Is Corporate Social Responsibility a Driver for Target Selection in Mergers and Acquisitions? The Role of Horizontal Versus Diversifying Motives
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| Titel: | Is Corporate Social Responsibility a Driver for Target Selection in Mergers and Acquisitions? The Role of Horizontal Versus Diversifying Motives |
|---|---|
| Autoren: | Max Wullenweber |
| Quelle: | Corporate Social Responsibility and Environmental Management. 32:4448-4461 |
| Verlagsinformationen: | Wiley, 2025. |
| Publikationsjahr: | 2025 |
| Schlagwörter: | ESG, ddc:650, horizontal M&A, resource‐based view, M&A, CSR, target selection |
| Beschreibung: | This study examines the role of a target firm's corporate social responsibility (CSR) commitment in the target selection process in mergers and acquisitions (M&A), with a particular focus on how strategic motives shape this relationship. Contrary to the extant literature, which has largely overlooked the interplay between CSR and M&A strategy, this study differentiates between horizontal (within‐industry) and diversifying (across‐industry) M&A transactions. By doing so, this study builds upon previous analyses and illuminates how CSR can be a pivotal factor in M&A decisions, contingent on the strategic motives of the acquirer. Thus, this study positions CSR as an intangible asset that can influence M&A decisions, based on the resource‐based view (RBV) of the firm. The analysis, based on a sample of 3,447 firms from 2009 to 2020, employs logistic regression models and propensity score matching (PSM) techniques to test the relationship between CSR and M&A target selection. The findings indicate that CSR commitment exerts a more substantial influence on the attractiveness of targets in horizontal M&A, compared to diversifying M&A. Furthermore, the environmental dimension of CSR has been identified to be a particularly salient factor in the context of horizontal M&A transactions. |
| Publikationsart: | Article |
| Sprache: | English |
| ISSN: | 1535-3966 1535-3958 |
| DOI: | 10.1002/csr.3199 |
| Zugangs-URL: | https://hdl.handle.net/10419/323771 |
| Rights: | CC BY |
| Dokumentencode: | edsair.doi.dedup.....ec72c8a9bedc1a7e55aeadb51e025d70 |
| Datenbank: | OpenAIRE |
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