The influence of CSR performance on shareholders wealth
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2018-08-30
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en
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Abstract
This research investigated whether CSR performance influences shareholder wealth at the announcement period using a worldwide sample of mergers and acquisitions. This was investigated by using a short-term event study. This research found significant and robust evidence that target CSR performance positively influences the CAR of the acquiring firm and the combined portfolio. The research also provided significant and robust evidence that acquiring firm CSR performance negatively influences the CAR of the acquiring firm and the combined portfolio. Furthermore, this research provided significant evidence that the CAR of the bidding firm and combined portfolio is negatively influenced when the difference between the firms in CSR performance increases, however these results are not robust.
Keywords: mergers and acquisitions (M&A), event study, corporate social responsibility (CSR), abnormal returns
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Faculteit der Managementwetenschappen