Corporate Structure and the Financial Support of U.S. Symphony Orchestras

24 Pages Posted: 2 Feb 2007

See all articles by Frederic M. Scherer

Frederic M. Scherer

Harvard University - Harvard Kennedy School (HKS)

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Date Written: January 2007

Abstract

The United States experienced merger waves of unprecedented proportions during the 1980s and 1990s. After mapping the resulting relocation of corporate headquarters among metropolitan areas, this article investigates how relocations affected the financial status of leading American symphony orchestras, which depend for support upon philanthropic contributions from corporations and gifts from listeners, including corporate staff. The size of orchestras' budgets is explained most strongly in a panel analysis by local income per-capita and the magnitude of their endowments. Endowments in turn depend upon income per-capita and the amount of assets controlled by corporations headquartered in the area served by orchestras.

Keywords: Nonprofit sector

JEL Classification: Z11, L29

Suggested Citation

Scherer, Frederic M., Corporate Structure and the Financial Support of U.S. Symphony Orchestras (January 2007). KSG Working Paper No. RWP07-002. Available at SSRN: https://ssrn.com/abstract=939658 or http://dx.doi.org/10.2139/ssrn.939658

Frederic M. Scherer (Contact Author)

Harvard University - Harvard Kennedy School (HKS) ( email )

79 John F. Kennedy Street
Cambridge, MA 02138
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