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Does a firm have to be socially responsible to become a target in cross-border M&As: evidence from China

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  • Xiang Ma
  • Xiaohui Xu
  • Mobing Jiang

Abstract

Based on data from Chinese-listed firms from 2008 to 2016, we explore the impact of corporate social responsibility (CSR) on the likelihood of becoming a target in cross-border mergers and acquisitions (M&As). We find that CSR performance is positively associated with the firm’s likelihood of becoming a target in cross-border M&As, but this effect is significant only in higher competitive markets and for non-state-owned enterprises. Moreover, only high-quality CSR disclosure can improve the likelihood of becoming a M&A target. Therefore, the governments in emerging markets should guide listed companies to disclose high-quality CSR reports and propel the process of marketization.

Suggested Citation

  • Xiang Ma & Xiaohui Xu & Mobing Jiang, 2022. "Does a firm have to be socially responsible to become a target in cross-border M&As: evidence from China," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 29(6), pages 1417-1438, November.
    • Handle: RePEc:taf:raaexx:v:29:y:2022:i:6:p:1417-1438
    DOI: 10.1080/16081625.2020.1847149
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