Godfrey (2005)

Godfrey, Paul C. "The Relationship between Corporate Philanthropy and Shareholder Wealth: A risk management perspective." Academy of Management Review, October 2005.

This study provides supporting theoretical work for Godfrey, Merrill, and Hansen's (2006) event study of the impact of community involvement on market price reactions to negative events.

Despite widespread corporate charitable giving, there have been relatively few studies of the motivations,  firm-level effects, or impact on shareholder wealth.  See also Navarro (1988).

Link:  https://www.jstor.org/stable/20159168?seq=1#page_scan_tab_contents