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

Flagged first, then by citations

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 601–700 of 999

Signaling through corporate social responsibility: evidence from mergers and acquisitions
Lin, J. J., Yeh, Y., & Chan, C. (2025) · Eurasian economic review : · doi:10.1007/s40821-025-00300-2 · Cited by 3
Equal Employment Opportunity Statement and underpricing in Initial Public Offerings
Huang, J., Huang, Y., Jing, F., Wang, Z., & Zhao, B. (2025) · International Review of Financial Analysis · doi:10.1016/j.irfa.2025.104381 · Cited by 3
ESG, Bank Debt and Firm Value: A Signaling Perspective
Herrero, G. D. L. F., & Velasco, P. (2025) · Journal of International Financial Management and Accounting · doi:10.1111/jifm.70002 · Cited by 3
Greenwashing and executive compensation: what is the link? Evidence from banks
Abis, D., & Damilano, M. (2025) · International Journal of Bank Marketing · doi:10.1108/ijbm-09-2024-0564 · Cited by 3
Managerial Style – A Literature Review and Research Agenda
Lopatta, K., Tideman, S. A., Böttcher, K., & Wichern, T. (2019) · International Business Research · doi:10.5539/ibr.v12n2p80 · Cited by 3
Analysis of the Effect of Agency Problems on Sustainability Practices of Public Companies in Indonesia
Pranawaningsih, R., & Anas, E. P. (2021) · International Conference on Sustainable Management and Innovation (ICoSMI) · doi:10.4108/eai.14-9-2020.2304402 · Cited by 3
Research on the impacts of Philanthropy Pressure on Enterprise Financial Performance
Hong, Y. (2022) · Frontiers in Computing and Intelligent Systems · doi:10.54097/fcis.v1i2.1628 · Cited by 3
Self-interest or altruism: Entrepreneurs’ military experience and the motivation of corporate philanthropic donations
Chen, H., Wu, H., & Li, H. (2022) · Frontiers in Psychology · doi:10.3389/fpsyg.2022.917289 · Cited by 5
Does Multimarket Contact Dampen Corporate Philanthropy? A Study on the Geographic Allocation of Corporate Philanthropy
Long, X., Deng, X., & Schuler, D. A. (2023) · Business & Society · doi:10.1177/00076503231163526 · Cited by 3
Green Economy and Credit Quality in the European Banking Industry: What are the Opportunities for Sustainability?
Bruno, E., Iacoviello, G., & Saveria, M. M. (2023) · Palgrave studies in cross-disciplinary business research, in association with EuroMed Academy of Business · doi:10.1007/978-3-031-37361-9_6 · Cited by 3
The role of options markets in corporate social responsibility
Li, F., Lin, C., Lin, T., & Shen, S. (2024) · Journal of Financial Markets · doi:10.1016/j.finmar.2024.100910 · Cited by 3
Corporate initial responses to COVID-19 and ESG ratings: the role of ESG consistency
Cohen, N., & Zhu, X. (2024) · Sustainability Accounting Management and Policy Journal · doi:10.1108/sampj-03-2023-0118 · Cited by 4
Corporate governance dynamics and wealth effects: evidence from large loss acquisitions and large gain acquisitions in the USA
Choi, S. H., Szewczyk, S. H., & Chhabria, M. (2018) · Corporate Governance · doi:10.1108/cg-05-2018-0168 · Cited by 3
The Impact of Corporate Charitable Contributions on Audit Hours
Chun, H., Chu, J., & Yun, Y. (2019) · Sustainability · doi:10.3390/su11041045 · Cited by 3
Unternehmensbesteuerung und Corporate Social Responsibility
WAGNER, F. W. (2019) · Schmalenbach Journal of Business Research · doi:10.1007/s41471-019-00075-z · Cited by 4
Sustainability Reporting
Lim, E. W. K. (2020) · Cambridge University Press eBooks · doi:10.1017/9781108658508.002 · Cited by 3
Sustainability Efforts, Index Recognition, and Stock Performance
Kang, M., Viswanathan, K. G., White, N. A., & Zychowicz, E. J. (2022) · Springer eBooks · doi:10.1007/978-3-031-18227-3_5 · Cited by 3
Terrorist Attacks, Corporate Social Responsibility, and Firm Value
Do, T. K., Huang, H. H., & Tsang, A. (2024) · The International Journal of Accounting · doi:10.1142/s1094406024500185 · Cited by 3
Does Employee Treatment Facilitate Corporate Innovative Success? Evidence from Patent DataPreprint
Chen, C., Chen, Y., & Podolski, E. J. (2014) · SSRN Electronic Journal · doi:10.2139/ssrn.2461021 · Cited by 3
The Market of Environmental, Social, and Governance (ESG)Preprint
Yang, R. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.3165783 · Cited by 3
CSR in Times of Crisis: Evidence from the COVID-19 PandemicPreprint
Bae, K.-H., Ghoul, S. E., Gong, J., & Guedhami, O. (2020) · Social Science Research Network · doi:10.2139/ssrn.3726390 · Cited by 3
Share Repurchases, Undervaluation, and Corporate Social ResponsibilityPreprint
Bobenhausen, N., Knetsch, A., & Salzmann, A. J. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3754283 · Cited by 3
Social Finance in the Boardroom: How Directors' Social Networks Shape Corporate Social ResponsibilityPreprint
Alves, R. (2021) · SSRN Electronic Journal · doi:10.2139/ssrn.3710868 · Cited by 3
Legal Origins and Institutional Investors' Support for Corporate Social ResponsibilityPreprint
Bauer, R. M. M. J., Derwall, J., & Tissen, C. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4096769 · Cited by 3
Does Mandatory CSR Expenditure Regulation Induce Corporate Risk-Taking?Preprint
Rao, S. K., Roy, P. P., & Koirala, S. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4056263 · Cited by 3
Do Nice Guys Finish Last? Prosociality and the CEO Labor Market During Industry DownturnsPreprint
Keum, D. D., & Bhatia, N. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4560508 · Cited by 3
ESG Footprints in Private Equity Portfolios: Unpacking Management Instruments and Financial PerformancePreprint
Bani-Harouni, N., Hommel, U., & Paetzold, F. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4627273 · Cited by 3
Green Revenues, Greener Margins: The Global Financial Impact of Eco-Friendly ProductsPreprint
Lel, U. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4823664 · Cited by 3
Controlled Firms, Preferences, and Carbon EmissionsPreprint
Dyck, I. J. A., Lins, K. V., Roth, L., Towner, M., & Wagner, H. F. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4829162 · Cited by 3
“Deal, Baby, Deal”: Environmental Mergers and AcquisitionsPreprint
Basu, S., Lee, A., & Wang, W. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4950441 · Cited by 3
Can common institutional ownership inhibit the formation of zombie firms? Evidence from China
Ding, H. (2024) · Asian-Pacific Economic Literature · doi:10.1111/apel.12401 · Cited by 2
Achieving Sustainability and Improving Global Business Performance Through Business Ethics and Corporate Social Responsibility
Novianty, R., & Ellitan, L. (2025) · Eksis Jurnal Riset Ekonomi dan Bisnis · doi:10.26533/eksis.v19i1.1286 · Cited by 2
Can Environmental, Social, and Governance Performance Promote the Participation of Emerging Economies in Multinational Supply Chains?
Yu, D., Li, X., & Wang, C. (2025) · China & World Economy · doi:10.1111/cwe.12587 · Cited by 2
The effect of ESG performance on value creation of strategic alliances
Wang, X., Xie, H.-B., Li, J., & Liu, X. (2025) · Research In International Business and Finance · doi:10.1016/j.ribaf.2025.103093 · Cited by 3
Do corrupt practices lead to increased cash holdings in firms? International evidence
Banerjee, R., Gupta, K., Han, H. D., & Krishnamurti, C. (2025) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2025.102908 · Cited by 2
Effect of AI on CSR and ESG Ethics
Jo, H. (2025) · Journal of Finance Issues · doi:10.58886/jfi.v23i2.9437 · Cited by 2
Exploring the ESG-finance relationship through PROMETHEE ranking
Assefa, D. Z., Ishizaka, A., & Torre, D. L. (2025) · Annals of Operations Research · doi:10.1007/s10479-025-06797-0 · Cited by 2
ESG disclosure and ESG performance of seeking-buyer companies
Garanina, T., Ranta, M., & Nousiainen, E. (2026) · Accounting and Business Research · doi:10.1080/00014788.2025.2601948 · Cited by 2
CEO compensation structures and corporate toxic emissions
Kim, T., & Sung, T. (2026) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2026.101179 · Cited by 2
Profit skimming, asymmetric benchmarking, or the effects of implicit incentives? Evidence from natural disasters
Reza, S. W. (2020) · Journal of Multinational Financial Management · doi:10.1016/j.mulfin.2020.100654 · Cited by 2
Self-citation
Understanding the Motives Behind Corporate Charitable Donations: A Machine Learning Approach
Lee, J. H. (2022) · Digital Archive @ GSU · doi:10.57709/23962995 · Cited by 2
The gift that keeps on giving: corporate giving and excessive risk-taking
Boland, C. M., Ewelt‐Knauer, C., & Schneider, J. (2021) · Journal of Business Economics · doi:10.1007/s11573-021-01063-8 · Cited by 2
Hometown attachment and corporate social responsibility: Evidence from overseas Chinese entrepreneurs
Xia, J., Wu, Z., Dang, Z., & Zhang, R. (2022) · Frontiers in Psychology · doi:10.3389/fpsyg.2022.943701 · Cited by 2
How Does Corporate Charitable Giving Affect Enterprise Innovation? A Literature Review and Research Directions
Xu, L., Guo, X., Liu, Y., Sun, X., & Ji, J. (2022) · Sustainability · doi:10.3390/su142315603 · Cited by 3
Mandatory CSR disclosure and CEO pay performance sensitivity in China: evidence from a quasi-natural experiment
Song, S., Cheung, A. W. K., Jun, A., & Ma, S. (2023) · International Journal of Managerial Finance · doi:10.1108/ijmf-04-2022-0181 · Cited by 3
Appointing Charity Directors in Response to ESG Incidents
Gertsberg, M., Jung, H. W., & Zhang, Y. (2026) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109026103056 · Cited by 2
Corporate social responsibility, industry competition and firm productive efficiency: evidence from semi-parametric and non-parametric analysis
Hamza, T., Nizar, H., & Lakhal, F. (2023) · Annals of Operations Research · doi:10.1007/s10479-023-05683-x · Cited by 2
The social cost of investor distraction: Evidence from institutional cross-blockholding
Astvansh, V., Chen, T., & Qu, J. C. (2023) · PLoS ONE · doi:10.1371/journal.pone.0286336 · Cited by 3
Unraveling the ESG Reporting Landscape: A Comprehensive Analysis of Standards, Frameworks, and Impact on Firms
Moradi, A., Tóth-Pajor, Á., & Souto, H. G. (2024) · doi:10.18690/um.fov.3.2024.49 · Cited by 2
How does analyst coverage influence corporate social responsibility (CSR)? The governance- and information-based perspectives
Liu, Y., & Du, X.-H. (2024) · PLoS ONE · doi:10.1371/journal.pone.0302165 · Cited by 3
Corporate Social Responsibility—Conscious Investing and Green Transformation
Breuer, W., Knetsch, A., Ostojic, S., Traverso, M., & uddin, S. (2024) · Springer eBooks · doi:10.1007/978-3-031-54700-3_7 · Cited by 2
Competing for private investments in public equity in China: The role of corporate philanthropy
Zhou, J., & Chang, Y. (2024) · Managerial and Decision Economics · doi:10.1002/mde.4261 · Cited by 2
Is ESG an Essential Topic for Companies Operating Primarily in the Digital Environment?
Kotrba, V., Menšík, J., & Martinez, L. F. (2024) · Springer proceedings in business and economics · doi:10.1007/978-3-031-62135-2_24 · Cited by 2
Sustainability and Dividends: Complements or Substitutes?
Krieger, K., & Mauck, N. (2024) · Sustainability · doi:10.3390/su16146233 · Cited by 3
Charity Experience of Directors and Corporate Social Responsibility: Global Evidence
Liu, X., Hou, W., & Main, B. G. M. (2025) · European Financial Management · doi:10.1111/eufm.12540 · Cited by 2
Individual and Corporate Social Responsibility: Redemption from Excessive Executive Pay?
Chen, Q., Ding, S.-J., & Zhang, R. (2025) · Journal of Business Ethics · doi:10.1007/s10551-024-05920-8 · Cited by 2
Financing a Sustainable Future: The Diverging Effects of Equity and Credit Market Development on Corporate Social Responsibility
Miletkov, M. K., & Staneva, V. (2025) · Journal of Business Ethics · doi:10.1007/s10551-025-05967-1 · Cited by 2
Firm value and the role of CSR: evidence from the market reaction to data breach announcements
Chamberlain, T. W., Khokhar, A., & Liao, W.-J. (2025) · International Journal of Managerial Finance · doi:10.1108/ijmf-06-2024-0335 · Cited by 2
Multiple Large Shareholders and Corporate R&D Manipulation: An Agency Cost Perspective
Ding, H., & Liu, C. (2025) · Asian-Pacific Economic Literature · doi:10.1111/apel.70010 · Cited by 2
How does ESG performance affect bank performance? A comparative analysis of conventional and Islamic banks in GCC countries
Srairi, S. A. (2025) · International Journal of Disclosure and Governance · doi:10.1057/s41310-025-00319-x · Cited by 2
Roses given, fragrance in hand: Charity law and corporate philanthropy—Evidence from a quasi‐natural experiment in China
Lu, S., & Cheng, B. (2022) · Managerial and Decision Economics · doi:10.1002/mde.3726 · Cited by 2
Corporate Social Resposonsibility w kontekście imperatywu kategorycznego Kanta
Tapek, K. (2016) · Annales Etyka w życiu gospodarczym · doi:10.18778/1899-2226.19.1.01 · Cited by 2
The dark side of individual blockholder philanthropy
Shohfi, T., & White, R. M. (2019) · Financial Management · doi:10.1111/fima.12285 · Cited by 2
The practice of CSR development and its performing mechanism——case study of P&G
Zhang, J. (2021) · Journal of Sociology and Ethnology · doi:10.23977/jsoce.2021.030213 · Cited by 2
Dual effects of corporate philanthropy on firm value: Evidence from China
Zhang, S., Kong, D., Xu, L., & Rui-yu, X. (2023) · Managerial and Decision Economics · doi:10.1002/mde.3819 · Cited by 2
Research and Analysis of Charitable Donations and Financial Performance of Private Listed Companies
Du, T. (2022) · Academic Journal of Business & Management · doi:10.25236/ajbm.2022.041913 · Cited by 2
REVIEW OF THE EFFECTIVENESS ASSESSMENTS OF THE IMPACT OF CSR AND ESG PARAMETERS ON THE PERFORMANCE OF COMPANIES
Вегнер-Козлова, Е. О. (2023) · Экономика и предпринимательство · doi:10.34925/eip.2023.159.10.260 · Cited by 2
The horn that didn’t toot: The surprisingly weak relationship from advertising to CSR
Pope, S. M. (2018) · Edward Elgar Publishing eBooks · doi:10.4337/9781786432636.00008 · Cited by 2
How Does Financial Reporting Quality Relate to Corporate Social Responsibility Expenditures? An International Analysis
Lin, J. J., Wang, C., & Cheng, C.-H. (2021) · Review of Pacific Basin Financial Markets and Policies · doi:10.1142/s0219091521500235 · Cited by 2
Corporate Social Responsibility and Firms' Resilience to External DisruptionsPreprint
Hsu, P., Lee, H., & Yi, L. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3275063 · Cited by 2
Investor Horizons, Long-Term Blockholders, and Corporate Social ResponsibilityPreprint
Glossner, S. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3180779 · Cited by 2
Corporate Social Responsibility in Fraud FirmsPreprint
Ferrés, D., & Marcet, F. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3620443 · Cited by 2
Credit Supply and Corporate Social ResponsibilityPreprint
Dejan, A., Hassan, M. K., Siraj, I., & Turunen-Red, A. H. (2019) · SSRN Electronic Journal · doi:10.2139/ssrn.3457944 · Cited by 2
Corporate Social Responsibility and Short-Selling: Evidence from ChinaPreprint
Gao, L., Jun, L., Wang, W., & Xiong, Y. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.3969050 · Cited by 2
ESG Commitment and the Value of 'Walking the Talk': Evidence from Closed-End FundsPreprint
Choi, H.-S., Kim, H. H., & Kim, Y. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4035580 · Cited by 2
Common Ownership, Corporate Social Responsibility, and Their Value ImplicationsPreprint
He, L., & Ma, L. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4194296 · Cited by 2
Are Socially Responsible Firms Really Responsible? Main Street Lending during the Great RecessionPreprint
Choi, D. B., & Jeong, S. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4247402 · Cited by 2
Political Connections and Government Contracting: An International Analysis of Procurement Decisions and Firm ValuePreprint
Cumming, D. J., Javakhadze, D., & Suleymanov, M. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4809238 · Cited by 2
The Social Costs of Political Divide: Evidence from the Impact of Polarization Risk on CSRPreprint
Attig, N., & Hossain, A. T. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.5000841 · Cited by 2
Determinants of green bond issuance: agency or stakeholder motives matter?
Glavas, D. (2023) · Bankers Markets & Investors · doi:10.54695/bmi.172.0004 · Cited by 1
The Governance of Companies: A Theoretical Analysis “Evidence from the Tunisian Banking”
-, F. M., & Abaoub, E. (2024) · International Journal For Multidisciplinary Research · doi:10.36948/ijfmr.2024.v06i01.13075 · Cited by 1
Motivations for Establishing a Corporate Foundation in Australia
Genziuk, S., & Polonsky, M. J. (2024) · Journal of Nonprofit & Public Sector Marketing · doi:10.1080/10495142.2024.2330616 · Cited by 1
Awe of the blue minds: Location, corporate social responsibility, and firm value
Ismail, G. M. (2024) · Financial Review · doi:10.1111/fire.12393 · Cited by 1
The impact of workforce environment on CSR audit report lag: the moderating role of media coverage
Moalla, M., Bouaziz, D., & Jarboui, A. (2024) · Journal of financial reporting & accounting · doi:10.1108/jfra-09-2023-0574 · Cited by 1
Does managerial CSR mindset always drive business performance?
Mensah, H. K., Okyere, G. A., Mensah, P. O., Ledi, K. K., & Forenten, E. S. (2024) · International Journal of Ethics and Systems · doi:10.1108/ijoes-10-2024-0330 · Cited by 1
Uneasy lies the head that wears a crown: How celebrity CEOs affect corporate social responsibility—An empirical study of Chinese listed firms
Niu, M. (2024) · Heliyon · doi:10.1016/j.heliyon.2024.e41489 · Cited by 1
Share Repurchases, Undervaluation, and Corporate Social Responsibility
Bobenhausen, N., Breuer, W., Knetsch, A., & Siemer, L. M. (2020) · Business & Society · doi:10.1177/00076503241310700 · Cited by 4
Venture capital and environmental information disclosure by small and medium-sized enterprises in China: a stakeholder theory perspective
Wang, L., Lv, S., Ye, S., & An, Y. (2025) · Venture Capital · doi:10.1080/13691066.2025.2458829 · Cited by 1
Governance Factors Influencing Financial Performance in Cloud-Based Enterprises: A Machine Learning Analysis
Huang, Z., Lin, L., & Jia, X. (2025) · Computational Economics · doi:10.1007/s10614-025-10896-2 · Cited by 1
The differential effects of the short selling threat on external and internal CSR: Evidence from China
Zhao, J., & Cao, Y. (2025) · Economic and Political Studies · doi:10.1080/20954816.2025.2489102 · Cited by 1
The Impact of Non‐Market Strategic Integration on Green Innovation: The Moderating Effect of Shareholding Structure
Ran, R., Yang, X., Chen, Y., Zhang, J., & Xia, Y. (2025) · Business Ethics the Environment & Responsibility · doi:10.1111/beer.12833 · Cited by 1
Women on board and firm value: the role of risk and philanthropy
Tamararizki, V., Abdillah, M. R., Anita, R., & Zakaria, N. B. (2025) · Corporate Governance · doi:10.1108/cg-08-2024-0407 · Cited by 1
The Effect of Auditing on Corporate Social Responsibility
Tan, Y. (2025) · International Journal of Auditing · doi:10.1111/ijau.12384 · Cited by 1
OWNERSHIP AND SUSTAINABILITY: THE TYPE OF SHAREHOLDER MATTERS
Bancel, F., & Glavas, D. (2022) · Bankers Markets & Investors · doi:10.54695/bmi.169.0031 · Cited by 1
Impact of Environmental, Social, and Governance Factors on Firm Efficiency: The Indian Service Sector Perspective
Singhal, N., Paul, P., & Giri, S. (2025) · Business Strategy & Development · doi:10.1002/bsd2.70187 · Cited by 1
The Effect of ESG Practices on Profitability Through Liquidity and Financial Constraints as Moderating Variables
Sutisna, E., & Salman, K. R. (2025) · The Indonesian Accounting Review · doi:10.14414/tiar.v15i1.4677 · Cited by 1
Exploring the Social Impact of Corporate Social Investment in South Africa
Mangwiro, N., & Moyo, B. (2025) · Approaches to global sustainability, markets, and governance · doi:10.1007/978-981-96-5719-3_2 · Cited by 1
The Real Effects of Mandatory CSR Disclosure: Evidence from the China’s Anti-Poverty Campaign
Huang, Y., & Yu, M. (2025) · Emerging Markets Finance and Trade · doi:10.1080/1540496x.2025.2547753 · Cited by 1
Analyst coverage overlaps and similarity in corporate social activities
Zheng, Z., Jiu, L., & Rao, X. (2025) · The British Accounting Review · doi:10.1016/j.bar.2025.101746 · Cited by 1
Does doing good cost more? Poverty-alleviation corporate social responsibility and the cost of equity in India
Wadhwa, S., & Sahoo, S. (2025) · Journal of Accounting in Emerging Economies · doi:10.1108/jaee-08-2024-0362 · Cited by 1

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