DOING GOOD DEEDS IN TIMES OF NEED: A STRATEGIC PERSPECTIVE ON CORPORATE DISASTER DONATIONS

• 成果类型: Article
• 署名作者: Muller, Alan; Kraussl, Roman
• 署名单位: University of Amsterdam; Vrije Universiteit Amsterdam
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.917
• 发表日期: 2011
• 页码: 911-929
• 关键词: CORPORATE PHILANTHROPY; Firm value; disasters; hurricane katrina; social irresponsibility

摘要

Major corporations often respond charitably in times of disaster. However, disasters can also impose nontrivial costs on firms themselves, and under adverse conditions, firms typically donate less, not more. This paper takes a strategic perspective on corporate magnanimity in times of crisis by looking at the relationship between firm value, reputation, and donations by U. S. Fortune 500 firms in the case of Hurricane Katrina. In general, we find that Katrina's landfall was associated with significant negative abnormal stock returns. In particular, we find that a reputation for social irresponsibility was associated with both the greatest drop in stock prices and the greatest likelihood of making a subsequent charitable donation in response to the disaster. Copyright (C) 2011 John Wiley & Sons, Ltd.