The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility
研究发现文化相似的企业更可能合并，且这类并购带来更大协同效应、更优长期业绩和更少商誉减记，表明文化相似性有助于并购后整合。
We study the effect of corporate cultural similarity on merger decisions and outcomes. Using the similarity in firms’ corporate social responsibility characteristics to proxy for cultural similarity, we find that culturally similar firms are more likely to merge. Moreover, these mergers are associated with greater synergies, superior long-run operating performance, and fewer write-offs of goodwill. Our evidence is consistent with the notion that cultural similarity eases post-deal integration. Our results contribute to the literature on the determinants of merger success, provide new evidence on the impact of corporate culture, and offer a new approach to defining firms’ cultural similarity.