A Stakeholder Analysis of Corporate Donations: United Kingdom Evidence
- Publisher: Bournemouth University School of Finance and Law
Drawing a framework from stakeholder theory, this study uses 1994 data drawn\ud from 100 United Kingdom listed companies to test empirically whether the level of\ud discretionary donations made by companies to charitable, social and political causes\ud is related to four company-specific factors, namely leverage, company size,\ud profitability and ownership structure. Consistent with our hypotheses, the results\ud indicate that the decision to contribute funds to charities and other bodies is\ud positively related to company size and profitability and negatively related to\ud leverage. However, the study provides no support for the view that there is a link\ud between discretionary donations and a company’s ownership structure.
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