Cross-border mergers and acquisitions and CSR performance: evidence from China
We examine the effect of the cross-border merger and acquisition (M&A) activities of Chinese firms on their corporate social responsibility (CSR) performance. We find that Chinese acquirers significantly increase CSR performance and CSR spending following cross-border M&As. The legal origins...
| Auteur principal: | |
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| Collaborateurs: | ; |
| Type de support: | Électronique Article |
| Langue: | Anglais |
| Vérifier la disponibilité: | HBZ Gateway |
| Journals Online & Print: | En cours de chargement...
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| Interlibrary Loan: | Interlibrary Loan for the Fachinformationsdienste (Specialized Information Services in Germany) |
| Publié: |
2023
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| Dans: |
Journal of business ethics
Année: 2023, Volume: 183, Numéro: 1, Pages: 255-288 |
| Sujets non-standardisés: | B
M14
B F21 B Stakeholder Value B Aufsatz in Zeitschrift B G34 B Responsabilité sociale de l'entreprise B Cross-border M&As B G18 |
| Accès en ligne: |
Volltext (lizenzpflichtig) Volltext (lizenzpflichtig) |
| Résumé: | We examine the effect of the cross-border merger and acquisition (M&A) activities of Chinese firms on their corporate social responsibility (CSR) performance. We find that Chinese acquirers significantly increase CSR performance and CSR spending following cross-border M&As. The legal origins and social norms of host countries are found to positively affect the acquirers' CSR performance and CSR spending in the post-M&A period. The results are consistent with Chinese acquirers signaling their commitment toward CSR through cross-border M&As to respond to diverse stakeholder demands and strengthen corporate reputation. We also provide evidence that Chinese firms' knowledge acquisition through cross-border M&As boosts green innovation. In addition, we show that the financial performance of Chinese acquirers does not suffer in the long term, indicating that strategic CSR investments can be integrated with other corporate investment activities. Our study demonstrates how cross-border M&As affect stakeholder value beyond value for shareholders. |
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| ISSN: | 1573-0697 |
| Contient: | Enthalten in: Journal of business ethics
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| Persistent identifiers: | DOI: 10.1007/s10551-021-05025-6 |
