期刊
JOURNAL OF BUSINESS & INDUSTRIAL MARKETING
卷 38, 期 5, 页码 1150-1162出版社
EMERALD GROUP PUBLISHING LTD
DOI: 10.1108/JBIM-08-2021-0405
关键词
Policy uncertainty; M&A; Social responsibility; Endogeneity; Mergers and acquisitions
类别
This paper examines the impact of economic policy uncertainty on corporate mergers and acquisitions (M&A) and explores the mediating role of social responsibility. The findings suggest that higher policy uncertainty leads to lower probability of successful M&A and worse business performance after the event.
Purpose This paper aims to focus on corporate social responsibility in relation to economic policy uncertainty in mergers and acquisitions (M&A). The following questions are addressed: How does policy uncertainty impact corporate M&A? Does social responsibility play a mediating role in this process? How does policy uncertainty affect corporate M&A through social responsibility? Design/methodology/approach This paper selects the major M&A events in China as the research object, and uses the Probit model to analyze the impact of policy uncertainty on M&A behavior and the business performance after the event, and further analyzes the internal mechanisms that cause these phenomena. Findings This paper shows that the higher the policy uncertainty, the lower the probability of a successful M&A, and the worse the business performance of the business after the event. Originality/value This paper provides useful reference for the study of M&A and social responsibility in different policy environments. At the same time, it provides direct empirical evidence to enhance the success rate of M&A.
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