Cross‐border mergers and acquisitions and corporate social responsibility: Evidence from Chinese listed firms
研究了中国上市公司跨境并购对后续企业社会责任表现的影响，发现并购后CSR评级提高约8.24%，且对初始CSR较低的企业影响更显著，有助于提升经营业绩和融资便利。
Abstract This study examines the impact of cross‐border mergers and acquisitions (M&As) on acquirers’ corporate social responsibility (CSR). Based on a sample of Chinese listed firms, we find that firms with cross‐border M&A activities experience an improvement in subsequent CSR performance. Specifically, the CSR rating is approximately 8.24% higher in firms with cross‐border M&As than in those without such activities. We also find that this positive influence is more pronounced in firms with low initial CSR ratings than in those with high initial CSR ratings at the time when a cross‐border M&A deal is completed. Additional analyses reveal that this positive effect is mainly driven by the target firms from countries with high social preference relative to China and that the enhancement in CSR driven by cross‐border M&As translates into higher operating performance and easier access to finance. Overall, our findings demonstrate that cross‐border M&As can serve as a critical channel for acquirers from a country with low institutional quality to build a better reputation through environmentally friendly behaviour and socially responsible engagement, and therefore gain capital market benefits.