Does CSR influence M&A target choices?

Abstract : We examine the impact of corporate social responsibility (CSR) on mergers and acquisitions (M&A) target choices. We offer evidence that CSR performance of firms matter for M&A acquirers. Indeed, our results based on 608 deals between 2003 and 2014 reveal that target firms have on average higher CSR scores than similar non-target firms. We also show directly that a firm's CSR is positively associated with its propensity to become a M&A target. These results hold for all CSR dimensions (environment, social, and governance). Overall, our results suggest that CSR matters in M&A decisions.
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https://halshs.archives-ouvertes.fr/halshs-02007313
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Submitted on : Tuesday, October 15, 2019 - 2:15:42 PM
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Mathieu Gomes. Does CSR influence M&A target choices?. Finance Research Letters, Elsevier, 2019, 30, pp.153-159. ⟨10.1016/j.frl.2018.09.011⟩. ⟨halshs-02007313⟩

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