Corporate social responsibility culture and international M&As

نویسندگان

چکیده

We examine the role of corporate culture in M&As by utilizing a unique social responsibility (CSR) dataset, providing in-depth information on multiple dimensions organizational 22 developed markets. In accordance with prediction clash theory, wider divergence between CSR cultures acquiring and target firms is associated lower acquirer announcement long-run returns as well synergistic gains for combined firm. Cultural misalignment also increases time required to finalise deal, reduces likelihood deal completion percentage stock payment. Our results are robust alternative explanations (e.g., similarities national culture, performance, institutional configurations), different regression specifications, additional cultural measures. findings highlight importance need deeper understanding selection process, integration planning, financing choice corporations their investors.

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ژورنال

عنوان ژورنال: British Accounting Review

سال: 2022

ISSN: ['0890-8389', '1095-8347']

DOI: https://doi.org/10.1016/j.bar.2021.101035