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Sustainability 2017, 9(7), 1210; doi:10.3390/su9071210

Testing the Correlations between Corporate Giving, Performance and Company Value

1
Department of Accounting and Audit, Faculty of Economics and Business Administration, West University of Timisoara, 16 Pestalozzi Street, 300115 Timisoara, Romania
2
Department of Economics and Modeling, Faculty of Economics and Business Administration, West University of Timisoara, 16 Pestalozzi Street, 300115 Timisoara, Romania
*
Author to whom correspondence should be addressed.
Received: 14 June 2017 / Revised: 2 July 2017 / Accepted: 6 July 2017 / Published: 10 July 2017
(This article belongs to the Section Economic, Business and Management Aspects of Sustainability)
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Abstract

The paper seeks to identify the relationship between the charitable contributions, performance, and market value of Romanian listed companies. To achieve the objective, a panel data analysis was conducted on a group of companies listed at Bucharest Stock Exchange in the period 2011 to 2016, which registered profit for the entire period. The empirical analysis points out, using a logistic regression, which financial and non-financial indicators contribute to the decisions of the companies to make the charitable contributions. It also tests the impact of those indicators and corporate giving activities like Corporate Social Responsibility (CSR) activities on company value, represented by Tobin’s Q Ratio and on company performance, expressed by Return on Equity (ROE). The results show that there is a positive correlation between the charitable contributions, performance, and market value of the Romanian listed companies. View Full-Text
Keywords: corporate social responsibility; corporate giving; philanthropy; charitable contributions; company value; performance; Tobin’s Q Ratio corporate social responsibility; corporate giving; philanthropy; charitable contributions; company value; performance; Tobin’s Q Ratio
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Hategan, C.-D.; Curea-Pitorac, R.-I. Testing the Correlations between Corporate Giving, Performance and Company Value. Sustainability 2017, 9, 1210.

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