ABSTRACT
The enterprise in emerging markets attaches increasing importance to social responsibility with economic development. However, literature still lacks study on the relationship between corporate social responsibility (CSR) and acquirer returns of cross-border mergers and acquisitions (M&As). Taking 214 cross-border M&As in China from 2010 to 2019; this paper divides CSR into four parts. The results find that the supplier and consumer responsibility, and the social contribution of enterprises could significantly promote the acquirer returns of cross-border M&As. In contrast, shareholder responsibility and environmental responsibility have negative effects. This conclusion may be related to the particular situation of cross-border M&As in China.
Acknowledgments
Thanks to the editor of Applied Economics Letters and the anonymous reviewer for their valuable comments and careful guidance.
Disclosure statement
No potential conflict of interest was reported by the author(s).
Notes
1 We adopted the Kogut-Singh index to calculate the institutional distance.