This study empirically examines the effect of charitable donation expenditures—among various corporate social contribution activities—on firm value, and analyzes how a firm's ownership structure influences this effect. The empirical results indicate that charitable donation expenditures have a positive relationship with firm value. That is, charitable donations can be interpreted as serving as an investment to build a favorable corporate image, thereby leading to an increase in firm value. However, charitable donations exceeding the tax-deductible limit were found not to increase firm value, meaning that even the positive effects of charitable donations do not translate into increased firm value when they exceed an appropriate level, as they become a burden on the firm. Regarding the analysis of the effect of excess charitable donations on firm value by ownership structure, among firms with excess charitable donations, those with higher controlling shareholder ownership exhibited a greater decrease in firm value. This can be interpreted as market participants perceiving excessive charitable donations as actions aimed at increasing the private benefits of controlling shareholders. Conversely, in firms with higher foreign ownership, the effect of excess charitable donations on firm value was found to be positive. This can be interpreted as indicating that even when excess charitable donations exist in firms with high foreign ownership, such activities have undergone active monitoring by outside shareholders, so the positive effects of charitable donations are not undermined. Given the characteristic of Korean firms where ownership and management are often not separated, there is a high possibility that the influence of controlling shareholders is reflected in charitable donation expenditures. This study provides the implication that it is important to establish appropriate control mechanisms to prevent charitable donations from being used as a means to enhance the private benefits of controlling shareholders, thereby undermining firm value.