Abstract
Corporate philanthropy is significant because gifts are viewed as a means to enhance the image of a business organization in an era of intense competition. Taking into account the corporations listed on the Shenzhen stock exchanges, this research reveals that environmentally unfriendly enterprises have been exhibiting more altruistic behavior to counterbalance the negative image that has resulted from their massive emission of pollutants. In addition, a review of innovation, idle resources, and directors' salaries indicated a substantial positive correlation. It is not required that a company be profitable for it to engage in philanthropy; rather, it should have an abundance of excess resources to donate. We also show that corporate philanthropy produces value for a company during a natural disaster and increases the company's goodwill during times of humanitarian need.