Corporate philanthropy and employee wellbeing: do types of corporate philanthropy matter?

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This study examines whether corporate philanthropy, one corporate social responsibility (CSR) activity, influences employee wellbeing. Based on a panel dataset of listed companies in Taiwan, our empirical analyses obtained by using a panel data model show that engagement and charitable donations are irrelevant to employee wage packages. Dividing donation expenditures into donations to firm-related foundations and donations to unrelated recipients, donations to firm-related foundations have no influence on wage packages. By contrast, irregular and unscheduled donations, namely, donations to unrelated recipients, have a negative association with employee wage packages. The results remain the same using propensity score matching (PSM) and system generalized method of moments to conduct robustness checks. The first-stage PSM estimations on the determinants of corporate philanthropy indicate that firm characteristics such as firm size, firm age, earning performance, and stakeholders are factors influencing charitable donations.

Original languageEnglish
Pages (from-to)803-828
Number of pages26
JournalEurasian Business Review
Issue number4
StatePublished - Dec 2022


  • Charitable donations
  • Corporate philanthropy
  • Employee wellbeing
  • Tax avoidance


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