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dc.contributor.authorMuller, Alanen_US
dc.contributor.authorKräussl, Romanen_US
dc.date.accessioned2009-04-15en_US
dc.date.accessioned2009-07-24T13:48:42Z-
dc.date.available2009-07-24T13:48:42Z-
dc.date.issued2007en_US
dc.identifier.piurn:nbn:de:hebis:30-54383-
dc.identifier.urihttp://hdl.handle.net/10419/25545-
dc.description.abstractWhile companies have emerged as very proactive donors in the wake of recent major disasters like Hurricane Katrina, it remains unclear whether that corporate generosity generates benefits to firms themselves. The literature on strategic philanthropy suggests that such philanthropic behavior may be valuable because it can generate direct and indirect benefits to the firm, yet it is not known whether investors interpret donations in this way. We develop hypotheses linking the strategic character of donations to positive abnormal returns. Using event study methodology, we investigate stock market reactions to corporate donation announcements by 108 US firms made in response to Hurricane Katrina. We then use regression analysis to examine if our hypothesized predictors are associated with positive abnormal returns. Our results show that overall, corporate donations were linked to neither positive nor negative abnormal returns. We do, however, see that a number of factors moderate the relationship between donation announcements and abnormal stock returns. Implications for theory and practice are discussed.en_US
dc.language.isoengen_US
dc.publisherCenter for Financial Studies Frankfurt, Mainen_US
dc.relation.ispartofseriesCFS Working Paper 2008/10en_US
dc.subject.jelG14en_US
dc.subject.jelM21en_US
dc.subject.ddc330en_US
dc.subject.keywordCorporate Philanthropyen_US
dc.subject.keywordDisastersen_US
dc.subject.keywordEvent Studyen_US
dc.subject.keywordMarket Valueen_US
dc.subject.keywordHurricane Katrinaen_US
dc.subject.stwWohltätigkeiten_US
dc.subject.stwUnternehmenspolitiken_US
dc.subject.stwAnkündigungseffekten_US
dc.subject.stwBörsenkursen_US
dc.subject.stwKapitalertragen_US
dc.subject.stwUSAen_US
dc.subject.stwNaturkatastropheen_US
dc.subject.stwKatastrophenschadenen_US
dc.subject.stwNew Orleans (La.)en_US
dc.titleDo markets love misery? Stock prices and corporate philanthropic disaster responseen_US
dc.typeWorking Paperen_US
dc.identifier.ppn577545264en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:cfswop:200810-
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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