کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
8954554 1646019 2018 20 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Does CSR impact premiums in M&A transactions?
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Does CSR impact premiums in M&A transactions?
چکیده انگلیسی
Studies linking corporate social responsibility (CSR) to the market value of firms for marginal investors have found mixed evidence. However, the case of strategic acquirers has scarcely been analyzed. We investigate whether CSR is valued by acquirers in mergers and acquisitions (M&A) and find that CSR is positively associated with bid premiums. Interestingly, while environmental performance is generally valued by acquirers, social performance only commands a premium in cross-border transactions. Our findings suggest that acquirers value targets' CSR involvement and may consider it as a way to reduce information asymmetry and targets' specific risk.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Finance Research Letters - Volume 26, September 2018, Pages 71-80
نویسندگان
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