Studies in corporate social responsibility (CSR) have been tremendously conducted in both terms of CSR determinants and consequences. The results, however, are inconclusive yet. Rather using an aggregated score, this study focuses on one CSR strategy at a time. Philanthropy is focused because it is extensively chosen. Thailand is a Buddhist-based country and documented that philanthropy outstandingly appears. The disclosures on philanthropy activities are observed. Using a path analysis, this research found that philanthropy makes firm financial performance increased. Firm size and industry are important factors of philanthropy. Large firms and firms in high impact industry (i.e. oil and gas, and chemical) have a higher number of philanthropy activities. Government ownership, however, has no impact on philanthropy. The empirical findings support the corporate visibility as a determinant of CSR.
Keywords: CSR in Thailand, philanthropy, CSR-CFP link