Criticisms of corporate philanthropy (CP) are different across cultures. In essence, opponents of CP fear the lack of economic returns or the lack of social efficacy of corporate donations. The purpose of this paper is to propose a theoretical model that may overcome both set of criticisms, so that CP plans can be globally designed and implemented.

Two theories have been used to ground the model: corporate social responsibility theory and moral capital theory. The first one sets the constraints that will ensure the plan increases social welfare. Constraints stemming from moral capital theory set the conditions for CP to increase economic performance.

On the basis of these constraints, the model stresses the need for ongoing dialogue with internal and external stakeholders, and the continuous monitoring and reporting of the economic and social impact of implemented projects, as the means of overcoming opponents' criticisms of CP.