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Getting Attention Through Corporate Philanthropy

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  • Yunhao Dai
  • Dongmin Kong

Abstract

This study investigates whether firm donations will attract attention for firms without analyst coverage. We find that: (1) the donations from firms without analyst coverage attract more attention from analysts, (2) donations from firms without analyst coverage improve stock liquidity and institutional holdings at least in the short run, and (3) donations from firms without analyst coverage are positively and significantly related to the future performance of firms compared with those from firms covered by analysts. This study contributes to the understanding of the influence of analysts on firms and the strategic motivations of corporate philanthropy.

Suggested Citation

  • Yunhao Dai & Dongmin Kong, 2016. "Getting Attention Through Corporate Philanthropy," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 52(10), pages 2364-2378, October.
    • Handle: RePEc:mes:emfitr:v:52:y:2016:i:10:p:2364-2378
    DOI: 10.1080/1540496X.2015.1073511
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