A Reply to Bright: Virtuousness and the Virtues of the Market

Abstract

This article presents a response to a letter submitted by David Bright regarding the article, “The Relationship Between Corporate Philanthropy and Shareholder Wealth: A Risk Management Perspective,” by Paul C. Godfrey. The author responds to Bright's belief that philanthropic action needs to be motivated by virtuous intentions in order to be genuine. He also provides a distinction between the term values and the more specific term virtues. The author suggests that managers work to ensure that an organization's philanthropic activities remain consistent with the firm's identity.