The Voice: The Shareholders' Motives Behind Corporate Donations during COVID-19 (former title: Selfish Shareholders: Corporate Donations during COVID-19) - Archive ouverte HAL Access content directly
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The Voice: The Shareholders' Motives Behind Corporate Donations during COVID-19 (former title: Selfish Shareholders: Corporate Donations during COVID-19)

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Michele Fioretti
Victor Saint-Jean
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Abstract

What motivates shareholders to become prosocial activists? We exploit the onset of the COVID-19 pandemic as a natural experiment to study activism at S&P500 corporations. Prominent individual and family shareholders supported covid-related corporate donations to bolster their reputations as, for the public, they are synonymous with the donating firms. Image gains, instead, do not pass through to institutional shareholders; also, due to the sinking stock market, these shareholders preferred to donate themselves rather than support donations at the firms in their portfolios. Our results point to media attention as a critical channel to incentivize institutional shareholders to support prosocial decisions.
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Dates and versions

hal-03386585 , version 1 (19-10-2021)
hal-03386585 , version 2 (29-09-2022)

Licence

Attribution - NoDerivatives - CC BY 4.0

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Michele Fioretti, Victor Saint-Jean, Simon C Smith. The Voice: The Shareholders' Motives Behind Corporate Donations during COVID-19 (former title: Selfish Shareholders: Corporate Donations during COVID-19). 2022. ⟨hal-03386585v2⟩
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