企業為了在競爭中存活，時常透過併購行為來取得外部資源，因併購交易的風險性高，需要事前縝密的評估才能有良好的併購結果。雖然學界對企業社會責任的看法仍有分歧，但隨著企業社會責任的重要性日漸成長，為了能有效降低併購交易中的資訊不對等問題，企業社會責任表現也逐漸成為併購交易中重要的參考指標。
目前甚少研究探討併購雙方對企業社會責任表現一致與否如何影響併購相關結果，為了補足此缺口，本研究以2014至2018年的併購交易為研究目標，探討併購雙方企業社會責任表現一致性對併購支付及表現的影響。
本研究最終篩選出109個樣本，線性迴歸研究顯示當併購雙方的企業社會責任表現一致性越高時，會有更高的併購交易溢價以及在併購後能有更多的企業社會責任表現提升。

In order to survive in the competitive environment, companies often obtain external resources through merger and acquisitions (M&As). Due to the high risk of conducting M&As, careful assessment in advance is required in order to achieve better outcomes. With the growing importance of corporate social responsibility (CSR), more and more researcher started to do CSR-related research. Even though there are still divergent views on CSR in the academic literature, CSR performance has gradually become an important reference in M&A transaction index.
Nowadays, there is still little research focusing on how the same attitude towards CSR between two M&A parties affects M&A outcomes. To fill up this gap, this research complies a sample of M&A transactions during 2014 to 2018, and explores how the consistency in the target’s and acquirer’s CSR performance affects the M&A payment and outcomes.
The sample size for empirically testing hypotheses is 109. The results show that when the consistency of the targets’ and acquirers’ CSR performance is higher, there will have higher M&A transaction premium and higher post-acquisition CSR performance.

Aktas, N., Bodt, E. D., & Cousin, J. (2011). Do Financial Markets Care about SRI? Evidence from Mergers and Acquisitions. Journal of Banking & Finance, 35(7): 1753–1761.
Alexandridis, G., Fuller, K. P., Terhaar, L., & Travlos, N. G. (2013). Deal Size, Acquisition Premia and Shareholder Gains. Journal of Corporate Finance, 20(3):1–13.
Al-Shammari, M. A., Banerjee, S. N., & Rasheed, A. A. (2021). Corporate Social Responsibility and Firm Performance: A Theory of Dual Responsibility. Management Decision, 59(10):2473-2495.
Alshehhi A., Nobanee H., & Khare N. (2018) The Impact of Sustainability Practices on Corporate Financial Performance: Literature Trends and Future Research Potential. Sustainability, 10(2):494-519.
Arouri, M., Gomes, M., & Pukthuanthong, K. (2019). Corporate Social Responsibility and M&A Uncertainty. Journal of Corporate Finance, 56(3):176–198.
Arouri, M., & Pijourlet, G. (2017). CSR Performance and the Value of Cash Holdings: International Evidence. Journal of Business Ethics, 140(2):263–284.
Boadi, E. A., He, Z., Bosompem, J., Opata, C. N., & Boadi, E. K. (2020). Employees’ Perception of Corporate Social Responsibility (CSR) and Its Effects on Internal Outcomes. The Service Industries Journal, 40(9):611–632.
Badulescu, A., Badulescu, D., Saveanu, T., & Hatos, R. (2018). The Relationship between Firm Size and Age, and Its Social Responsibility Actions—Focus on a Developing Country (Romania). Sustainability, 10(3):1-21.
Benlemlih, M., & Bitar, M. (2018). Corporate Social Responsibility and Investment Efficiency. Journal of Business Ethics, 148(3):647–671.
Branco, M. C., & Rodriques, L. L. (2006). Corporate Social Responsibility and Resource-Based Perspective. Journal of Business Ethics, 69(2):111–132.
Carroll, A. B. (1999). Corporate Social Responsibility: Evolution of A Definitional Construct. Business and Society, 38(3):268–295.
Cavaco, S., & Crifo, P. (2014). CSR and Financial Performance: Complementarity between Environmental, Social and Business Behaviours. Applied Economics, 46(27): 3323–3338.
Chen, C., Lu, W., & Liu, M. (2019). Corporate Social Responsibility Learning in Mergers and Acquisitions. Asia-Pacific Journal of Accounting & Economics, 29(1): 53–76.
Cho, K., Han, S., Kim, H., & Kim, S. (2020). The Valuation Effects of Corporate Social Responsibility on Mergers and Acquisitions: Evidence from U.S. Target Firms. Corporate Social Responsibility and Environmental Management, 28(1):378–388.
Cho, S. Y., Lee, C., & Pfeiffer Jr., R. J. (2013). Corporate Social Responsibility Performance and Information Asymmetry. Journal of Accounting and Public Policy, 32(1):71–83.
Cornell, B., & Shapiro, A. C., (1987). Corporate Stakeholder and Corporate Finance. Financial Management, 16(1):5–14.
Cowling M., Liu W., & Zhang N. (2017). Did Firm Age and Entrepreneurial Experience Count? SME Performance after the Global Financial Crisis. Journal of Evolutionary Economics, 28(2):77-100.
Cronqvist, H., Heyman, F., Nilsson, M., Svaleryd, H., & Vlachos, J., (2009). Do Entrenched Managers Pay their Workers More? Journal of Finance, 64(1):309–339.
Deng, X., Kang, J., & Low, B. S. (2013). Corporate Social Responsibility and Stakeholder Value Maximization: Evidence from Mergers. Journal of Financial Economics, 110(1):87–109.
Feng, X. (2021). The Role of ESG in Acquirers’ Performance Change after M&A Deals. Green Finance, 3(3):287–318.
Finkelstein, S., & Haleblian, J. (2002). Understanding Acquisition Performance: The Role of Transfer Effects. Organization Science, 13(1):36–47.
Fort, T. C., Haltiwanger, J., Jarmin, R. S., & Miranda, J. (2013). How Firms Respond to Business Cycles: The Role of Firm Age and Firm Size. IMF Economic Review, 61(3): 520–559.
Freeman, R. E., Wicks, A. C., Parmar, B., (2004). Stakeholder Theory and ‘The Corporate Objective Revisited’ Organization Science 15(3):364–369
Freeman, R. E. (2010). Strategic Management: A Stakeholder Approach. Cambridge University Press.
Friedman, M. (1970). The Social Responsibility of Business Is to Increase Its Profits. The New York Times Magazine.
Gomes, M., & Marsat, S. (2018). Does CSR Impact Premiums in M&A Transactions? Finance Research Letters, 26(3):71–80.
Haleblian, J., Kim, J., & Rajagopalan, N. (2006). The Influence of Acquisition Experience and Performance on Acquisition Behavior: Evidence from the U.S. Commercial Banking Industry. The Academy of Management Journal, 49(2):357–370.
Healy, P. M., Palepu, K. G., & Ruback, R. S. (1992). Does Corporate Performance Improve After Mergers? Journal of Financial Economics, 31(2):135–175.
Hitt, M, A., Harrison, J. S. & Ireland, R.D. (2001). Mergers and Acquisitions: A Guide to Creating Value for Stakeholders. Oxford University Press, New York.
Jawahar, I. M., & McLaughlin, G. L., (2001). Toward a Descriptive Stakeholder Theory: An Organizational Life Cycle Approach. Academy of Management Review, 26(3):397–414.
Kato, J., & Schoenberg, R. (2014). The Impact of Post-Merger Integration on the Customer–Supplier Relationship. Industrial Marketing Management, 43(2):335–345.
Krishnamurti, C., Shams, S., Pensiero, D., & Velayutham, E. (2019). Socially Responsible Firms and Mergers and Acquisitions Performance: Australian Evidence. Pacific-Basin Finance Journal, 57(3):1–16.
Kusewitt jr., J. B. (1985). An Exploratory Study of Strategic Acquisition Factors Relating to Performance. Strategic Management Journal, 6(2):151–169.
Lang, L. H. P., Stulz, R., & Walkling, R. A. (1991). A Test of the Free Cash Flow Hypothesis: The Case of Bidder Returns. Journal of Financial Economics, 29(2): 315–335.
Li, K., He, C., Dbouk, W., & Zhao, K. (2021). The Value of CSR in Acquisitions: Evidence from China. Sustainability, 13(7):1-21.
Li, M., Lan, F., & Zhang, F. (2019). Why Chinese Financial Market Investors Do Not Care about Corporate Social Responsibility: Evidence from Mergers and Acquisitions. Sustainability, 11(11):1-34.
Li, Y. (2014) The Relationship between M&A Premium and the Scale of M&A Cases. Journal of Guangxi University of Finance and Economics, 27(1):20-23.
Lu, Q., & Wu, J. (2019). Pay for Being Responsible: The Effect of Target Firm’s Corporate Social Responsibility on Cross-Border Acquisition Premiums. Sustainability, 11(5):1-21.
McWilliams, A., & Siegel, D. S. (2011). Creating and Capturing Value: Strategic Corporate Social Responsibility, Resourced-Based Theory, and Sustainable Competitive Advantage. Journal of management, 37(5):1480-1495.
Montiel, I., Husted, B., & Christmann, P. (2012). Using Private Management Standard Certification to Reduce Information Asymmetries in Corrupt Environments. Strategic Management Journal, 33(9):1103–1113
Orlitzky, M. (2001). Does Firm Size Comfound the Relationship between Corporate Social Performance and Firm Financial Performance? Journal of Business Ethics, 33(2):167–180.
Ozdemir, O., Binesh, F, & Erkmen, E. (2021). The Effect of Target’s CSR Performance on M&A Deal Premiums: A Case for Service Firms. Review of Managerial Science, 15(4):1-34.
Porter, M. E., & Kramer, M. R. (2006) The Link between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review, 84(12):78–92.
Puranam, P., & Srikanth, K. (2007). What They Know vs. What They Do: How Acquirers Leverage Technology Acquisitions. Strategic Management Journal, 28(8): 805–825.
Qiao, M., Xu, S., & Wu, G. (2018). Corporate Social Responsibility and the Long-Term Performance of Mergers and Acquisitions: Do Regions and Related-Party Transactions Matter? Sustainability, 10(7):1-15.
Rezaee, Z. (2016) Business Sustainability Research: A Theoretical and Integrated Perspective. Journal of Accounting Literature, 36(1):48-64.
Simonyan, K. (2014) What Determines Takeover Premia: Am Empirical Analysis. Journal of Economics and Business, 75(3):93-125.
Sorescu, A. B., Chandy, R. K., & Prabhu, J. C. (2007). Why Some Acquisitions Do Better than Others: Product Capital as a Driver of Long-Term Stock Returns. Journal of Marketing Research, 44(1):57–72.
Su, W., Peng, M. W., Tan, W., & Cheung, Y. (2016). The Signaling Effect of Corporate Social Responsibility in Emerging Economies. Journal of Business Ethics, 134(3):479–491.
Tang, Z., Hull, C. E., & Rothenberg, S. (2012). How Corporate Social Responsibility Engagement Strategy Moderates the CSR–Financial Performance Relationship. Journal of Management Studies, 49(7):1274–1303.
Wang, L., & Zajac, E. J. (2007). Alliance or Acquisition? A Dyadic Perspective on Interfirm Resource Combinations. Strategic Management Journal, 28(13):1291–1317.
Wiles, M. A. (2007) The Effect of Customer Service on Retailers’ Shareholder Wealth: The Role of Availability and Reputation Cues. Journal of Accounting Literature, 83(1):19–31.