This study examines the relationship between environmental, social, and governance (ESG) risk, chaebol firms, and donation activities. Using the measure of donation expenses seen in 2010~2020 Korea Exchange-listed firms, we examine whether chaebol firms with high ESG risk engage in more donation activities for sustainable management. We find that chaebol firms exposed to ESG-related negative events reduce donation expenditure, despite the positive relation between ESG risk and donation activities in general. Moreover, the donation activities of chaebol firms have a negative effect on firm value. This indicates that the chaebol’s donation activities are not an effective means for ESG risk management and do not seem to be evaluated positively in the capital market. This study points out that chaebol firms’ donation activities may be a form of “Korean greenwashing,” and it contributes to the existing literature by implying how consumers and investors should view donation activities.