CSR spillover effects of corporate M&As by U.S. Acquirers
研究美国上市公司并购中，高企业社会责任收购方如何促使同行业未参与并购的企业提升自身社会责任投入，且行业竞争越激烈，这种溢出效应越强。
This study explores CSR spillover effects within industries experiencing mergers and acquisitions (M&As), focusing on the response of non-target firms to M&As led by high-level CSR acquirers. We examine whether the involvement of socially responsible acquirers in M&As affects the CSR strategies of industry peers not directly engaged in these deals. Through an analysis of publicly listed U.S. firms from 1995 to 2018, we discover that non-target firms increase their CSR engagement following acquisitions by high-level CSR acquirers. Additionally, we observe that this spillover effect on CSR engagement is significantly amplified in industries characterised by high levels of competition. Our findings shed light on the extensive impact of M&As on CSR practices across industries, emphasising the importance of CSR spillover in influencing CSR activities industry wide.