| Paper Number | KCB-PP-2017-010 |
|---|---|
| Title | Corporate charitable contributions: business award winners giving behaviors |
| Title(Other) | |
| Author | Choong-Yuel Yoo ; Jinhan Pae |
| Publisher | Business Ethics |
| Abstract | We investigate corporate giving behaviors of prestigious business award winners in Korea. In particular, we examine whether ?rms strategically use corporate giving to enhance corporate reputation. We ?nd that (1) award winners generally make more charitable contributions than nonwinners prior to winning awards and maintain signi?cant charitable contributions after winning awards; (2) multiple award winners make even more charitable contributions than single-award winners; and (3) an increase in charitable contributions does not raise the probability of winning awards in the year after the increase. The results suggest that CEOs of award-winning ?rms do not use corporate giving opportunistically to enhance their status and reputation. Rather, signi?cant charitable contributions by award winners may be indicative of a sound business strategy to maximize long-term ?rm value. |
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