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| Author: | Patten, D.M. |
| Title: | Does the market value corporate philanthropy? Evidence from the response to the 2004 Tsunami relief effort |
| Journal: | Journal of Business Ethics
2008 : SEP I, VOL. 81:3, p. 599-607 |
| Index terms: | corporate philanthropy business communication markets companies USA Asia |
| Freeterms: | social responsiveness |
| Language: | eng |
| Abstract: | This study explores the market reaction to corporate press releases announcing donations to the relief effort following the Dec, 2004 tsunami in South-East Asia. Based on a sample of 79 U.S. companies, there is found a statistically significant positive 5-day cumulative abnormal return. While differences in the timing of the press releases don't seem to have influenced market reactions, the amount of the donations did. In general, the results seem to support Godfrey's (Academy of Management Review, 2005, vol.30, p. 777798) assertion that philanthropic giving must be perceived as being a genuine manifestation of the firm's underlying social responsiveness in order to increase firm value. |
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