Target CSR Effect on Merger Announcement Return
碩士 === 國立臺灣大學 === 財務金融學研究所 === 106 === Using completed US mergers deal with announcement date from 1992 to 2016, we analyze if corporate social responsibility (CSR) increases value for shareholders. This study focuses on examining target’s CSR effect on its merger announcement return, and we find th...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2017
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| Online Access: | http://ndltd.ncl.edu.tw/handle/fw5fck |
| Summary: | 碩士 === 國立臺灣大學 === 財務金融學研究所 === 106 === Using completed US mergers deal with announcement date from 1992 to 2016, we analyze if corporate social responsibility (CSR) increases value for shareholders. This study focuses on examining target’s CSR effect on its merger announcement return, and we find that high CSR targets realize higher merger announcement returns than low CSR targets.
We also check whether 2008 financial crisis impacts our results by conducting robustness test. We divide full sample into 2 sub-samples, one is before and the other is after 2008 financial crisis. Empirical result show that financial crisis does not have significant effect on our result.
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