Repositorio UV :: Examinando por Autor "Ciravegna, Luciano"

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The strategic value of corporate philanthropy: A meta-analysis of the mediating and moderating mechanisms
(Elsevier, 2025) Duran, Patricio; Jeldes, Fabiola; Ciravegna, Luciano; Harrison, Jeffrey S.
Using meta-analytical techniques on a database of 158 studies covering 45 countries, we build and test theory regarding important mediating and moderating mechanisms in the relationship between corporate philanthropy and firm financial performance. Stakeholder theory helps explain why stakeholders respond positively to corporate philanthropy, even though they do not benefit directly. Also, the institutional perspective suggests that stakeholders are likely to respond negatively to firms when their philanthropic behavior is not consistent with institutional norms. These theories elucidate how specific differentiating mechanisms—firm reputation, marketing communication investment, and innovation—interact with philanthropy to enhance overall performance. We predict and find that corporate philanthropy plays an even stronger role in generating higher performance in fragile states. In these states, corporate philanthropy can help fill voids in delivering basic needs and public goods that the state is unable or unwilling to provide. Our results suggest that scholars should focus on how and in what contexts corporate philanthropy has a more substantial strategic role.