Purpose: This study aims to provide an empirical study of the factors that influence how companies engage in strategic philanthropy and philanthropic strategy.

Methodology: A target group of Czech companies engaged in corporate philanthropy was contacted with an e-mail containing a hyperlink to an online questionnaire. In total, 296 companies participated in the study. Secondary data was collected from the Albertina database, Anopress IT database, and 2016–2018 annual reports. Logistic regression and likelihood-ratio tests were used to analyze the data.

Findings: The results imply that company size, ownership, industry, slack resources, and visibility are predictors of philanthropic strategy. Company size and headquarters’ location are predictors of strategic philanthropy. The legitimacy strategy and slack resource theory may explain engagement in philanthropic strategy, but not in strategic philanthropy.

Originality: This study contributes to scarce research addressing the drivers of the strategic approach to philanthropy. It provides a comprehensive empirical study of the factors influencing strategic philanthropic practices in the Czech Republic.