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This study investigates the relationship between corporate philanthropy and firm performance in Africa, using listed firms participating in Corporate Philanthropy (CP) in South Africa as the representative sample. The study recognises that (CP) is still nascent, but steadily taking shape in Africa. Three closely related objectives are advanced to capture if, any, the steady growth in CP has any bearings on firm performance of firms listed in stock markets. The first objective investigates the impact of CP on financial performance. Preliminary results indicate positive relationship between after tax profit and corporate gifting. The second objective investigates size effect on CP. Results confirm that size maters, big firms tend to participate in CP compared to small and growth firms. The last objective determines if active participation in corporate gifting affects firm’s stock return in the market. Preliminary results for this objective are however not satisfactory, there is no clear relationship found, hence further analysis may reveal clear relationships. It may point to a new phenomenon about investors, if they may demand risk premium for or not participating in CP by the African listed firms. Given the close relationship between the three objectives, further analysis uses Seemingly Related Regressions (SUR), especially to give insights regarding objective one and two. The study contributes to the literature on corporate gifting and good corporate citizenship in general. For Africa, this study is important given the economic contribution of philanthropy and active corporate participation in developing communities and the countries