Abstract
Corporate core values are important in the design of philanthropic policies. Research directed at examining the impact of this relationship on firm value continues with debate. This paper examines the importance of establishing strong corporate values before designing philanthropic policy and how firm value is influenced by announcements of corporate involvement in sensitive economic, social, and/or political philanthropic causes. Specifically, this study explores if there is an abnormal share price performance caused by an announcement of a contribution to Planned Parenthood. The methodology employed to test the null and alternative hypotheses is an event study using a market model technique. The study is expected to find a significant and negative impact on firm value surrounding an announcement of a contribution to Planned Parenthood.