Is Corporate Social Responsibility an Agency Problem? An Empirical Note from Takeovers

Mussa Hussain, Nazim Hussain, Duc Khuong Nguyen and Ugo Rigoni

No 2021-006, Working Papers from Department of Research, Ipag Business School

Abstract: We rely on the agency motives of the takeover premium to empirically examine whether and how the acquirer?s corporate social responsibility (CSR) performance influences the premiums paid in takeovers. Using a large sample of US takeovers that took place over the period from 1992 to 2014, our results mainly reveal that higher CSR performance at the acquirer level is associated with higher takeover premium which is consistent with the shareholder expense view. Our results continue to hold after a battery of additional analyses.

Keywords: CSR performance; Acquirers; Takeover premium; Agency problems (search for similar items in EconPapers)
Pages: 13 pages
Date: 2021-01-01
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Citations: View citations in EconPapers (7)

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Journal Article: Is corporate social responsibility an agency problem? An empirical note from takeovers (2021)
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