Corporate art support through foundations

Abstract

This study explores the impact of the board of directors of corporations on the choice of support methods and social areas for this support. We dichotomize support methods as whether support was pursued through corporate foundations or not, and whether the support was for arts or non-arts areas. We found that the larger the board is, the more likely the corporation would be to support society through corporate foundation. In terms of support areas, we found that the larger the board is and the more independent is the foundation of the founding corporation, the more likely is the corporation to support arts rather than other areas. ⓒ Jiyeon Nam, Hyung-Deok Shin, 2015.