Does CSR influence M&A target choices?

Mathieu Gomes
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Mathieu Gomes: CleRMa - Clermont Recherche Management - ESC Clermont-Ferrand - École Supérieure de Commerce (ESC) - Clermont-Ferrand - UCA [2017-2020] - Université Clermont Auvergne [2017-2020]

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Abstract: We examine the impact of corporate social responsibility (CSR) on mergers and acquisitions (M&A) target choices. We offer evidence that CSR performance of firms matter for M&A acquirers. Indeed, our results based on 608 deals between 2003 and 2014 reveal that target firms have on average higher CSR scores than similar non-target firms. We also show directly that a firm's CSR is positively associated with its propensity to become a M&A target. These results hold for all CSR dimensions (environment, social, and governance). Overall, our results suggest that CSR matters in M&A decisions.

Keywords: Corporate social responsibility; Mergers and acquisitions; Matched-pair analysis; Logistic regression (search for similar items in EconPapers)
Date: 2019-09-02
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-com and nep-eur
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-02007313
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Citations: View citations in EconPapers (9)

Published in Finance Research Letters, 2019, 30, pp.153-159. ⟨10.1016/j.frl.2018.09.011⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-02007313

DOI: 10.1016/j.frl.2018.09.011

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