Corporate Social Responsibility and M&A Premiums

• Main Authors: Mang-Wei Tu, 杜曼瑋
• Other Authors: 陳坤志
• Format: Others
• Language: en_US
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/r77t5w

碩士 === 國立臺灣大學 === 會計學研究所 === 107 === This study investigates the association between targets’ CSR and M&A premiums by using a domestic sample of 904 M&A deals in the U.S. In line with the shareholder theory and capabilities-based theory, this research finds a significant and negative relation between targets’ CSR and premiums, suggesting targets’ CSR engagement destroys the value of the firm in M&A deals. In addition, a positive moderating effect of firm performance on the impact of targets’ CSR on premiums is revealed. The result indicates higher profitability and operating ability alleviate the acquirer’s concern toward targets’ CSR. Overall, this study adds to the body of literature on the effect of CSR under the context of M&A and sheds light on the adverse influence of CSR in deal valuation.