Research On The Impact Of Mergers And Acquisitions On Corporate Social Responsibilit

Mergers and acquisitions(M&As)are a major strategic decision for enterprises to break through endogenous growth.It is a powerful engine for enterprises to achieve rapid development,optimize the allocation of resources,and improve their innovation capacity by leaps and bounds.It has a profound impact on the development of enterprises.However,M&As are highly risky,which can easily lead to problems such as capital shortage,information asymmetry,and integration difficulties.In order to obtain control or management rights,most Chinese enterprises often only take their own interests into account,thereby reducing their investment in social responsibility.As the report of the 20 th National Congress of the Communist Party of China emphasizes the importance of corporate social responsibility(CSR)in various fields,how to achieve the high-level coupling of social responsibility rooted in corporate practice has become an important issue for the survival and development of enterprises.In this context,exploring how M&A strategic decisions affect CSR is crucial for enterprises to achieve sustainable development.Based on the information asymmetry theory,principal-agent theory,and stakeholder theory,this dissertation applies the time-varying difference-in-difference(DID)model to explore the internal relationship and mechanism between M&As and CSR,using a sample of Chinese listed companies from 2006 to 2020.This dissertation also discusses the adjustment of the relationship between the internal control quality of enterprises and the stock ownership of senior executives.In addition,this dissertation analyzes the heterogeneity from different dimensions of CSR and different characteristics of enterprises.The main conclusions of this paper are as follows:(1)M&As significantly reduce CSR.(2)The result of the mechanism test shows that M&As can inhibit CSR by reducing corporate cash flow,improving the private income of management,and strengthening earnings management tendency.(3)The moderating effect shows that the corporate governance environment has a significant moderating effect on the relationship between M&As and CSR.That is,the stock ownership of senior executives and the quality of internal control weaken the negative effect of M&As on CSR.(4)The heterogeneity results show that M&As have a significant negative impact on positive social responsibility,society,environment,employee relationship,diversification and product dimensions,but has no significant impact on negative social responsibility and corporate governance dimensions.And the negative impact of M&As on CSR is more significant in enterprises in the growth stage,with low media attention and high degree of financing constraints.This dissertation expands the research scope of the consequences of M&As,and provides a new dimension for a comprehensive understanding of the non-economic performance of enterprises after M&As.At the same time,this dissertation enriches the research on M&As and CSR,and makes a useful exploration for enterprises to regulate and regulate their M&As behavior and realize the common promotion of their economic and social interests.