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Journal of Business Ethics
Published in: Journal of Business Ethics 4/2021

19-11-2019 | Original Paper

The Role of Ethical Standards in the Relationship Between Religious Social Norms and M&A Announcement Returns

Authors: Leon Zolotoy, Don O’Sullivan, Keke Song

Published in: Journal of Business Ethics | Issue 4/2021

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Abstract

Prior studies suggest that firms headquartered in areas with strong religious social norms have higher ethical standards. In this study, we examine whether the ethical standards associated with local religious norms influence the M&A announcement returns. We document that the M&A announcement returns of acquirer firms increase with the strength of religious social norms in the area surrounding firms’ headquarters. We also document that the relationship is attenuated when acquirer firms have strong corporate social responsibility credentials, is amplified when public trust that firms act in the best interest of stakeholders suffers a negative shock and when the M&A deal has greater economic significance for the acquirer, and manifests predominantly in the lower tail of the distribution of M&A returns. Our findings are consistent with investor assessments of firms’ ethical standards driving the relationship between local religious social norms and M&A announcement returns. We find no evidence for the competing explanation—that investor assessments of firms’ risk preferences drive the documented relationship.
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Appendix
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Footnotes
1
Prior research provides evidence consistent with high CSR firms having lower level of agency-related problems. For example, Kim et al. (2014) find that firms with strong CSR credentials have lower stock price crash risk, concluding that the executives of these firms have a lower tendency to withhold material information from investors. The agency mechanism advocated in Kim et al. (2014) is consistent with a broad body of crash risk literature (e.g., Callen and Fang 2015; Kim et al. 2011) viewing agency-related problems as the key mechanism underpinning the formation of stock price crashes.
 
2
Notably, while prior research suggests that CSR credentials influence investors’ decisions to buy stocks in firms, this does not imply that investors use CSR to make inferences regarding firms’ subjective discount rates.
 
3
Compustat reports the most recent state and county of a firm’s headquarters. Even though firms may relocate during our sample period, any measurement error induced by such relocations is unlikely to be correlated with the strength of local religious social norms, and thus will bias against providing supportive evidence to our hypotheses.
 
4
Focusing on a sub-sample of acquirers covered in the KLD database, Deng et al. (2013) report average announcement return of – 0.212 percentage points. When we limit our sample to acquirers covered in KLD, the average announcement return is comparable to the one reported by Deng et al. (2013).
 
5
For expositional convenience, we report p-values for two-tailed tests. Notably, since our hypotheses are directional, inferences based on two-tailed tests provide a conservative estimate of the significance of our results.
 
6
The data used to construct these additional controls were obtained from US Census Bureau, Federal Reserve Bank of St. Louis, RiskMetrics, SDC Spectrum, Execucomp, Audit Analytics, and IBES.
 
7
This estimation approach has recently gained momentum in empirical research (e.g., Anderson and Core 2017; Diallo and Koch 2018; Ivanov et al. 2016).
 
8
Prior studies (Attig and Brockman 2017; Harjoto and Rossi 2019) offer mixed evidence on the relationship between local religious norms and CSR.
 
9
Specifically, we first estimate the probability of the M&A transaction taking place during the crisis period conditional on acquirer attributes and M&A transaction characteristics using a probit model. We then use the estimates of the probit model to calculate an inverse Mills ratio and include it as an additional control in the model we use to test Hypothesis 3.
 
10
Quantile regression has been applied in a wide range of disciplines and has recently gained momentum in management literature. For reviews, see Koenker and Hallock (2001) and Li (2015).
 
11
We use the robust standard deviation (measured as the interquartile range scaled by 1.349) instead of standard deviation in this analysis since the Relative size variable is significantly skewed in our sample.
 
12
According to the most recent survey, 87% of religious adherents in the United States belong to either Catholic or Protestant denominations (ARDA 2010).
 
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Metadata
Title
The Role of Ethical Standards in the Relationship Between Religious Social Norms and M&A Announcement Returns
Authors
Leon Zolotoy
Don O’Sullivan
Keke Song
Publication date
19-11-2019
Publisher
Springer Netherlands
Published in
Journal of Business Ethics / Issue 4/2021
Print ISSN: 0167-4544
Electronic ISSN: 1573-0697
DOI
https://doi.org/10.1007/s10551-019-04356-9

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