CSR, Religion, and M&A Premium
Date
2019-09-16
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
ORCID
Type
Thesis
Degree Level
Masters
Abstract
Mergers and acquisitions (M&A) literature has documented that targets’ higher corporate social responsibility (CSR) rating leads to a higher premium paid by acquirers. Using a U.S. domestic sample between 1996 and 2014, we examine how this relationship differs between religious and non-religious acquirer managers. We find that the positive association between target CSR and premium is stronger for acquirers headquartered in highly religious counties, and such acquirers pay a lower premium to targets that have more CSR concerns. The results suggest that religious managers, due to their more risk-averse personality, are more conscious with targets’ misbehaviors on CSR.
Description
Keywords
corporate social responsibility, religion, mergers and acquisitions premium.
Citation
Degree
Master of Science (M.Sc.)
Department
Finance
Program
Finance