Not All Good Deed Goes Rewarded: Authenticity of Corporate Donation and Financial Performance of the Firm (Job Market Paper)
Abstract: Using purpose of corporate donation as a measure of authenticity in corporate social responsibility behavior of individual firm, I find that donations intended for serving specific purpose does not improve firm value or financial performance. Rather, donations intended for broad purpose is associated with positive financial outcome and increases firm value. To examine relationship of genuineness, I utilize the Supreme Court Decision of Citizens United vs. FEC case. I confirm that donations supporting general goal is associated with positive financial performance. To evaluate a possible channel, I provide additional evidence that the firm’s engagement in broad prosocial contribution is positively related to employee satisfaction, which is known to be associated with positive firm-level outcome.
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