Skip to main content
main-content

Tipp

Weitere Artikel dieser Ausgabe durch Wischen aufrufen

27.01.2022 | Original Paper

Cross-Border Mergers and Acquisitions and CSR Performance: Evidence from China

verfasst von: Xiaomeng Chen, Xiao Liang, Hai Wu

Erschienen in: Journal of Business Ethics

Einloggen, um Zugang zu erhalten
share
TEILEN

Abstract

We examine the effect of the cross-border merger and acquisition (M&A) activities of Chinese firms on their corporate social responsibility (CSR) performance. We find that Chinese acquirers significantly increase CSR performance and CSR spending following cross-border M&As. The legal origins and social norms of host countries are found to positively affect the acquirers’ CSR performance and CSR spending in the post-M&A period. The results are consistent with Chinese acquirers signaling their commitment toward CSR through cross-border M&As to respond to diverse stakeholder demands and strengthen corporate reputation. We also provide evidence that Chinese firms’ knowledge acquisition through cross-border M&As boosts green innovation. In addition, we show that the financial performance of Chinese acquirers does not suffer in the long term, indicating that strategic CSR investments can be integrated with other corporate investment activities. Our study demonstrates how cross-border M&As affect stakeholder value beyond value for shareholders.

Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 69.000 Bücher
  • über 500 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Testen Sie jetzt 15 Tage kostenlos.

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 58.000 Bücher
  • über 300 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Testen Sie jetzt 15 Tage kostenlos.

Anhänge
Nur mit Berechtigung zugänglich
Fußnoten
1
Prior studies typically investigate the effect of M&As or the effect of legal prevention of M&As on specific stakeholder interests. These stakeholders include employees (Lee et al., 2018); customers (Crandall & Winston, 2003); and tax authorities (Huizinga et al., 2018). Such studies focus on the conflicting interests between shareholders and stakeholders, but do not examine how M&As are associated with CSR performance.
 
2
In 2013, the Ministry of Commerce of China introduced the Notice on the Further Enhancement of Environmental Protection Work of Foreign Investment Cooperation Enterprises to improve Chinese firms’ awareness of environmental protection to enhance these firms’ image and protect economic benefits (see: http://​hzs.​mofcom.​gov.​cn/​article/​zcfb/​b/​201302/​20130200039909.​shtml).
 
3
In 2014, the Ministry of Commerce of China issued Measures for the Administration of Overseas Investment. This guidance requires Chinese firms to act legally, be fully compliant with regulations, and adhere to local customs and cultures in host countries.
 
4
The “Go Global” strategy has been the Chinese government’s major strategic initiative for economic development since its enactment in 2000. In the following two decades, Chinese companies have taken considerable strides in making outbound investments. For example, in his remarks in 2014, Angel Gurría, the Secretary-General of the Organisation for Economic Co-operation and Development (OECD) provided a brief overview of Chinese investments abroad: “In the first three quarters of 2013, Chinese overseas direct investment flows amounted to $70 billion, an increase of almost a quarter on 2012… Chinese companies seem more likely to engage in Mergers & Acquisitions.”
 
5
For example, No. 1838 (2005) of the National Development and Reform Commission prioritizes equity loan facilities for “overseas production or infrastructure projects that may boost the export of domestic technologies, products, equipment and labor services, etc.” and “projects of overseas research and development centers that may make use of international advanced technologies, management experiences and professional talents.”
 
6
For example, on February 26, 2019, the People’s Daily, one of China’s state media outlets, praised two Chinese firms (Sinochem Corp. and Zoomlion Ltd.) for their successful acquisitions of high-quality foreign businesses. In the news story, the state media advocated the “Go Global” strategy and promoted Chinese firms’ greater involvement in investing overseas.
 
7
In reporting the news of the 18th forum of the “Go Global” strategy on December 9, 2019, the China Daily, one of China’s state media outlets, encourages Chinese firms to improve the quality and level of “going global” when expanding business overseas. In particular, the China Daily stresses the importance of fulfilling social responsibilities in host countries when “going global.”
 
8
Legitimacy in institutional theory is defined as “a generalized perception or assumption that the actions of an entity are desirable, proper, or appropriate within some socially constructed system of norms, values, beliefs, and definitions” (Suchman 1995, p. 574).
 
9
In 2008, Sanlu Group—one of the largest dairy producers in China at the time—admitted that its milk powder was contaminated with the toxic chemical (melamine). This incident damaged the reputation of China’s entire dairy industry and has boosted China’s demand for high-quality overseas dairy products ever since. The shift of consumer preference has driven Chinese dairy producers to acquire internationally recognized brands or overseas production facilities to improve product quality and regain social trust. In 2013, Yili, one of China’s largest dairy producers, purchased Oceania Dairy in New Zealand to produce milk powder for export to China. Many of Yili’s competitors also conducted cross-border M&As in the aftermath of the Sanlu scandal.
 
10
Suppose firm A had cross-border M&As in 2010 and 2012, respectively. In that case, 2008–2010 is the pre-M&A period, and 2011–2015 is the post-M&A period for firm A. Cross-Border is coded as 0 in 2008–2010 and as 1 in 2011–2015 for firm A. Suppose firm B does not undertake cross-border M&As. In that case, Cross-Border equals 0 for firm B during 2008–2015. Following prior literature (e.g., Schweizer et al., 2019), we identify the year of first cross-border M&A as the treatment year for firms with multiple cross-border M&As. We perform additional tests for firms with multiple cross-border M&As in “Exposure to Multiple Host Countries” section.
 
11
The results are similar using the year fixed effects instead of the industry × year fixed effects.
 
12
The 70 subdimensions are classified into three major categories: social responsibility strategy and innovation (14 items), disclosure content (45 items), and technical sufficiency (11 items). The evaluation of social responsibility strategy and innovation focuses on firms’ CSR strategy, stakeholders’ participation, content and comparability of CSR reports, innovativeness of CSR activities, and external assurance, together accounting for 30% of the overall CSR score. The evaluation of disclosure content focuses on firms’ organizational systems in implementing CSR with associated economic, environmental, and social responsibilities, accounting for 45% of the overall CSR score. The evaluation of technical sufficiency focuses on firms’ transparency, regularity, and accessibility of CSR information, accounting for 20% of the overall CSR score. Industry evaluation focusing on industry-level CSR characteristics accounts for the remaining 5% of the overall CSR score.
 
13
For example, Marquis and Qian (2014) find the RKS CSR score reflects the extent of CSR implementation given the specificity of the subdimensions measured.
 
14
Because most of the target firms in Chinese firms’ cross-border M&A deals are private firms that do not have CSR ratings, we opt to use the yearly CSR ratings by the ASSET4 database for the same country and industry as a proxy for the target firm’s CSR score. Specifically, we calculate ASSET4’s yearly average CSR score sorted by country and industry. We then match the target firm’s domiciled country and industry and M&A year with our calculation. Because ASSET4 does not provide CSR information for companies in certain countries and industries, we are only able to apply ASSET4’s CSR ratings to 74 target firms. We perform additional tests to examine whether target firms’ CSR performance explains Chinese acquirers’ improved CSR performance following cross-border M&As, and we do not find a significant effect (not tabulated). However, we acknowledge the limitation of our approach. That is, the CSR performance of private firms may be different from that of public firms in the same industry. Further, peer firms may engage in CSR activities to different extents. Using the average value of CSR score overlooks the heterogeneity of firms in CSR engagement in the same industry.
 
15
Here, 4.7% = 1.769/37.334, where 1.769 is the coefficient on Cross-Border in Column (1) of Table 3, and 37.334 is the average value of CSR for the sample firms in Panel A of Table 2.
 
16
In the first stage, we estimate the likelihood of Chinese firms making cross-border M&As in any foreign country. We do not predict the likelihood of a given foreign country where Chinese firms would conduct cross-border M&As, which is not our test variable. Such an approach requires modeling of the likelihood of Chinese firms making cross-border deals in all possible foreign countries. As a result, we do not use the exchange rate between China and a given foreign country to explain firm decisions to make cross-border deals in that foreign country.
 
17
We obtain the monthly real bilateral US dollar exchange rates of China and the host country from the Bank for International Settlements. The indices are then deflated using the 2010 constant consumer price index in each country to calculate the real exchange rate returns.
 
18
Thomson Reuters’ ASSET4 database provides environmental, social, and governance information for more than 6000 companies globally.
 
19
The CCSR database covers all Chinese public firms issuing CSR reports since 2006. It compiles CSR-related items from a wide variety of sources, including annual reports, regulatory filings, company disclosures, media press releases, government reports, and NGO publications. The database is provided by the Chinese Research Data Services Platform and is used in CSR-related studies (e.g., Yang et al., 2020).
 
20
Examples of such investments include capital expenditure on pollution prevention and control, investment in environmental management, scholarships, disaster relief involvement, funds for employee training/welfare, and donations to charities. We exclude CSR spending in the categories of shareholder/creditor relations and supplier/customer relations because CSR activities under these categories generally constitute regular business transactions (Chen et al., 2018). Examples of such regular business transactions include payments for dividends, interests and taxes, issuance of debt or equity, business loans, inventory purchase, and R&D expenditure.
 
21
Total CSR spending for the sample firms is estimated to be 196 million (0.8% × 24,506 million), where 24,506 million is the average total assets for the sample firms in CSR spending analysis that report monetary values for their CSR initiatives. Our estimate is comparable to that reported in Chen et al. (2018). Note that our estimate is conservative given that our calculation includes only disclosed CSR spending items with monetary values.
 
22
Here, 64% = 0.509/0.8, where 0.509 is the coefficient on Cross-Border in Column (1) of Panel B, Table 5, and 0.8 is the average value of Total CSR spending for the sample firms in Panel A of Table 5.
 
23
The results from the first-stage and second-stage regressions (untabulated) are similar to those reported in Columns (1) and (2) of Table 5.
 
24
Our legal origin analysis focuses on differences between common law systems and civil law systems. Following Liang and Renneboog (2017), we exclude current and former socialist countries from the sample for the legal origin analysis. This is because former and current socialist countries are in transition from socialism, which is characterized by a radical reduction in government control, and those transition economies are still not in equilibrium (Aghion et al., 2010). Indeed, Liang and Renneboog report that firms from current and former socialist countries have the lowest levels of CSR performance and pay less attention to environmental, social, and governance issues than firms from countries with a common law or civil law origin.
 
25
The International Country Risk Guide creates a separate index for each of the categories. High scores indicate low risk for a country.
 
26
For example, Geely, a non-SOE automaker, acquired Sweden’s Volvo in 2010 to obtain automotive technology, particularly advanced environmental technology systems. With green car ambitions, Geely is developing electric cars to meet the rising demand for new energy vehicles in China.
 
Literatur
Zurück zum Zitat Aghion, P., Algan, Y., Cahuc, P., & Shleifer, A. (2010). Regulation and distrust. The Quarterly Journal of Economics, 125(3), 1015–1049. Aghion, P., Algan, Y., Cahuc, P., & Shleifer, A. (2010). Regulation and distrust. The Quarterly Journal of Economics, 125(3), 1015–1049.
Zurück zum Zitat Ahern, K. R., Daminelli, D., & Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1), 165–189. Ahern, K. R., Daminelli, D., & Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1), 165–189.
Zurück zum Zitat Aktas, N., De Bodt, E., & Cousin, J.-G. (2011). Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking & Finance, 35(7), 1753–1761. Aktas, N., De Bodt, E., & Cousin, J.-G. (2011). Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking & Finance, 35(7), 1753–1761.
Zurück zum Zitat Andrade, G., Mitchell, M., & Stafford, E. (2001). New evidence and perspectives on mergers. Journal of Economic Perspectives, 15(2), 103–120. Andrade, G., Mitchell, M., & Stafford, E. (2001). New evidence and perspectives on mergers. Journal of Economic Perspectives, 15(2), 103–120.
Zurück zum Zitat Arouri, M., Gomes, M., & Pukthuanthong, K. (2019). Corporate social responsibility and M&A uncertainty. Journal of Corporate Finance, 56, 176–198. Arouri, M., Gomes, M., & Pukthuanthong, K. (2019). Corporate social responsibility and M&A uncertainty. Journal of Corporate Finance, 56, 176–198.
Zurück zum Zitat Attig, N., Boubakri, N., El Ghoul, S., & Guedhami, O. (2016). Firm internationalization and corporate social responsibility. Journal of Business Ethics, 134(2), 171–197. Attig, N., Boubakri, N., El Ghoul, S., & Guedhami, O. (2016). Firm internationalization and corporate social responsibility. Journal of Business Ethics, 134(2), 171–197.
Zurück zum Zitat Bansal, P., & Hunter, T. (2003). Strategic explanations for the early adoption of ISO 14001. Journal of Business Ethics, 46(3), 289–299. Bansal, P., & Hunter, T. (2003). Strategic explanations for the early adoption of ISO 14001. Journal of Business Ethics, 46(3), 289–299.
Zurück zum Zitat Baron, D. P. (2001). Private politics, corporate social responsibility, and integrated strategy. Journal of Economics & Management Strategy, 10(1), 7–45. Baron, D. P. (2001). Private politics, corporate social responsibility, and integrated strategy. Journal of Economics & Management Strategy, 10(1), 7–45.
Zurück zum Zitat Benabou, R., & Tirole, J. (2010). Individual and corporate social responsibility. Economica, 77(305), 1–19. Benabou, R., & Tirole, J. (2010). Individual and corporate social responsibility. Economica, 77(305), 1–19.
Zurück zum Zitat Bereskin, F., Byun, S. K., Officer, M. S., & Oh, J.-M. (2018). The effect of cultural similarity on mergers and acquisitions: Evidence from corporate social responsibility. Journal of Financial and Quantitative Analysis, 53(5), 1995–2039. Bereskin, F., Byun, S. K., Officer, M. S., & Oh, J.-M. (2018). The effect of cultural similarity on mergers and acquisitions: Evidence from corporate social responsibility. Journal of Financial and Quantitative Analysis, 53(5), 1995–2039.
Zurück zum Zitat Bertrand, M., & Mullainathan, S. (2003). Enjoying the quiet life? Corporate governance and managerial preferences. Journal of Political Economy, 111(5), 1043–1075. Bertrand, M., & Mullainathan, S. (2003). Enjoying the quiet life? Corporate governance and managerial preferences. Journal of Political Economy, 111(5), 1043–1075.
Zurück zum Zitat Boubakri, N., El Ghoul, S., Wang, H., Guedhami, O., & Kwok, C. C. Y. (2016). Cross-listing and corporate social responsibility. Journal of Corporate Finance, 41, 123–138. Boubakri, N., El Ghoul, S., Wang, H., Guedhami, O., & Kwok, C. C. Y. (2016). Cross-listing and corporate social responsibility. Journal of Corporate Finance, 41, 123–138.
Zurück zum Zitat Brammer, S., Millington, A., & Rayton, B. (2007). The contribution of corporate social responsibility to organizational commitment. The International Journal of Human Resource Management, 18(10), 1701–1719. Brammer, S., Millington, A., & Rayton, B. (2007). The contribution of corporate social responsibility to organizational commitment. The International Journal of Human Resource Management, 18(10), 1701–1719.
Zurück zum Zitat Cao, F., Peng, S., & Ye, K. (2019). Multiple large shareholders and corporate social responsibility reporting. Emerging Markets Review, 38, 287–309. Cao, F., Peng, S., & Ye, K. (2019). Multiple large shareholders and corporate social responsibility reporting. Emerging Markets Review, 38, 287–309.
Zurück zum Zitat Chan, M. C., Watson, J., & Woodliff, D. (2014). Corporate governance quality and CSR disclosures. Journal of Business Ethics, 125(1), 59–73. Chan, M. C., Watson, J., & Woodliff, D. (2014). Corporate governance quality and CSR disclosures. Journal of Business Ethics, 125(1), 59–73.
Zurück zum Zitat Chang, C.-H. (2011). The influence of corporate environmental ethics on competitive advantage: The mediation role of green innovation. Journal of Business Ethics, 104(3), 361–370. Chang, C.-H. (2011). The influence of corporate environmental ethics on competitive advantage: The mediation role of green innovation. Journal of Business Ethics, 104(3), 361–370.
Zurück zum Zitat Chang, X., Chen, Y., Wang, S. Q., Zhang, K., & Zhang, W. (2019). Credit default swaps and corporate innovation. Journal of Financial Economics, 134(2), 474–500. Chang, X., Chen, Y., Wang, S. Q., Zhang, K., & Zhang, W. (2019). Credit default swaps and corporate innovation. Journal of Financial Economics, 134(2), 474–500.
Zurück zum Zitat Chen, Y.-C., Hung, M., & Wang, Y. (2018). The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China. Journal of Accounting and Economics, 65(1), 169–190. Chen, Y.-C., Hung, M., & Wang, Y. (2018). The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China. Journal of Accounting and Economics, 65(1), 169–190.
Zurück zum Zitat Crandall, R. W., & Winston, C. (2003). Does antitrust policy improve consumer welfare? Assessing the evidence. Journal of Economic Perspectives, 17(4), 3–26. Crandall, R. W., & Winston, C. (2003). Does antitrust policy improve consumer welfare? Assessing the evidence. Journal of Economic Perspectives, 17(4), 3–26.
Zurück zum Zitat De Roeck, K., El Akremi, A., & Swaen, V. (2016). Consistency matters! How and when does corporate social responsibility affect employees’ organizational identification? Journal of Management Studies, 53(7), 1141–1168. De Roeck, K., El Akremi, A., & Swaen, V. (2016). Consistency matters! How and when does corporate social responsibility affect employees’ organizational identification? Journal of Management Studies, 53(7), 1141–1168.
Zurück zum Zitat Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review, 87(3), 723–759. Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review, 87(3), 723–759.
Zurück zum Zitat Döring, S., Drobetz, W., El Ghoul, S., Guedhami, O., & Schröder, H. (2021). Foreign institutional investors, legal origin, and corporate greenhouse gas emissions disclosure. Available at SSRN 3725355. Döring, S., Drobetz, W., El Ghoul, S., Guedhami, O., & Schröder, H. (2021). Foreign institutional investors, legal origin, and corporate greenhouse gas emissions disclosure. Available at SSRN 3725355.
Zurück zum Zitat Drezner, D. W. (2000). Bottom feeders. Foreign Policy, 121, 64–70. Drezner, D. W. (2000). Bottom feeders. Foreign Policy, 121, 64–70.
Zurück zum Zitat Dupire, M., & M’Zali, B. (2018). CSR strategies in response to competitive pressures. Journal of Business Ethics, 148(3), 603–623. Dupire, M., & M’Zali, B. (2018). CSR strategies in response to competitive pressures. Journal of Business Ethics, 148(3), 603–623.
Zurück zum Zitat Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693–714. Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693–714.
Zurück zum Zitat El Ghoul, S., Guedhami, O., & Kim, Y. (2017). Country-level institutions, firm value, and the role of corporate social responsibility initiatives. Journal of International Business Studies, 48(3), 360–385. El Ghoul, S., Guedhami, O., & Kim, Y. (2017). Country-level institutions, firm value, and the role of corporate social responsibility initiatives. Journal of International Business Studies, 48(3), 360–385.
Zurück zum Zitat El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388–2406. El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388–2406.
Zurück zum Zitat Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross-border mergers and acquisitions. The Journal of Finance, 67(3), 1045–1082. Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross-border mergers and acquisitions. The Journal of Finance, 67(3), 1045–1082.
Zurück zum Zitat Flammer, C. (2013). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal, 56(3), 758–781. Flammer, C. (2013). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal, 56(3), 758–781.
Zurück zum Zitat Flammer, C. (2015). Does product market competition foster corporate social responsibility? Evidence from trade liberalization. Strategic Management Journal, 36(10), 1469–1485. Flammer, C. (2015). Does product market competition foster corporate social responsibility? Evidence from trade liberalization. Strategic Management Journal, 36(10), 1469–1485.
Zurück zum Zitat Flammer, C. (2021). Corporate green bonds. Journal of Financial Economics, 142, 499–516. Flammer, C. (2021). Corporate green bonds. Journal of Financial Economics, 142, 499–516.
Zurück zum Zitat Glavas, A., & Godwin, L. N. (2013). Is the perception of ‘goodness’ good enough? Exploring the relationship between perceived corporate social responsibility and employee organizational identification. Journal of Business Ethics, 114(1), 15–27. Glavas, A., & Godwin, L. N. (2013). Is the perception of ‘goodness’ good enough? Exploring the relationship between perceived corporate social responsibility and employee organizational identification. Journal of Business Ethics, 114(1), 15–27.
Zurück zum Zitat Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of Management Review, 30(4), 777–798. Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of Management Review, 30(4), 777–798.
Zurück zum Zitat Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425–445. Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425–445.
Zurück zum Zitat Gomes, M. (2019). Does CSR influence M&A target choices? Finance Research Letters, 30, 153–159. Gomes, M. (2019). Does CSR influence M&A target choices? Finance Research Letters, 30, 153–159.
Zurück zum Zitat Gugler, P., & Shi, J. Y. J. (2008). Corporate social responsibility for developing country multinational corporations: Lost war in pertaining global competitiveness? Journal of Business Ethics, 87(S1), 3–24. Gugler, P., & Shi, J. Y. J. (2008). Corporate social responsibility for developing country multinational corporations: Lost war in pertaining global competitiveness? Journal of Business Ethics, 87(S1), 3–24.
Zurück zum Zitat Gupta, A. K., & Govindarajan, V. (2000). Knowledge flows within multinational corporations. Strategic Management Journal, 21(4), 473–496. Gupta, A. K., & Govindarajan, V. (2000). Knowledge flows within multinational corporations. Strategic Management Journal, 21(4), 473–496.
Zurück zum Zitat Harjoto, M. A., & Jo, H. (2011). Corporate governance and CSR nexus. Journal of Business Ethics, 100(1), 45–67. Harjoto, M. A., & Jo, H. (2011). Corporate governance and CSR nexus. Journal of Business Ethics, 100(1), 45–67.
Zurück zum Zitat Hartzmark, S. M., & Sussman, A. B. (2019). Do investors value sustainability? A natural experiment examining ranking and fund flows. The Journal of Finance, 74(6), 2789–2837. Hartzmark, S. M., & Sussman, A. B. (2019). Do investors value sustainability? A natural experiment examining ranking and fund flows. The Journal of Finance, 74(6), 2789–2837.
Zurück zum Zitat Hong, H. G., Kubik, J. D., Liskovich, I., & Scheinkman, J. (2019). Crime, Punishment and the Value of Corporate Social Responsibility. Available at SSRN 2492202. Hong, H. G., Kubik, J. D., Liskovich, I., & Scheinkman, J. (2019). Crime, Punishment and the Value of Corporate Social Responsibility. Available at SSRN 2492202.
Zurück zum Zitat Hui, K. W., Liang, C., & Yeung, P. E. (2019). The effect of major customer concentration on firm profitability: Competitive or collaborative? Review of Accounting Studies, 24(1), 189–229. Hui, K. W., Liang, C., & Yeung, P. E. (2019). The effect of major customer concentration on firm profitability: Competitive or collaborative? Review of Accounting Studies, 24(1), 189–229.
Zurück zum Zitat Huizinga, H., Voget, J., & Wagner, W. (2018). Capital gains taxation and the cost of capital: Evidence from unanticipated cross-border transfers of tax base. Journal of Financial Economics, 129(2), 306–328. Huizinga, H., Voget, J., & Wagner, W. (2018). Capital gains taxation and the cost of capital: Evidence from unanticipated cross-border transfers of tax base. Journal of Financial Economics, 129(2), 306–328.
Zurück zum Zitat Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323–329. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323–329.
Zurück zum Zitat Kim, H., Park, K., & Ryu, D. (2017). Corporate environmental responsibility: A legal origins perspective. Journal of Business Ethics, 140(3), 381–402. Kim, H., Park, K., & Ryu, D. (2017). Corporate environmental responsibility: A legal origins perspective. Journal of Business Ethics, 140(3), 381–402.
Zurück zum Zitat Klasa, S., Ortiz-Molina, H., Serfling, M., & Srinivasan, S. (2018). Protection of trade secrets and capital structure decisions. Journal of Financial Economics, 128(2), 266–286. Klasa, S., Ortiz-Molina, H., Serfling, M., & Srinivasan, S. (2018). Protection of trade secrets and capital structure decisions. Journal of Financial Economics, 128(2), 266–286.
Zurück zum Zitat Kostova, T., & Zaheer, S. (1999). Organizational legitimacy under conditions of complexity: The case of the multinational enterprise. Academy of Management Review, 24(1), 64–81. Kostova, T., & Zaheer, S. (1999). Organizational legitimacy under conditions of complexity: The case of the multinational enterprise. Academy of Management Review, 24(1), 64–81.
Zurück zum Zitat Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304–329. Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304–329.
Zurück zum Zitat La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2008). The economic consequences of legal origins. Journal of Economic Literature, 46(2), 285–332. La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2008). The economic consequences of legal origins. Journal of Economic Literature, 46(2), 285–332.
Zurück zum Zitat La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113–1155. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113–1155.
Zurück zum Zitat Lang, L. H., Stulz, R., & Walkling, R. A. (1991). A test of the free cash flow hypothesis: The case of bidder returns. Journal of Financial Economics, 29(2), 315–335. Lang, L. H., Stulz, R., & Walkling, R. A. (1991). A test of the free cash flow hypothesis: The case of bidder returns. Journal of Financial Economics, 29(2), 315–335.
Zurück zum Zitat Lee, K. H., Mauer, D. C., & Xu, E. Q. (2018). Human capital relatedness and mergers and acquisitions. Journal of Financial Economics, 129(1), 111–135. Lee, K. H., Mauer, D. C., & Xu, E. Q. (2018). Human capital relatedness and mergers and acquisitions. Journal of Financial Economics, 129(1), 111–135.
Zurück zum Zitat Leiva, R., Ferrero, I., & Calderón, R. (2016). Corporate reputation in the business ethics field: Its relation with corporate identity, corporate image, and corporate social responsibility. Corporate Reputation Review, 19(4), 299–315. Leiva, R., Ferrero, I., & Calderón, R. (2016). Corporate reputation in the business ethics field: Its relation with corporate identity, corporate image, and corporate social responsibility. Corporate Reputation Review, 19(4), 299–315.
Zurück zum Zitat Li, Z., Wang, P., & Kuo, J.-M. (2019). Cross-border mergers and acquisitions and corporate social responsibility: Evidence from Chinese listed firms. Paper presented at the European Financial Management Association 2019 Annual Meetings, Portugal, June 26–29, 2019 Li, Z., Wang, P., & Kuo, J.-M. (2019). Cross-border mergers and acquisitions and corporate social responsibility: Evidence from Chinese listed firms. Paper presented at the European Financial Management Association 2019 Annual Meetings, Portugal, June 26–29, 2019
Zurück zum Zitat Li, D., Huang, M., Ren, S., Chen, X., & Ning, L. (2018). Environmental legitimacy, green innovation, and corporate carbon disclosure: Evidence from CDP China 100. Journal of Business Ethics, 150(4), 1089–1104. Li, D., Huang, M., Ren, S., Chen, X., & Ning, L. (2018). Environmental legitimacy, green innovation, and corporate carbon disclosure: Evidence from CDP China 100. Journal of Business Ethics, 150(4), 1089–1104.
Zurück zum Zitat Li, S., & Lu, J. W. (2020). A dual-agency model of firm CSR in response to institutional pressure: Evidence from Chinese publicly listed firms. Academy of Management Journal, 63(6), 2004–2032. Li, S., & Lu, J. W. (2020). A dual-agency model of firm CSR in response to institutional pressure: Evidence from Chinese publicly listed firms. Academy of Management Journal, 63(6), 2004–2032.
Zurück zum Zitat Liang, H., & Renneboog, L. (2017). On the foundations of corporate social responsibility. The Journal of Finance, 72(2), 853–910. Liang, H., & Renneboog, L. (2017). On the foundations of corporate social responsibility. The Journal of Finance, 72(2), 853–910.
Zurück zum Zitat Libby, R., & Luft, J. (1993). Determinants of judgment performance in accounting settings: Ability, knowledge, motivation, and environment. Accounting, Organizations and Society, 18(5), 425–450. Libby, R., & Luft, J. (1993). Determinants of judgment performance in accounting settings: Ability, knowledge, motivation, and environment. Accounting, Organizations and Society, 18(5), 425–450.
Zurück zum Zitat Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785–1823. Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785–1823.
Zurück zum Zitat Lys, T., Naughton, J. P., & Wang, C. (2015). Signaling through corporate accountability reporting. Journal of Accounting and Economics, 60(1), 56–72. Lys, T., Naughton, J. P., & Wang, C. (2015). Signaling through corporate accountability reporting. Journal of Accounting and Economics, 60(1), 56–72.
Zurück zum Zitat Marano, V., & Kostova, T. (2016). Unpacking the institutional complexity in adoption of CSR practices in multinational enterprises. Journal of Management Studies, 53(1), 28–54. Marano, V., & Kostova, T. (2016). Unpacking the institutional complexity in adoption of CSR practices in multinational enterprises. Journal of Management Studies, 53(1), 28–54.
Zurück zum Zitat Marano, V., Tashman, P., & Kostova, T. (2017). Escaping the iron cage: Liabilities of origin and CSR reporting of emerging market multinational enterprises. Journal of International Business Studies, 48(3), 386–408. Marano, V., Tashman, P., & Kostova, T. (2017). Escaping the iron cage: Liabilities of origin and CSR reporting of emerging market multinational enterprises. Journal of International Business Studies, 48(3), 386–408.
Zurück zum Zitat Marquis, C., & Qian, C. (2014). Corporate social responsibility reporting in China: Symbol or substance? Organization Science, 25(1), 127–148. Marquis, C., & Qian, C. (2014). Corporate social responsibility reporting in China: Symbol or substance? Organization Science, 25(1), 127–148.
Zurück zum Zitat Masulis, R. W., Wang, C., & Xie, F. (2007). Corporate governance and acquirer returns. The Journal of Finance, 62(4), 1851–1889. Masulis, R. W., Wang, C., & Xie, F. (2007). Corporate governance and acquirer returns. The Journal of Finance, 62(4), 1851–1889.
Zurück zum Zitat McGuinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75–99. McGuinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75–99.
Zurück zum Zitat McWilliams, A., & Siegel, D. S. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117–127. McWilliams, A., & Siegel, D. S. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117–127.
Zurück zum Zitat McWilliams, A., & Siegel, D. S. (2011). Creating and capturing value: Strategic corporate social responsibility, resource-based theory, and sustainable competitive advantage. Journal of Management, 37(5), 1480–1495. McWilliams, A., & Siegel, D. S. (2011). Creating and capturing value: Strategic corporate social responsibility, resource-based theory, and sustainable competitive advantage. Journal of Management, 37(5), 1480–1495.
Zurück zum Zitat McWilliams, A., Siegel, D. S., & Wright, P. M. (2006). Corporate social responsibility: Strategic implications. Journal of Management Studies, 43(1), 1–18. McWilliams, A., Siegel, D. S., & Wright, P. M. (2006). Corporate social responsibility: Strategic implications. Journal of Management Studies, 43(1), 1–18.
Zurück zum Zitat Miska, C., Witt, M. A., & Stahl, G. K. (2016). Drivers of global CSR integration and local CSR responsiveness: Evidence from Chinese MNEs. Business Ethics Quarterly, 26(3), 317–345. Miska, C., Witt, M. A., & Stahl, G. K. (2016). Drivers of global CSR integration and local CSR responsiveness: Evidence from Chinese MNEs. Business Ethics Quarterly, 26(3), 317–345.
Zurück zum Zitat Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201–228. Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201–228.
Zurück zum Zitat Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2005). Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave. The Journal of Finance, 60(2), 757–782. Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2005). Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave. The Journal of Finance, 60(2), 757–782.
Zurück zum Zitat Nelson, M., & Tan, H. T. (2005). Judgment and decision making research in auditing: A task, person, and interpersonal interaction perspective. Auditing: A Journal of Practice & Theory, 24, 41–71. Nelson, M., & Tan, H. T. (2005). Judgment and decision making research in auditing: A task, person, and interpersonal interaction perspective. Auditing: A Journal of Practice & Theory, 24, 41–71.
Zurück zum Zitat Porter, M. E., & Kramer, M. R. (2006). Strategy and society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78–92. Porter, M. E., & Kramer, M. R. (2006). Strategy and society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78–92.
Zurück zum Zitat Preston, L. E., & O’Bannon, D. P. (1997). The corporate social-financial performance relationship: A typology and analysis. Business & Society, 36(4), 419–429. Preston, L. E., & O’Bannon, D. P. (1997). The corporate social-financial performance relationship: A typology and analysis. Business & Society, 36(4), 419–429.
Zurück zum Zitat Rettab, B., Brik, A. B., & Mellahi, K. (2009). A study of management perceptions of the impact of corporate social responsibility on organisational performance in emerging economies: The case of Dubai. Journal of Business Ethics, 89(3), 371–390. Rettab, B., Brik, A. B., & Mellahi, K. (2009). A study of management perceptions of the impact of corporate social responsibility on organisational performance in emerging economies: The case of Dubai. Journal of Business Ethics, 89(3), 371–390.
Zurück zum Zitat Roberts, M. R., & Whited, T. M. (2013). Endogeneity in empirical corporate finance1. In Handbook of the Economics of Finance (Vol. 2, pp. 493–572). Amsterdam: Elsevier. Roberts, M. R., & Whited, T. M. (2013). Endogeneity in empirical corporate finance1. In Handbook of the Economics of Finance (Vol. 2, pp. 493–572). Amsterdam: Elsevier.
Zurück zum Zitat Robinson, M., Kleffner, A., & Bertels, S. (2011). Signaling sustainability leadership: Empirical evidence of the value of DJSI membership. Journal of Business Ethics, 101(3), 493–505. Robinson, M., Kleffner, A., & Bertels, S. (2011). Signaling sustainability leadership: Empirical evidence of the value of DJSI membership. Journal of Business Ethics, 101(3), 493–505.
Zurück zum Zitat Schweizer, D., Walker, T., & Zhang, A. (2019). Cross-border acquisitions by Chinese enterprises: The benefits and disadvantages of political connections. Journal of Corporate Finance, 57, 63–85. Schweizer, D., Walker, T., & Zhang, A. (2019). Cross-border acquisitions by Chinese enterprises: The benefits and disadvantages of political connections. Journal of Corporate Finance, 57, 63–85.
Zurück zum Zitat Sen, S., Bhattacharya, C. B., & Korschun, D. (2006). The role of corporate social responsibility in strengthening multiple stakeholder relationships: A field experiment. Journal of the Academy of Marketing Science, 34(2), 158–166. Sen, S., Bhattacharya, C. B., & Korschun, D. (2006). The role of corporate social responsibility in strengthening multiple stakeholder relationships: A field experiment. Journal of the Academy of Marketing Science, 34(2), 158–166.
Zurück zum Zitat Seru, A. (2014). Firm boundaries matter: Evidence from conglomerates and R&D activity. Journal of Financial Economics, 111(2), 381–405. Seru, A. (2014). Firm boundaries matter: Evidence from conglomerates and R&D activity. Journal of Financial Economics, 111(2), 381–405.
Zurück zum Zitat Servaes, H., & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management Science, 59(5), 1045–1061. Servaes, H., & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management Science, 59(5), 1045–1061.
Zurück zum Zitat Shleifer, A., & Vishny, R. W. (2003). Stock market driven acquisitions. Journal of Financial Economics, 70(3), 295–311. Shleifer, A., & Vishny, R. W. (2003). Stock market driven acquisitions. Journal of Financial Economics, 70(3), 295–311.
Zurück zum Zitat Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Zurück zum Zitat Su, W., Peng, M. W., Tan, W., & Cheung, Y.-L. (2016). The signaling effect of corporate social responsibility in emerging economies. Journal of Business Ethics, 134(3), 479–491. Su, W., Peng, M. W., Tan, W., & Cheung, Y.-L. (2016). The signaling effect of corporate social responsibility in emerging economies. Journal of Business Ethics, 134(3), 479–491.
Zurück zum Zitat Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610. Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610.
Zurück zum Zitat Van der Laan, G., Van Ees, H., & Van Witteloostuijn, A. (2008). Corporate social and financial performance: An extended stakeholder theory, and empirical test with accounting measures. Journal of Business Ethics, 79(3), 299–310. Van der Laan, G., Van Ees, H., & Van Witteloostuijn, A. (2008). Corporate social and financial performance: An extended stakeholder theory, and empirical test with accounting measures. Journal of Business Ethics, 79(3), 299–310.
Zurück zum Zitat Wang, H., & Lu, M. (2016). China Goes Global: How China’s Overseas Investment is Transforming its Business Enterprises. Palgrave Macmillan. Wang, H., & Lu, M. (2016). China Goes Global: How China’s Overseas Investment is Transforming its Business Enterprises. Palgrave Macmillan.
Zurück zum Zitat Wooldridge, J. M. (2010). Econometric Analysis of Cross Section and Panel Data. MIT Press. Wooldridge, J. M. (2010). Econometric Analysis of Cross Section and Panel Data. MIT Press.
Zurück zum Zitat Yu, Y., & Chi, J. (2021). Political embeddedness, media positioning and corporate social responsibility: Evidence from China. Emerging Markets Review, 47, 100799. Yu, Y., & Chi, J. (2021). Political embeddedness, media positioning and corporate social responsibility: Evidence from China. Emerging Markets Review, 47, 100799.
Zurück zum Zitat Zerbini, F. (2017). CSR initiatives as market signals: A review and research agenda. Journal of Business Ethics, 146(1), 1–23. Zerbini, F. (2017). CSR initiatives as market signals: A review and research agenda. Journal of Business Ethics, 146(1), 1–23.
Metadaten
Titel
Cross-Border Mergers and Acquisitions and CSR Performance: Evidence from China
verfasst von
Xiaomeng Chen
Xiao Liang
Hai Wu
Publikationsdatum
27.01.2022
Verlag
Springer Netherlands
Erschienen in
Journal of Business Ethics
Print ISSN: 0167-4544
Elektronische ISSN: 1573-0697
DOI
https://doi.org/10.1007/s10551-021-05025-6

Premium Partner