Talk the Walk: Measuring the Impact of Strategic Philanthropy

This empirical study examines how strategic philanthropy is operationalized in over 500 firms listed on the Dow Jones Sustainability Index (DJSI). Drawing on institutional, legitimacy, and accounting theories, it investigates the measurement of philanthropic impact across dimensions like society, business outcomes, and reputation. The study finds that between 62% and 76% of DJSI firms measure some form of impact, with increasing trends over time. Larger firms, those with higher philanthropic expenditures, and those in the financial sector or from Europe and North America are more likely to engage in robust impact measurement.