| Summary: | 碩士 === 東吳大學 === 企業管理學系 === 108 === This study explores whether information on an acquirer’s corporate social responsibility (CSR) can send a positive signal to the market. We find that investors and stakeholders may use this information as a basis for evaluation when the firms announce a significant event, especially under high information asymmetry. In this study, we focus on the effect of corporate social responsibility performance on the international mergers and acquisitions. Further, we consider whether it has a positive adjustment effect of different kind of information asymmetry context.
Using a sample of mergers and acquisitions cases of American listed companies from 2001 to 2017, we find that acquirers with high CSR rating have a significant positive effect on their acquisition performance. It shows that implementing corporate social responsibility will send positive signals to the market, and also reduce the risks of investment and information asymmetry. Additionally, we use the method of payment and the cultural distance as the factors to analyze the moderating effects under highly asymmetric information. We find that only the companies, which choose stock payment for mergers and acquisitions rely more on signals associated with its corporate social responsibility rating.
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