Corporate Reputation and Philanthropy: An Empirical Analysis |
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Authors: | Email author" target="_blank">Stephen?BrammerEmail author Andrew?Millington |
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Institution: | (1) Centre for Business, Organizations and Society, School of Management, University of Bath, Claverton Down, Bath, BA2 7AY, UK |
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Abstract: | This paper analyzes the determinants of corporate reputation within a sample of large UK companies drawn from a diverse range
of industries. We pay particular attention to the role that philanthropic expenditures and policies may play in shaping the
perceptions of companies among their stakeholders. Our findings highlight that companies which make higher levels of philanthropic
expenditures have better reputations and that this effect varies significantly across industries. Given that reputational
indices tend to reflect the financial performance of organizations above other factors (Fryxell, G. E. and J. Wang: 1994,
Journal of Management 20, 1–14) and that elements of the literature emphasise that discretionary aspects of social responsibility, including corporate
donations, may not be in the financial interests of organizations (e.g. Friedman, M.: 1970, “The Social Responsibility of
Business is to Increase its Profits”, New York Times Magazine, September 13), this is a significant finding. It suggests that philanthropic expenditures may play a significant role in
stakeholder management and may, in particular, lead to stakeholders holding more positive impressions of philanthropic corporations. |
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Keywords: | corporate philanthropy corporate reputation corporate social responsibility |
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