Corporate Philanthropy and Religiosity: A Cross-Country Evidence

Posted: 9 Jul 2020 Last revised: 20 Jul 2020

Date Written: July 20, 2020


This study explores whether the degree of religiosity prevailing in the country where the firm is located affects the amount of corporate philanthropy. Using a large sample of firms from 41 countries, I find that firms located in more religious countries donate more than those located in less religious countries. I also find that the positive association between religiosity and corporate philanthropy is restricted to family firms, in particular to those in which minority shareholders are less subject to expropriation by the controlling family. Further, I find that these donations are not associated with firm value or firm performance. My results are robust to a battery of robustness checks and are confirmed by a quasi-natural experiment.

Keywords: Corporate philanthropy, Donation, Religiosity, Religion, Ethics

JEL Classification: G3, I3

Suggested Citation

Chourou, Lamia, Corporate Philanthropy and Religiosity: A Cross-Country Evidence (July 20, 2020). Available at SSRN:

Lamia Chourou (Contact Author)

University of Ottawa ( email )

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