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Who is governing whom? Executives, governance, and the structure of generosity in large U.S. firms

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  • Christopher Marquis
  • Matthew Lee

Abstract

We examine how organizational structure influences strategies over which corporate leaders have significant discretion. Corporate philanthropy is a strategic activity commonly managed through a specific, differentiated organizational structure—the corporate foundation—that formalizes and constrains the influence of individual senior managers and directors on corporate strategy. Our analysis of Fortune 500 firms from 1996 to 2006 shows that characteristics of senior management and directors affect corporate philanthropic contributions. We also find that organizational structure constrains the philanthropic influence of board members, but not of senior managers, a result contrary to what existing theory would predict. We discuss how these findings advance understanding of how organizational structure and corporate leadership interact and how organizations can more effectively realize the strategic value of corporate social responsibility activities.

Suggested Citation

  • Christopher Marquis & Matthew Lee, 2013. "Who is governing whom? Executives, governance, and the structure of generosity in large U.S. firms," Strategic Management Journal, Wiley Blackwell, vol. 34(4), pages 483-497, April.
    • Handle: RePEc:bla:stratm:v:34:y:2013:i:4:p:483-497
    DOI: 10.1002/smj.2028
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    Cited by:

    1. Yongqiang Gao & Yingli Wang & Miaohan Zhang, 2021. "Who really cares about the environment? CEOs’ military service experience and firms’ investment in environmental protection," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 30(1), pages 4-18, January.
    2. Mohamed Chakib Kolsi & Ahmad Al‐Hiyari, 2026. "Boardroom Gender Diversity's Effect on the Relationship Between Corporate Charitable Donations and Earnings Management: Evidence From Borsa Istanbul," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(1), pages 1472-1486, January.
    3. Nieves Remo‐Diez & Cristina Mendaña‐Cuervo & Mar Arenas‐Parra, 2025. "Board Capital and CEO Power Configurations to Promote ESG Performance: The Case of the European Banking Industry," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(2), pages 2815-2834, March.
    4. Mabel Abraham & Vanessa Burbano, 2022. "Congruence Between Leadership Gender and Organizational Claims Affects the Gender Composition of the Applicant Pool: Field Experimental Evidence," Organization Science, INFORMS, vol. 33(1), pages 393-413, January.
    5. Xia Yang & Xin Gu & Xue Yang, 2023. "Listed peers' giving and corporate philanthropy: The motivations to imitate," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 32(1), pages 108-124, January.
    6. Cao, Yuqiang & Liu, Yunxin & Lu, Meiting & Shan, Yaowen & Zu, Yanglan, 2025. "Generosity under environmental pressure: Climate change exposure and corporate philanthropy," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    7. Yidi Guo & Xiaowei Rose Luo & Danyang Li, 2022. "Hierarchical Inconsistency: A Monitoring Mechanism to Reduce Securities Fraud in Emerging Markets," Organization Science, INFORMS, vol. 33(6), pages 2187-2208, November.
    8. Wonsuk Cha & Ujvala Rajadhyaksha, 2021. "What do we know about corporate philanthropy? A review and research directions," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 30(3), pages 262-286, July.
    9. Haram Seo, 2025. "Counter-Activism Against Ideological Opponents: Evidence Based on the Competitive Dynamics of Corporate Engagement in Advocacy Giving," Organization Science, INFORMS, vol. 36(4), pages 1333-1356, July.
    10. Yadong Cui & Su Xu & Yaohui Jiang & Zhaowen Zhang & Haoyu Hu, 2025. "Can Chinese‐style trade unions promote corporate philanthropy? A stakeholder theory perspective," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 34(4), pages 1813-1830, October.
    11. Cho, Seunghyun & Pae, Jinhan & Yoo, Choong-Yuel, 2025. "Post-traumatic growth of CEOs and corporate giving: Evidence from the Korean War," Research in International Business and Finance, Elsevier, vol. 80(C).
    12. Yuliya Shymko & Thomas J Roulet & Bernardo de Melo Pimentel, 2023. "The Façade, the Face, and the Sympathies: Opening the Black Box of Symbolic Capital as a Source of Philanthropic Attractiveness," Organization Science, INFORMS, vol. 34(2), pages 870-893, March.
    13. Yichen Wang & Christopher Marquis, 2025. "Does Product Market Competition Promote or Reduce Firms’ Corporate Social Responsibility Behavior? How Stakeholder Attention Shapes Responsiveness to Stakeholders," Journal of Business Ethics, Springer, vol. 200(4), pages 867-896, September.
    14. Leena Kinger Hans & Balagopal (Bala) Vissa, 2023. "Who Gives Back? Evidence from India on Successful Entrepreneurial Exit and Involvement in Philanthropy," Organization Science, INFORMS, vol. 34(1), pages 329-357, January.
    15. Rodoula H. Tsiotsou & Tali Seger-Guttmann, 2025. "The generosity ecosystem framework (GEF): a comprehensive approach to giving," International Review on Public and Nonprofit Marketing, Springer;International Association of Public and Non-Profit Marketing, vol. 22(3), pages 489-515, September.

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