An Analysis of Corporate Donations: United Kingdom Evidence
基于利益相关者理论，利用1994年100家英国上市公司数据，检验企业自愿捐赠与杠杆、规模、盈利能力和所有权结构的关系。发现捐赠与规模和盈利能力正相关，与杠杆负相关，但与所有权结构无关。
Drawing a framework from stakeholder theory, this study uses 1994 data drawn from 100 United Kingdom listed companies to test empirically whether the level of discretionary donations made by companies to charitable, social and political causes is related to four company‐specific factors, namely leverage, company size, profitability and ownership structure. Consistent with our hypotheses, the results indicate that the decision to contribute funds to charities and other bodies is positively related to company size and profitability and negatively related to leverage. However, the study provides no support for the view that there is a link between discretionary donations and a company's ownership structure.