University of Vaasa - Vaasan yliopisto

S$1 policy but perhaps other more innovative financial and fiscal solutions to
encourage corporate giving will need to be considered.
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One avenue yet to be explored by Singapore Universities is to emulate what has been
tried and practiced in other countries, such as Hong Kong. Apart from relying on
government grants, some Hong Kong universities derive extra financial resources
from spin-off companies (Lee 2002). City University of Hong Kong, for example,
even listed one of its spin-off companies, TeleEye Holdings Limited, on the Hong
Kong Stock Exchange.
Perhaps the fundamental approach to ensure financial stability and self-sufficiency is
for universities to deliver market-driven courses and programs. By focusing on the
market, both students and industry, universities can deliver programs that will
ultimately benefit themselves through increased student enrollment, both local and
foreign students. There is even the option of eventually “exporting” academic
programs overseas, as practiced successfully by many American, British and
Australian universities in Singapore.
Limitations And Future Research
The limitations in this paper highlight potential topics for further investigation and
research. The impact of the current financial meltdown on corporate philanthropy
would prove an interesting topic to be explored in the context of universities in
Singapore. Research in this area would be helpful in understanding what
government and organizations could do and how this would increase contributions to
the universities. Next, there should be further research into the relation between
corporate sponsorship and corporate philanthropy and how sponsorship has had any
impact on corporate giving.
Conclusion
This paper has reviewed a broad understanding of what is CSR and how through
corporate philanthropy, socially responsible organizations might undertake such
behavior. Whether CSR or corporate philanthropy leads to direct financial gain for
stakeholders still remains an open question. However, in the context of Singapore
and support from the government, this paper has shown that both corporations and
Singapore universities have much to gain from corporate philanthropy. Despite the
current economic climate, there is still a belief that government support will not
waver and this will enable both donor and benefactor to benefit.