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

The DOI matches its Crossref record; 30 of the 30 references it cites were found in a registry or an index.

Agency Problems of Corporate Philanthropy

Open access

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

DOI 10.1093/rfs/hhu082

Open this paper in CoChat — free account Open PDF

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.

Integrity signals

Registry

Crossref · 10.1093/rfs/hhu082

Cites

30 of 30 references verified0 citation errors · 0 not checkable

Statistics

Recomputing p-values needs the paper’s full text.

Claims the paper makes

We couldn’t retrieve this paper’s full text, so its claims and self-check weren’t run. The registry and citation checks still apply.

Claims other papers make about this one

Each is checked against this paper’s own text: does it say what the citing paper says it does?

Theory of the firm: Managerial behavior, agency costs and ownership structure
Jensen, M. C., & Meckling, W. H. (1976) · Journal of Financial Economics · doi:10.1016/0304-405x(76)90026-x · Cited by 71,491
Separation of Ownership and Control
Fama, E. F., & Jensen, M. C. (1983) · The Journal of Law and Economics · doi:10.1086/467037 · Cited by 19,914
Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
Jensen, M. C. (1986) · Cited by 17,275
Agency Problems and the Theory of the Firm
Fama, E. F. (1980) · Journal of Political Economy · doi:10.1086/260866 · Cited by 10,543
Higher market valuation of companies with a small board of directors
Yermack, D. (1996) · Journal of Financial Economics · doi:10.1016/0304-405x(95)00844-5 · Cited by 6,659
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
What Matters in Corporate Governance?
Bebchuk, L., Cohen, A., & Ferrell, A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn099 · Cited by 2,906
Individual and Corporate Social Responsibility
BÉNABOU, R., & TIROLE, J. (2010) · Economica · doi:10.1111/j.1468-0335.2009.00843.x · Cited by 2,237
Partial adjustment toward target capital structures
Flannery, M. J., & Rangan, K. P. (2005) · Journal of Financial Economics · doi:10.1016/j.jfineco.2005.03.004 · Cited by 2,053
The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems
JENSEN, M. C. (1993) · The Journal of Finance · doi:10.2307/2329018 · Cited by 1,666

Show all 30 references

Research works printed but not linked: 7

Altschuller, 2010, Distinctions with differences: The lawyer's role in distinguishing CSR and corporate philanthropy, International Law News, 39, 11
Bebchuk L. Fried J. Pay without performance: The unfulfilled promise of executive compensation. Cambridge and London: Harvard University Press; 2004.
Chetty, 2005, Dividend taxs and corporate behavior: Evidence from the 2003 dividend tax cut, Quarterly Journal of Economics, 3, 791
Cohen, 2002, Corporate giving: De-cloaking stealth philanthropy, Nonprofit Quarterly, 9, 47
Hermalin, 1998, Endogenously chosen board of directors and their monitoring of the CEO, American Economic Review, 88, 96
KrÜger P. Corporate goodness and shareholder wealth. Journal of Financial Economics. Forthcoming.
Monk R. A. G. Minow N. Corporate governance. 3rd. Hoboken, NJ: Wiley; 2004.

Sorted by citations

Items 401–500 of 999

Does auditor quality enhance CSR disclosure?
Lee, J., Lim, C. Y., Lobo, G. J., & Xu, Y. (2025) · Accounting and Business Research · doi:10.1080/00014788.2025.2450333 · Cited by 14
Does ESG Performance Drive Firm-Level Innovation? Evidence from South Korea
Lee, H.-A. (2025) · Sustainability · doi:10.3390/su17041727 · Cited by 17
Not in my backyard: intrinsic motivation and corporate pollution abatement
Andrikogiannopoulou, A., Ventouri, A., & Yonker, S. E. (2025) · European Finance Review · doi:10.1093/rof/rfaf020 · Cited by 12
Customer concentration and corporate charitable donations: Evidence from China
Fu, J. (2022) · Managerial and Decision Economics · doi:10.1002/mde.3699 · Cited by 11
Corporate philanthropy as a response to greater tax enforcement
Zhao, L. (2022) · Accounting and Business Research · doi:10.1080/00014788.2022.2149456 · Cited by 11
Corporate social responsibility and myopic management practice: Is there a link?
Ding, D. K., Ferreira, C., Ngo, V. M., Nguyen, P. V., & Wongchoti, U. (2023) · Review of Quantitative Finance and Accounting · doi:10.1007/s11156-023-01212-w · Cited by 12
Corporate giving in Taiwan: agency cost theory vs. value enhancement theory
Lin, C.-P., Chen, M., Wang, J., & Tian, L. (2016) · Asia Pacific Business Review · doi:10.1080/13602381.2016.1149376 · Cited by 11
Corporate charitable foundations, executive entrenchment, and shareholder distributions
Duquette, N. J., & Ohrn, E. (2018) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2018.04.006 · Cited by 11
‘Original sin’ suspicion, institutional environment, and corporate philanthropy in private enterprises
Li, X., Luo, J., & Huang, Z. (2019) · China Journal of Accounting Studies · doi:10.1080/21697213.2019.1643068 · Cited by 11
Challenges in Corporate Foundation Governance
Renz, D. O., Roza, L., & Simons, F.-J. (2019) · Nonprofit and civil society studies · doi:10.1007/978-3-030-25759-0_2 · Cited by 11
Corporate Social Responsibility
Hong, H. G., & Shore, E. (2022) · National Bureau of Economic Research · doi:10.3386/w30771 · Cited by 11
Does Firm's Environmental Footprint Mitigate the Market Reaction to COVID-19 Uncertainty?
Bongiovanni, A., & Fiandrino, S. (2020) · Research in International Business and Finance · doi:10.1016/j.ribaf.2023.102193 · Cited by 12
Environmental and Social Performance, Firm Value, and the Role of Sustainability Committee
Rini, R. K. (2024) · Business Strategy & Development · doi:10.1002/bsd2.70052 · Cited by 10
Local boy does good: The effect of CSR activities on firm value
Lei, Z., Petmezas, D., Rau, P. R., & Chen, Y. (2025) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2025.107398 · Cited by 17
Disaster Relief, Inc
Liang, H., & Vansteenkiste, C. (2020) · European Finance Review · doi:10.1093/rof/rfaf007 · Cited by 10
Do CSR ethics dominate weak shareholder protection? The case of corporate insider trading in Europe
Carran, S., Hodgson, A., Saudagaran, S. M., & Xiong, Z. (2022) · European Journal of Finance · doi:10.1080/1351847x.2022.2026440 · Cited by 11
Interlinkage between corporate social, environmental performance and financial performance: Firm-mediators in a multi-country context
Gupta, R. D., & Deb, S. G. (2022) · Finance research letters · doi:10.1016/j.frl.2022.103386 · Cited by 10
Corporate donations and religiosity: Cross-country evidence
Chourou, L. (2023) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2023.100811 · Cited by 10
Corporate social responsibility and CEO compensation: the moderating effect of corporate governance
Kharabsheh, B., Al-Shammari, H. A., & Al-Numerat, N. (2022) · Cogent Economics & Finance · doi:10.1080/23322039.2022.2125523 · Cited by 10
Does Corporate Social Responsibility Impact Risk?Preprint
Monti, A., Pattitoni, P., Petracci, B., & Randl, O. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3167883 · Cited by 10
Corporate Donations and Shareholder ValuePreprint
Hao, L., & Renneboog, L. D. R. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2885936 · Cited by 10
Targeted poverty alleviation initiatives and corporate sustainable value creation: Determining the role of corporate internal governance control in China
Bin‐Feng, C., Li, Z., Mirza, S. S., & Safdar, R. (2023) · Heliyon · doi:10.1016/j.heliyon.2023.e17686 · Cited by 9
The Influence of Environmental, Social, and Governance (ESG) Disclosure on Firm Value: An Asymmetric Information Perspective in Indonesian Listed Companies
Angir, P., & Weli, W. (2024) · Binus Business Review · doi:10.21512/bbr.v15i1.10460 · Cited by 9
Does being a responsible bank pay off? Evidence from the COVID-19 pandemic
Kara, A., Ongena, S. R. G., & Yıldız, Y. (2024) · Journal of Financial Stability · doi:10.1016/j.jfs.2024.101317 · Cited by 9
The Stock Market Reaction to Green Bond Issuance: A Study Based on a Multidimensional Scaling Approach
Khiari, W., Flah, I. B., Lajmi, A., & Bouhleli, F. (2024) · Journal of risk and financial management · doi:10.3390/jrfm17090408 · Cited by 9
Corporate social responsibility and firm performance: the role of firm reputation
Anita, R., Abdillah, M. R., Putri Sevriyanti Sari, S., Rizki, S., & Arlendhea, W. (2024) · Journal of Global Responsibility · doi:10.1108/jgr-11-2023-0181 · Cited by 9
Board governance drivers of corporate sustainability levels in private firms: evidence from Sweden
Huq, A. M., Cieślak, K., & Sundberg, K. (2024) · Sustainability Accounting Management and Policy Journal · doi:10.1108/sampj-04-2024-0402 · Cited by 9
How does social responsibility practice promote corporate green innovation? Based on the Mediating Effects Model of Double Chains
Han, B., Yang, Z., Zhou, J., & Wang, Y. (2024) · Innovation and Green Development · doi:10.1016/j.igd.2024.100197 · Cited by 9
Corporate social responsibility and financial reporting quality: the role of board gender diversity
Farooq, M., Aljabri, Q., Noor, A., Hunjra, A. I., & Hamayun, A. A. (2025) · Journal of financial reporting & accounting · doi:10.1108/jfra-09-2024-0647 · Cited by 9
Board of Directors, Shariah Committees and Sustainability Commitment of Islamic Banks in Malaysia
Muhmad, S. N., Ariff, A. M., Majid, N. A., & ABIDIN, A. F. Z. (2021) · Management and Accounting Review · doi:10.24191/mar.v20i03-03 · Cited by 9
Military experience and corporate social responsibility: evidence from china
Hao, Y., Li, J., Juan, N., & Han, D. (2022) · Asia-Pacific Journal of Accounting & Economics · doi:10.1080/16081625.2022.2067198 · Cited by 9
Impact of CSR Committee on ESG Reporting Quality: Evidence from India
Matta, R., Purohit, H., & Mohanty, D. (2022) · Orissa Journal of Commerce · doi:10.54063/ojc.2022.v43i04.13 · Cited by 9
How Does Corporate Social Responsibility Disclosure Affect Firm Value: Firm Maturity and Firm Financial Risk Context
Nurjanah, I., & Arifa, C. (2023) · The Indonesian Journal of Accounting Research · doi:10.33312/ijar.716 · Cited by 9
The cost of corporate social irresponsibility for acquirers
D'Souza, R., Ho, C. Y., & Yang, J. W. (2024) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2024.107132 · Cited by 9
Aggressive CSR strategy and CSR awarding: managerial opportunism versus social activism
Gerged, A. M., Kuzey, C., Uyar, A., & Karaman, A. S. (2024) · Journal of Accounting Literature · doi:10.1108/jal-10-2023-0177 · Cited by 9
Do Affiliated Bankers on Board Enhance Corporate Social Responsibility? US Evidence
Hasan, I., Li, H., Wang, H., & Zhu, Y. (2021) · Sustainability · doi:10.3390/su13063250 · Cited by 10
From shareholder to stakeholder engagement: How regular and irregular corporate social responsibility affects CEO compensation
Khan, T. M., Zhu, N., Yan, J., & Hassan, H. (2023) · Sustainable Development · doi:10.1002/sd.2531 · Cited by 8
Corporate governance structure and strategic change: evidence from major acquisitions
Choi, S. H., & Szewczyk, S. H. (2018) · Managerial Finance · doi:10.1108/mf-05-2017-0169 · Cited by 9
Does Investing in ESG Pay Off? Evidence from REITs around the COVID-19 PandemicPreprint
Chacon, R. G., Feng, Z., & Wu, Z. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4147749 · Cited by 9
Warm Glow by Association: Corporate Philanthropy and Employee Turnover *Preprint
Rice, A. B., & Schiller, C. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4172414 · Cited by 9
ESG Risks and the Cross-Section of Stock ReturnsPreprint
Glooner, S. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.3004689 · Cited by 9
Do Consumers Care About ESG? Evidence from Barcode-Level Sales DataPreprint
Meier, J.-M. A., Servaes, H., Wei, J., & Xiao, S. C. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4260716 · Cited by 9
The impact of corporate social responsibility on the performance of mergers and acquisitions: European evidence
Brunner-Kirchmair, T. M., & Wagner, E. (2024) · Cleaner Environmental Systems · doi:10.1016/j.cesys.2024.100167 · Cited by 12
A double‐edged sword: Interim CEO and corporate social (ir)responsibility activities
Zheng, W.-W., Lian, Y.-L., Cui, X., & Sun, H. (2024) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.2891 · Cited by 7
Social responsibility and corporate borrowing
Liu, H., Li, Y., Xiao, Y., Xiong, X., & Zhang, W. (2024) · European Journal of Finance · doi:10.1080/1351847x.2024.2377356 · Cited by 8
Does ESG performance enhance the financial performance and valuation of Chinese private enterprises? The moderating role of political connection and state ownership
Park, Y. S., Lee, K., & You, C.-Y. (2025) · Asia Pacific Business Review · doi:10.1080/13602381.2025.2459306 · Cited by 8
ESG performance and seasoned equity offering discount – Evidence from investor share subscriptions in China
Meng, Q., Wang, Y., Song, X., & Wang, S. (2025) · International Review of Financial Analysis · doi:10.1016/j.irfa.2025.104189 · Cited by 7
Sustainable Development and Accounting Conservatism
Ren, H. (2025) · Journal of Corporate Accounting & Finance · doi:10.1002/jcaf.22804 · Cited by 8
The Impact of Financial Redundancy on Corporate Social Responsibility Performance: Evidence From Chinese Listed Firms
He, L. T., Gan, S., & Zhong, T. (2022) · Frontiers in Psychology · doi:10.3389/fpsyg.2022.882731 · Cited by 10
The role of corporate social responsibility as a moderating factor in influencing bank performance in Indonesia
Sudiyatno, B., Bagana, B. D., Hardiyanti, W., Puspitasari, E., & Safitri, S. D. (2023) · Banks and Bank Systems · doi:10.21511/bbs.19(1).2024.01 · Cited by 8
The Impact of ESG Performance on Corporate Value
Chen, R. (2024) · Highlights in Business Economics and Management · doi:10.54097/fpnkcn28 · Cited by 8
Corporate Social Responsibility and Firms' Resilience to External Disruptions
Hsu, P., Lee, H., & Yi, L. (2018) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2024.102675 · Cited by 12
Corporate Hypocrisy: Role of Non-Profit Corporate Foundations in Earnings Management of For-Profit Founder Firms
Xu, L., Zhang, S., Liu, N., & Chen, L. (2018) · Sustainability · doi:10.3390/su10113991 · Cited by 8
Business social norms from overseas and corporate social responsibility performance: evidence from China
Ning, C., Hao, Y., Liu, Z., & Liu, Y. (2019) · Asia-Pacific Journal of Accounting & Economics · doi:10.1080/16081625.2019.1600416 · Cited by 8
Corporate philanthropic giving and nature of stock market reaction: Evidence from China
Zhu, C., & Zhang, Y. (2021) · Managerial and Decision Economics · doi:10.1002/mde.3478 · Cited by 8
Corporate Philanthropy and Firm Performance Relationship – Socio- Political and Government Control Effects
Lam, S. S., Hung, P. H.-Y., & Choi, S. P. M. (2022) · Asian Journal of Business and Accounting · doi:10.22452/ajba.vol15no1.2 · Cited by 8
What shapes CSR performance? Evidence from the changing enforceability of non‐compete agreements in the United States
Hrazdil, K., Kim, J., & Li, X. (2021) · Review of Financial Economics · doi:10.1002/rfe.1132 · Cited by 8
Cannot give you because of living on the top of a castle: CEOs, corporate philanthropy and firm age
Cha, W., & Rew, D. (2021) · Society and Business Review · doi:10.1108/sbr-05-2020-0074 · Cited by 8
Managerial Ownership and Firm Performance: Evidence from the 2003 Dividend Tax CutPreprint
Li, X., & Sun, S. T. (2013) · SSRN Electronic Journal · doi:10.2139/ssrn.2285638 · Cited by 8
Is COVID-19 An Indiscriminate Tsunami? Bank Immunity and Variation in Government Policy ResponsesPreprint
Demir, E., & Danisman, G. O. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3628261 · Cited by 8
Institutional Investor Legal Origins and Corporate GHG Emissions Disclosure QualityPreprint
Döring, S., Drobetz, W., Ghoul, S. E., Guedhami, O., & Schröder, H. (2020) · Social Science Research Network · doi:10.2139/ssrn.3725355 · Cited by 8
Financial Frictions and Pollution Abatement Over the Life Cycle of FirmsPreprint
Fang, M., Hsu, P., & Tsou, C.-Y. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4390975 · Cited by 8
Is corporate philanthropy a pretext for executives' excess perk consumption? Evidence from China
Su, Z., Yi, B., & Wang, L. (2022) · Managerial and Decision Economics · doi:10.1002/mde.3643 · Cited by 7
Fiduciary duty and corporate social responsibility: Evidence from corporate opportunity waiver
Boyd, N. E., Li, S., Wang, H., & Wang, X. (2025) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2025.107417 · Cited by 10
Make, Buy, and Ally: Can Plural Sourcing Reconcile the Tension Between Outsourcing and Corporate Social Responsibility?
Tong, X., Wilhelm, M. M., & Wang, S. (2025) · Journal of Supply Chain Management · doi:10.1111/jscm.12348 · Cited by 7
CSR Performance and Firm Value: Disentangling the Role of ESG Rating Providers
Tarnaud, A. C., & Zakriya, M. (2025) · British Journal of Management · doi:10.1111/1467-8551.12920 · Cited by 13
A pathway to local legitimacy: the impact of corporate governance on corporate social responsibility in chaebol-affiliated firms
Chung, C. Y., Jo, H., & Lee, J. (2025) · Financial Innovation · doi:10.1186/s40854-025-00784-x · Cited by 11
Managerial Labor Market Mobility and Corporate Social Responsibility
Jia, Y., Gao, X., & Fang, L. (2022) · Journal of Management Accounting Research · doi:10.2308/jmar-2021-067 · Cited by 7
Economic Policy Uncertainty and ESG Performance: Evidence from China
Zhao, Z. (2023) · SHS Web of Conferences · doi:10.1051/shsconf/202316901059 · Cited by 7
Exploring the Impact of Corporate Philanthropy on Brand Authenticity in the Luxury Industry: Scale Development and Empirical Studies
Trespeuch, L., & Robinot, É. (2023) · Sustainability · doi:10.3390/su151612274 · Cited by 7
Corporate social responsibility and insider horizon
Shackleton, M. B., Yao, Y., & Zuo, Z. (2024) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2024.102696 · Cited by 7
Shared Governance and ESG Rating: Evidence From Korea
Jo, H., Chun, H., & Song, H. (2025) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.3104 · Cited by 7
The value of diversification: ESG and investment in controversial industries
Iskenderoglu, C. (2025) · Finance research letters · doi:10.1016/j.frl.2025.106956 · Cited by 7
CEO power and firm decarbonisation efforts
Kwabi, F. O., Adamolekun, G., & Kyiu, A. (2025) · International Review of Financial Analysis · doi:10.1016/j.irfa.2025.104044 · Cited by 7
Is “going green” good to all? Evidence from South Korea
Yu, B., Peng, Y., Zeng, S., Liu, Z., Sui, Y., & Jin, Z. (2019) · Human and Ecological Risk Assessment An International Journal · doi:10.1080/10807039.2018.1559724 · Cited by 7
Corporate Philanthropy and Firm Value in Africa: A case study of Selected Firms in South Africa
Ouma, W. N. (2020) · International Review of Philanthropy and Social Investment · doi:10.47019/irpsi.2020/v1n1a4 · Cited by 7
Pandemic Proof Property Companies
Harrison, D. M., & Sheng, H. (2022) · Journal of Real Estate Portfolio Management · doi:10.1080/10835547.2022.2078531 · Cited by 7
The nail that sticks out: corporate social responsibility and shareholder proposals
Barnett, M. L., Dimitrov, V., & Gao, F. (2022) · Review of accounting studies · doi:10.1007/s11142-022-09739-4 · Cited by 6
Indicadores no contexto ESG (Environmental, Social and Governance): um estudo bibliométrico
da Cruz, M. M., Martins, R. A., Assis, F. M. D. S., Cruz, R. G., Póvoas, M. D. S., & Caiado, R. G. G. (2022) · Research Society and Development · doi:10.33448/rsd-v11i17.38870 · Cited by 7
Corporate Philanthropy and CEO Outside Directorships Under Authoritarian Capitalism
Muller, A. R., Tan, W., Peng, M. W., & Pfarrer, M. D. (2023) · Business & Society · doi:10.1177/00076503221148439 · Cited by 7
Firms’ Engagement in Poverty Alleviation Campaign and Stock Price Crash Risk: Evidence from China
Feng, W., & Zhou, L. (2023) · Emerging Markets Finance and Trade · doi:10.1080/1540496x.2023.2212837 · Cited by 7
Doing good, feeling good? corporate social responsibility and CEOs’ self-perceived status
Li, J., Mao, K., & Lü, P. (2023) · Asia Pacific Journal of Management · doi:10.1007/s10490-023-09914-4 · Cited by 7
Does supporting Ukraine pay well? The performance of companies that suspended their business in Russia
Ayoub, M., & Qadan, M. (2023) · Research in International Business and Finance · doi:10.1016/j.ribaf.2023.102071 · Cited by 7
Lawyers in the boardroom and firms’ environmental performance
Liu, X., An, J., Duan, T., Hou, W., & Zhao, R. (2023) · Journal of International Financial Markets Institutions and Money · doi:10.1016/j.intfin.2023.101874 · Cited by 7
Do Managers Pay CSR for Private Motivation? A Dividend Tax Cut Case in Korea
Choi, J. H., Kim, S., & Yang, D.-H. (2019) · Sustainability · doi:10.3390/su11154041 · Cited by 7
Corporate Foundations in the United States
Tremblay‐Boire, J. (2019) · Nonprofit and civil society studies · doi:10.1007/978-3-030-25759-0_6 · Cited by 7
Imprinting Perspective on the Sustainability of Commitments to Competing Institutional Logics of Social Enterprises
Bae, T. J., & Fiet, J. O. (2021) · Sustainability · doi:10.3390/su13042014 · Cited by 7
Socially Responsible Investing and Factor Investing, Is There an Opportunity Cost?
Cai, L., Cooper, R., & He, D. (2021) · The Journal of Portfolio Management · doi:10.3905/jpm.2021.1.307 · Cited by 7
Corporate Social Responsibility and SME Value Creation
Bhattacharyya, A., & Kumar, A. (2022) · Australasian Accounting Business and Finance Journal · doi:10.14453/aabfj.v16i6.04 · Cited by 10
Corporate Social Responsibility and Leverage Speed of AdjustmentPreprint
Huang, H. H., & Do, K. T. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3187924 · Cited by 7
The Hidden Cost of Going Green: Evidence from Firm-Level Violations & Employee ReviewsPreprint
Farzamfar, A., Foroughi, P., Duan, R., & Yu, L. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4081186 · Cited by 7
Leveling Up Your Green Mojo: The Benefits of Beneficent InvestmentPreprint
Wu, X.-T., You, J., Yu, X.-Y., & Zhou, Q. (2024) · Social Science Research Network · doi:10.2139/ssrn.4839162 · Cited by 2
Do firms' sustainability practices pay off during global crises? Evidence from Asia and the Pacific
Rahman, M. L., Uddin, G. S., & Park, D. (2024) · Business Strategy and the Environment · doi:10.1002/bse.3732 · Cited by 16
The peer effects of corporate social responsibility in China: A pre-registered report
Ding, J., Huang, J., Ding, A., Guo, S., & Wang, T. (2024) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2024.102395 · Cited by 6
Mandated Board Gender Diversity and ESG Performance: Evidence From the European “Women on Boards” Directive
Fernández, C., & Pathan, S. (2025) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.3147 · Cited by 6
ESG Performance, Corporate Governance Mechanisms, and ESG Risk Rating: Evidence from Europe
Florio, C., Panfilo, S., & Fiandrino, S. (2025) · SIDREA series in accounting and business administration · doi:10.1007/978-3-031-76618-3_10 · Cited by 6
The Effect of Corporate Social Responsibility on Cost Stickiness in Companies Listed on Vietnam Stock Market
Hong, N. T. P., & Trang, N. T. (2025) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.70236 · Cited by 6
Financial inclusion and market-based performance: empirical evidence from Syrian banks
Alomari, M., & Aladi, I. (2023) · Journal of Financial Economic Policy · doi:10.1108/jfep-05-2023-0114 · Cited by 6
Does risk management moderate the relationship between CEO power and corporate philanthropy?
Adams, M., Jiang, W., & Liu, S.-Q. (2024) · Review of Quantitative Finance and Accounting · doi:10.1007/s11156-024-01298-w · Cited by 6
ESG complementarity in emerging market: Evidence from China
Byun, S. K., Han, S., Oh, J., & Xu, J. (2024) · Finance research letters · doi:10.1016/j.frl.2024.106618 · Cited by 6

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

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review

Agency Problems of Corporate Philanthropy

Abstract

Overview

Integrity signals

Verification

Claims the paper makes

Claims other papers make about this one

Citations

Cites

Cited by

Related

Metadata

Record

About these checks