This study examines the relationship between corporate social responsibility (CSR) and the choice of payment method in mergers and acquisitions (M&As). We find that acquiring firms' CSR is positively related to cash payments but negatively related to stock payments for acquisition deals, particularly for poorly governed firms with excessive CSR. Further analysis indicates that cash payments are positively related to acquisition bid premiums and reduce the likelihood of bid failure, but this payment method adversely affects shareholder wealth of poorly governed high-CSR acquiring firms. Our evidence suggests that managerial agency-motivated CSR is a determinant of the payment method in M&As that has important implication for acquirer shareholder value.

中文翻译：

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企业社会责任与并购中支付方式的选择


本研究探讨了企业社会责任（CSR）与并购（M＆As）中支付方式选择之间的关系。我们发现，收购公司的企业社会责任与现金支付呈正相关，但与收购交易的股票支付呈负相关，特别是对于治理不善、企业社会责任过高的公司。进一步的分析表明，现金支付与收购要约溢价呈正相关，并降低了收购失败的可能性，但这种支付方式会对治理不善的高企业社会责任收购公司的股东财富产生不利影响。我们的证据表明，管理机构驱动的企业社会责任是并购中支付方式的决定因素，对收购方股东价值具有重要影响。