The relationship between corporate philanthropy and shareholder wealth: A risk management perspective

• 成果类型: Review
• 署名作者: Godfrey, PC
• 署名单位: Brigham Young University
• 刊物名称: ACADEMY OF MANAGEMENT REVIEW
• ISSN/ISSBN: 0363-7425
• DOI: 10.5465/amr.2005.18378878
• 发表日期: 2005
• 页码: 777-798
• 关键词: STAKEHOLDER THEORY; performance; companies; IMPACT

摘要

I present a complex theoretical explanation that draws on multiple bodies of literature to present an academically rigorous version of a simple argument: good deeds earn chits. I advance/defend three core assertions: (1) corporate philanthropy can generate positive moral capital among communities and stakeholders, (2) moral capital can provide shareholders with insurance-like protection for a firm's relationship-based intangible assets. and (3) this protection contributes to shareholder wealth. I highlight several managerial implications of these core assertions.