This study examines whether and to what extent each stage of evaluation by a nonprofit agency impacts donation revenue. We test the effects of the Korean evaluation agency's scoring, selection, and ratings disclosure stages on nonprofit organizations' future donations. Using a sample of Korean nonprofit organizations for 2017–2018, we find that the governance and financial performance scores constructed by the agency in the scoring stage are positively correlated with nonprofit organizations' future donations. We also find a positive correlation between selection by the agency during the selection stage and future donations to the selected organizations. Finally, we show that the star ratings disclosed by the agency in the ratings disclosure stage do not impact future donations because ratings are predicted by the governance and financial performance scores. Our results imply that the scoring and selection stages have strong positive signal effects on donors, whereas the ratings disclosure stage does not. These findings suggest that to help donors make decisions about resource contributions, external nonprofit agencies must primarily focus on improving the scoring methodology and selection criteria.

中文翻译：

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外部评价对非营利组织捐赠的影响：来自韩国的证据

本研究探讨非营利机构的每个评估阶段是否以及在多大程度上影响捐赠收入。我们测试了韩国评估机构的评分、选择和评级披露阶段对非营利组织未来捐赠的影响。利用2017-2018年韩国非营利组织的样本，我们发现机构在评分阶段构建的治理和财务绩效得分与非营利组织未来的捐赠呈正相关。我们还发现，机构在选择阶段的选择与未来对所选组织的捐赠之间存在正相关关系。最后，我们表明，该机构在评级披露阶段披露的星级评级不会影响未来的捐赠，因为评级是根据治理和财务绩效分数预测的。我们的结果表明，评分和选择阶段对捐赠者有强烈的积极信号影响，而评级披露阶段则不然。这些发现表明，为了帮助捐助者做出有关资源捐助的决定，外部非营利机构必须主要关注改进评分方法和选择标准。