Cited by 1,020Corporate Social Responsibility ReportingCorporate Finance and GovernanceNonprofit Sector and Volunteering

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Agency Problems of Corporate Philanthropy

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Masulis, Ronald W., Reza, Syed Walid·2015·Review of Financial Studies

DOI 10.1093/rfs/hhu082

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Abstract

Evaluating agency theory and optimal contracting theory views of corporate philanthropy, we find that as corporate giving increases, shareholders reduce their valuation of firm cash holdings.Dividend increases following the 2003 Tax Reform Act are associated with reduced corporate giving.Using a natural experiment, we find that corporate giving is positively (negatively) associated with CEO charity preferences (CEO shareholdings and corporate governance quality).Evidence from CEO-affiliated charity donations, market reactions to insider-affiliated donations, its relation to CEO compensation, and firm contributions to director-affiliated charities indicates that corporate donations advance CEO interests and suggests misuses of corporate resources that reduce firm value.

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Authors: Masulis, R. W., & Reza, S. W.
Affiliations: UNSW Sydney (AU)
Queensland University of Technology (AU)
ORCID: Masulis, Ronald W.
Reza, Syed Walid
Venue: Review of Financial Studies
Publisher: Oxford University Press (OUP)
Published: 2014-11-18
Volume: 28
Issue: 2
Pages: 592-636
ISSN: 0893-9454 (ISSN-L)
1465-7368
DOI: 10.1093/rfs/hhu082
OpenAlex: W2247506531
Cited by: 1,020
References: 30
Citations by year: 2026: 101 · 2025: 156 · 2024: 161 · 2023: 140 · 2022: 138 · 2021: 85 · 2020: 95 · 2019: 50 · 2018: 38 · 2017: 22 · 2016: 16 · 2015: 11 · 2014: 3
FWCI: 53.29
Type: journal article
Language: en
Open access: bronze
doi.org
Locations: Review of Financial Studies (publishedVersion)
QUT ePrints (Queensland University of Technology) (submittedVersion)
RePEc: Research Papers in Economics (submittedVersion)
QUT Business School
Topics: Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
Social Sciences › Sociology and Political Science › Nonprofit Sector and Volunteering
Keywords: corporate philanthropy, agency theory, optimal contracting, shareholder valuation, cash holdings, dividends, CEO shareholding, corporate governance quality, CEO compensation, firm value

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Agency Problems of Corporate Philanthropy

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