讲座：Stakeholder Involvement in Acquisitions
题 目：Stakeholder Involvement in Acquisitions
嘉 宾：Li Tong, Doctoral Student at the Lee Kong Chian School of Business at Singapore Management University.
主持人：赵小平 副教授 上海交通大学安泰经济与管理学院
时 间：2019年11月13日（周三） 13:30-15:00
地 点：上海交通大学 徐汇校区包图 A305
This study examines how target corporate social responsibility (CSR) affects the economic gains for acquirers, as reflected in market reaction to acquisition announcement,from two distinct perspectives: stakeholder preservation versus stakeholder appropriation. The stakeholder preservation perspective suggests that positive market reaction to an acquisition stems from potential new value creation by honoring implicit contracts and maintaining good relationships with target stakeholders. By contrast, the stakeholder appropriation perspective posits that positive market reaction is primarily derived through wealth transfer to acquirers by defaulting on implicit contracts with target stakeholders. Using a dataset of acquisitions in the US, we find that target CSR is positively associated with acquirer abnormal returns upon acquisition announcement. Moreover, stakeholder value congruence between the merging firms strengthens this positive relationship, whereas business similarity between them weakens it. These findings align with the stakeholder preservation perspective and challenge the stakeholder appropriation perspective.
Li Tong is a doctoral student at the Lee Kong Chian School of Business at Singapore Management University. His research interests are in the areas of corporate governance, corporate social responsibility, and M&A. His research has appeared in many management journals such as Academy of Management Journal and Journal of Business Ethics. 欢迎广大师生参加！