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The Relationship between Corporate Philanthropy and Shareholder Wealth: A Risk Management Perspective

Paul C. Godfrey
The Academy of Management Review
Vol. 30, No. 4 (Oct., 2005), pp. 777-798
Published by: Academy of Management
Stable URL: http://www.jstor.org/stable/20159168
Page Count: 22
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The Relationship between Corporate Philanthropy and Shareholder Wealth: A Risk Management Perspective
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Abstract

I present a complex theoretical explanation that draws on multiple bodies of literature to present an academically rigorous version of a simple argument: good deeds earn chits. I advance/defend three core assertions: (1) corporate philanthropy can generate positive moral capital among communities and stakeholders, (2) moral capital can provide shareholders with insurance-like protection for a firm's relationship-based intangible assets, and (3) this protection contributes to shareholder wealth. I highlight several managerial implications of these core assertions.

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