Does Corporate Social Responsibility and Governance Quality Impact Acquisition Premiums?
Keywords
Loading...
Authors
Issue Date
2023-06-29
Language
en
Document type
Journal Title
Journal ISSN
Volume Title
Publisher
Title
ISSN
Volume
Issue
Startpage
Endpage
DOI
Abstract
This study examines the impact of corporate social responsibility (CSR) performance on merger and acquisition (M&A) premiums in a European sample of 279 deals. It considers the perspectives of acquirers and targets and examines the moderating role of corporate governance quality. The research uses two opposing agency perspectives: stakeholder value maximization and shareholder expense. The main finding is that CSR performance significantly impacts M&A premiums for both acquirers and targets, but this relationship is contingent on country governance by acquirers. The findings offer valuable insights for managers, investors, policymakers, and researchers interested in understanding the complex interplay between CSR, M&A, and corporate governance.
Description
Citation
Supervisor
Faculty
Faculteit der Managementwetenschappen