This study analyzes how donation expenditure affects corporate value according to the corporate governance structure. During the eight-year sample period from 2011 to 2018, the first year IFRS was introduced in Korea, the December settlement manufacturing companies listed on the Korea Exchange's securities and KOSDAQ markets were studied. In addition, chaebol companies and non-chaebol companies belonging to the mutual investment restriction business group were classified using the chaebol dummy variable. The coefficient was estimated by the fixed effect model in consideration of the significant correlation between the corporate characteristic effect and the independent variables. The results of the study are as follows. First, the results of this study were found to support previous studies from the perspective of strategic investment that donation expenditure basically has a positiv eeffect on corporate value. Second, when considering the corporate governance structure, the effect of donation expenditure on corporate value was different. In other words, it was found that donation expenditure had a negative effect on corporate value when the largest shareholder equity ratio was high, while donation expenditure had a positive effect on corporate value when the foreign equity ratio was high. Third, in the case of chaebol companies, the management complacency hypothesis was applied to the largest shareholder with strong corporate control, indicating that donation expenditure was recognized as agent cost, negatively affecting corporate value. Fourth, in the case of non-chaebol companies, donation expenditure has a positive effect on corporate value due to the external monitoring function of foreign investors, while donation expenditure has a negative effect on corporate value due to the agency problem of the board and CEO.