Profit maximisation vs. agency: an analysis of charitable giving by UK firms

被引：30

作者：

Brammer, S ^{[1
]}

Millington, A ^{[1
]}

机构：

[1] Univ Bath, Bath BA2 7AY, Avon, England

来源：

CAMBRIDGE JOURNAL OF ECONOMICS | 2005年 / 29卷 / 04期

关键词：

corporate social responsibility; charitable giving;

D O I：

10.1093/cje/bei036

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The charitable giving of a large sample of publicly quoted UK firms is analysed within a model that explores the profit maximisation and managerial utility enhancement motives for giving. The empirical method draws a distinction between the decision to participate in giving and the determination of the amount of corporate contributions. Firm size and advertising intensity are found to be positively associated with the probability of participation in giving. Stricter corporate governance and the rate of directors' remuneration are negatively related to the probability of participation. Among givers, the rate of giving is related positively to R&D intensity, the rate of directors' remuneration, and corporate profitability and negatively to firm indebtedness.

引用

页码：517 / 534

页数：18