慈善资本配置：来自私人基金会的证据

摘要

We examine how private foundations allocate charitable capital in response to recipient need. Using financial shocks to peer foundations (who fund the same recipients), we isolate exogenous changes in the marginal value of grants. Foundations respond to need by reallocating grants across recipients, particularly for scientific causes and longer donor–recipient relationships. However, their annual grantmaking budgets show little intertemporal flexibility, instead prioritizing capital preservation. Among governance characteristics, founder involvement predicts both cross-sectional responsiveness and intertemporal conservatism. Our findings highlight a tension: founders’ charitable intent supports effective allocation, but their inclination toward capital preservation can hinder impact maximization.