is, a failure (...) on the part of businesses to fulfill their financial obligations to nonprofit organizations. This article argues the problem of moral laxity rests on a misinterpretation of Kantian ethics and, therefore, is really not a problem at all. As such, we argue corporate philanthropy while an imperfect duty should be interpreted more akin to perfect duties and, as a consequence, moral laxity does not arise for those corporations committed to acting on the basis of the moral law. More specifically, firms have duty-based obligations on the basis of benevolence, and as good corporate citizens, to help fund non-profit organizations. (shrink)

How can anyone be opposed to private philanthropy? Such philanthropy consists in persons freely giving of their wealth or other goods to benefit individuals and groups they consider worthy of support. As private persons, they act apart from – although not, of course, in contravention of – the political apparatus of the state. In acting in this beneficent way, the philanthropists are indeed, as their name etymologically implies, lovers of humanity; and their efforts are also justified as exercises (...) of their right to freedom, including the free use of the resources they own, which they have presumably acquired by their own free efforts or by the efforts of other persons who have freely transferred these resources to them. Thus, private philanthropy combines two of the highest values of individual and social morality: personal freedom and interpersonal beneficence. I. Moral Problems of Private Philanthropy Many questions about moral, and especially human, rights arise from private philanthropy as thus briefly characterized. These questions may be divided into three sets, which focus respectively on the agents of philanthropy, on the recipients of philanthropy, and on the objects for which philanthropic awards are given. First, regarding the agents: Do they have a right to all the wealth they possess? Have they accumulated this wealth in a way that has respected the moral rights of other persons? If the answer is negative, even in part, then in what morally valid sense is all the wealth in question theirs to give away, even if they use it for philanthropic purposes: Do they have a right to give it away as they choose? (shrink)

This paper analyzes the determinants of corporate reputation within a sample of large UK companies drawn from a diverse range of industries. We pay particular attention to the role that philanthropic expenditures and policies may play in shaping the perceptions of companies among their stakeholders. Our findings highlight that companies which make higher levels of philanthropic expenditures have better reputations and that this effect varies significantly across industries. Given that reputational indices tend to reflect the financial performance of organizations above (...) other factors (Fryxell, G. E. and J. Wang: 1994, Journal of Management 20, 1–14) and that elements of the literature emphasise that discretionary aspects of social responsibility, including corporate donations, may not be in the financial interests of organizations (e.g. Friedman, M.: 1970, “The Social Responsibility of Business is to Increase its Profits”, New York Times Magazine, September 13), this is a significant finding. It suggests that philanthropic expenditures may play a significant role in stakeholder management and may, in particular, lead to stakeholders holding more positive impressions of philanthropic corporations. (shrink)

The increasing demands placed on private welfare services and calls for business to fulfil its social responsibilities have heightened interest in corporate charitable donations in the United Kingdom. Adjustments to the corporation tax system have been made to encourage companies to give more. The article outlines the legal and fiscal background to company giving, examines its magnitude and reports on a survey of company practice.

This article investigates the effects of firm size, profitability, industry affiliation, and the business cycle on retailer philanthropy. The importance of industry and firm effects on giving was analyzed with regression models using industry-fixed effects as well as firm strategy variables. The analysis included instrumental variables methodology to account for simultaneity in the charitable giving–profits relationship. Data were gathered from the IRS Corporate Statistics of Income Sourcebook, data that provide firm size class measures covering the entire firm size distribution (...) ranging from small retailers up to large multi-national retail firms. Retailer philanthropy was measured as the ratio of charitable contributions to total receipts. Important findings include a cubic relationship between retailer philanthropy and firm size; industry effects stronger than those observed for retail profit; and the absence of business cycle effects. The empirical research relating retail charitable giving to firm attributes including firm size and advertising, industry and business cycle factors are unique in the business ethics literature. Prior studies regarding the importance of industry on charitable giving utilized data across broad sectors of the economy. Firms from different sectors could be expected to differ in philanthropic approach due to differences in public contact as well as differences in public relations exposure. The strong industry effects reported for this sample of exclusively retail firms, with similar public contact, provide strong evidence for the importance of industry in determining firms’ charitable strategies. (shrink)

Family firm philanthropy (FFP) is the donation of resources to support societal betterment in ways meaningful for the controlling family. Family business literature suggests that socioemotional goals of achieving family prominence, harmony, and continuity drive FFP. However, these drivers fail to explain spiritually motivated philanthropic behaviors like anonymous giving by business families. 14 case studies of Indian Hindu business families with a combined FFP exceeding 2 billion INR in 2016–17 reveal spirituality or the moral dimension as an additional important (...) driver of corporate behaviors like FFP. Two fundamental spiritual beliefs of dharma (duty towards society) and karma (right to action without expectation of rewards) instill a duty-bound giving culture in Hindus. However, the strength of each belief varies in controlling families revealing four configurations of philanthropists labeled as Devout, Committed, Devoid, and Coerced in this study. Devouts, the biggest givers, are spiritually motivated, controlled by at least third-generation family members with executive power and professional support. Committed philanthropists are motivated by societal development rather than spirituality. While devoids hold spiritual beliefs, they neglect to devote appropriate resources or develop professional structures to support FFP. Coerced, the smallest givers, focus on business growth, lack family champions or supporting professional structures, and face turbulent family or business domains. (shrink)

This paper investigates the degree to which corporate philanthropy is influenced by the extent to which a firm is internationalised and/or whether it hasoperations in one or more controversial countries. Utilising data on a sample of large UK firms, we find evidence of a positive effect not for internationalisation per se, but only for a presence in these controversial countries. More specifically, we find evidence that in this connection the salient feature of a country is a lack of political (...) rights and/or civil liberties, rather than a presence of rampant corruption. Furthermore, this positive impact on charitable giving is restricted to a presence in only those countries that are, according to Freedom House indicators, most lacking (and so controversial) in this respect. (shrink)

Individual studies have contributed to our knowledge of corporate philanthropy, but to date they remain fragmented. We proposed to extricate the conceptual and empirical work in corporate social responsibility from the conceptual and empirical work on corporate philanthropy, limiting our review to works that specifically refer to corporate philanthropy, as well as works that are labeled as corporate social responsibility but actually operationalize it as philanthropy. We will present an integrative model of corporate philanthropy research (...) that draws on research from a variety of perspectives and shows how the antecedents, processes, and outcomes of philanthropic process have been studied. We will recommend an agenda for future research that highlights research foci that are understudied, argues for greater theoretical and disciplinary diversity in the study of philanthropy, and points out new opportunities for better understanding the philanthropic process. (shrink)

This study examined the influence of corporate giving programs on the link between certain categories of corporate crime and corporate reputation. Specifically, firms that violate EPA and OSHA regulations should, to some extent, experience a decline in their reputations, while firms that contribute to charitable causes should see their reputations enhanced. The results of this study support both of these contentions. Further, the results suggest that corporate giving significantly moderates the link between the number of EPA and OSHA violations committed (...) by a firm and its reputation. Thus, while a firm's reputation can be diminished through its violation of various government regulations, the extent of the decline in reputation may be significantly reduced through charitable giving. (shrink)

Building on the literature on hybrid organizations, this manuscript explores the relationship between the organizational activity of social enterprises backed by venture philanthropy investors and income inequality. Using Ashoka’s portfolio of Indian social enterprises as empirical context of Western venture philanthropy investing activity, our results suggest that Indian municipalities with social enterprises that have received venture philanthropy investments experience a decrease in income inequality level and when these social enterprises are dominated by a collectivistic organizational identity orientation (...) the effect is stronger. Our findings have implications for the research on hybrid organizations, financing of social entrepreneurship and grand ethical challenges. (shrink)

Here is a contemporary social paradox: Modern liberal democracy rests upon a platform of a pluralistic civil society. Philanthropy, by providing vital resources, is an essential feature of that civil society. Yet philanthropy also plays an ambiguous role in democracy. Therefore philanthropy potentially both supports and detracts from democracy. This essay explores the nature of this paradox and its implications for the practice of contemporary philanthropy.Neither "civil society" nor "democracy" has a single, universally accepted meaning in (...) the contemporary world. In differing historical and philosophical contexts, civil society has been used to describe a broad spectrum of social phenomena—the realm of social .. (shrink)

Purpose This paper aims to examine whether companies engaging in corporate philanthropy, a component of corporate social responsibility, disclose information about such activities publicly on their websites, analyze whether there is a relation between the kind of charitable giving, the number of donation types, or the industry sector the company belongs to, the mention on the company website and whether there is a relation between communicate company corporate philanthropy and communicate other company CSR issues. Design/methodology/approach The research methodology (...) was descriptive statistics research method. The data were collected during the months of June and July 2013 from the websites of 141 companies that had recently engaged in corporate philanthropy. Findings The study found that, surprisingly, a considerable portion of companies practicing corporate philanthropy do not disclose that information on their websites. This was especially the case when donations were made with product instead of in cash. Originality/value This study quantifies the fact that many companies engage in CSR through corporate philanthropy but do not communicate those activities to a wider public. This can be seen as a missed opportunity to take advantage of a variety of positive effects that companies related to CSR benefit from. On the other hand, it can also be interpreted as a missed opportunity for the NGOs to encourage their donors to “come out” with their philanthropic activities. (shrink)

This paper is concerned with the empirical schema of corporate philanthropy research. Whilst significant pieces of work have been produced of late, I argue the field could expand its empirical range. Drawing on novel contemplations in management research, I suggest narrative methodology as a style for the discovery of meaning.

This paper outlines issues of corporate philanthropy research. Of significant value is that normative prescriptions and non-empirical conceptual models lack thesupport of rigorous empirical research. Moreover, dominant methodological approaches embedded in the positivist tradition lack the depth required inunderstanding managerial involvement in corporate philanthropic programmes. Accordingly, this paper argues for new methodological insights. The research agenda should question the capitalistic nature of corporations, delve deep into management thought and recognise the affect of corporate philanthropy on multiple corporate stakeholders.

A number of scholars have argued that we should pay closer attention to the role that philanthropy plays in shaping our societies. Philanthropic foundations are inherently political. They use private money for public purposes, and they receive tax advantages for the donations they make, but they typically lack transparency and public accountability. In this article, I argue that elite philanthropy may also violate three other democratic principles: the all-affected principle; the principle of non-arbitrary power; and the provisionality principle. (...) In response, I argue that we should consider using innovative democratic institutions — such as participatory budgeting processes — to decide how philanthropic funds should be used and distributed. Taking measures to democratize philanthropy would help mitigate some of the democratic concerns with elite philanthropy while acknowledging the important role that philanthropy plays in shaping our present, unequal societies. (shrink)

The link between corporate philanthropy and firm value has been controversial. On one hand, corporate philanthropy is often criticized as an agency cost because it may serve narrow managerial self-interests. On the other hand, corporate philanthropy may enhance firm value because it improves the relationships between firms and their stakeholders. In this study, we argue that this controversy is contingent upon whether corporate governance mechanisms can stimulate the financial benefit of corporate philanthropy. Based on a sample (...) of U.S. firms from 1996 to 2003, we find that CEO long-term pay positively moderates the relationship between corporate philanthropy and firm value while multiboard outside directors negatively moderate this relationship. Contrary to our expectations, we find that the relationship between corporate philanthropy and firm value enhances as CEO tenure increases. Our findings show that corporate governance plays an important moderating role in the relationship between corporate philanthropy and firm value. (shrink)

Using agency theory, this study empirically examined the relationship between board composition and corporate philanthropy. Generally, the ratio of insiders to outsiders, the percentage of insider stock ownership, and the proportion of female and minority board members were found to be positively and significantly associated with firms'' charitable contributions.

Corporate philanthropy describes the action when a corporation voluntarily donates a portion of its resources to a societal cause. Although the thought of philanthropy invokes feelings of altruism, there are many objectives for corporate giving beyond altruism. Meeting strategic corporate objectives can be an important if not primary goal of philanthropy. The purpose of this paper is to share insights from a strategic corporate philanthropic initiative aimed at increasing the pool of frontline customer contact employees who are (...) performance-ready, while supporting curriculum development and infrastructure improvement for selected university business programs, creating a win-win situation for the company and the universities. This paper will address three objectives. First, we will examine the evolution of strategic philanthropy from the traditional view to its current position as a strategic option. Second, we will address the recruitment of front line talent needs (customer facing jobs in sales, customer service, and marketing) based on the profit maximization model of strategic philanthropy. Finally, we will offer conclusions and issues for future research. (shrink)