The effect of CSR on M&A Performance

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dc.contributor.advisorReimsbach, Daniel
dc.contributor.authorBrinkmans, Jori
dc.date.issued2019-04-01
dc.description.abstractPrevious empirical evidence provides mixed results on the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP). This thesis revisits this relation by testing two opposing views on CSR, namely the stakeholder value maximization view and the shareholder expense view. Using a large sample of European mergers, this thesis examines whether CSR creates or destroys value for acquiring firms’ shareholders. This thesis finds that acquiring companies with high CSR have lower merger announcement returns than acquiring companies with low CSR. This suggests that CSR is a source of value-destruction and that the market values CSR investments lower than its costs. This supports the shareholder expense view. In addition, this thesis finds that when distinguishing between three different CSR dimensions (environmental, social and corporate governance) the social dimension is the most important determinant of value-destruction in mergers. Keywords: Corporate social responsibility (CSR), Mergers and acquisitions, Announcement returns, Stakeholder theory.en_US
dc.embargo.lift10000-01-01
dc.embargo.typePermanent embargoen_US
dc.identifier.urihttps://theses.ubn.ru.nl/handle/123456789/7891
dc.language.isoenen_US
dc.thesis.facultyFaculteit der Managementwetenschappenen_US
dc.thesis.specialisationCorporate Finance & Controlen_US
dc.thesis.studyprogrammeMaster Economicsen_US
dc.thesis.typeMasteren_US
dc.titleThe effect of CSR on M&A Performanceen_US
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