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The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility

Citations

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Cited by:

  1. Lawrence, Edward R. & Raithatha, Mehul & Rodríguez, Iván M., 2025. "Terrorism and cross-border mergers and acquisitions," Global Finance Journal, Elsevier, vol. 67(C).
  2. Jingbo Luo & Weimin Wang, 2023. "Do managers' professional connections benefit their firms in mergers and acquisitions: Chinese evidence," Review of Quantitative Finance and Accounting, Springer, vol. 60(2), pages 679-713, February.
  3. Doukas, John A. & Zhang, Rongyao, 2021. "Managerial ability, corporate social culture, and M&As," Journal of Corporate Finance, Elsevier, vol. 68(C).
  4. Byun, SeongK. & Fuller, Kathleen & Lin, Zhilu, 2021. "The costs and benefits associated with inventor CEOs," Journal of Corporate Finance, Elsevier, vol. 71(C).
  5. Brahma, Sanjukta & Gavriilidis, Konstantinos & Kallinterakis, Vasileios & Verousis, Thanos & Zhang, Mengyu, 2023. "LGBTQ and finance," International Review of Financial Analysis, Elsevier, vol. 86(C).
  6. Mussa Hussaini & Ugo Rigoni & Paolo Perego, 2023. "The strategic choice of payment method in takeovers: The role of environmental, social and governance performance," Business Strategy and the Environment, Wiley Blackwell, vol. 32(1), pages 200-219, January.
  7. Ran Tao & Jian Wu & Hong Zhao, 2023. "Do Corporate Customers Prefer Socially Responsible Suppliers? An Instrumental Stakeholder Theory Perspective," Journal of Business Ethics, Springer, vol. 185(3), pages 689-712, July.
  8. Byun, Seong, 2022. "The role of intrinsic incentives and corporate culture in motivating innovation," Journal of Banking & Finance, Elsevier, vol. 134(C).
  9. Ioannis Tampakoudis & Evgenia Anagnostopoulou, 2020. "The effect of mergers and acquisitions on environmental, social and governance performance and market value: Evidence from EU acquirers," Business Strategy and the Environment, Wiley Blackwell, vol. 29(5), pages 1865-1875, July.
  10. Dong, Yizhe & Li, Chang & Li, Haoyu, 2021. "Customer concentration and M&A performance," Journal of Corporate Finance, Elsevier, vol. 69(C).
  11. Shiu-Yik Au & Ming Dong & Andréanne Tremblay, 2024. "How Much Does Workplace Sexual Harassment Hurt Firm Value?," Journal of Business Ethics, Springer, vol. 190(4), pages 861-883, April.
  12. Balasingham Balachandran & Robert W. Faff & Sagarika Mishra & Syed Shams, 2025. "Target firm's integrity culture and M&A performance," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 52(1), pages 433-471, February.
  13. Jian Cao & Kimberly M. Ellis & Mingxiang Li, 2019. "Inside the board room: the influence of nationality and cultural diversity on cross-border merger and acquisition outcomes," Review of Quantitative Finance and Accounting, Springer, vol. 53(4), pages 1031-1068, November.
  14. Thomas J. Chemmanur & Dimitrios Gounopoulos & Panagiotis Koutroumpis & Yu Zhang, 2022. "CSR and Firm Survival: Evidence from the Climate and Pandemic Crises," Working Papers 935, Queen Mary University of London, School of Economics and Finance.
  15. Zhao, Hong, 2022. "Management team cultural alignment and mergers and acquisitions," Finance Research Letters, Elsevier, vol. 46(PB).
  16. Attig, Najah & El Ghoul, Sadok & Hossain, Ashrafee, 2026. "Stakeholder-centric corporate misconduct and financing policies: A precautionary tale," Journal of Banking & Finance, Elsevier, vol. 182(C).
  17. Lawrence, Edward R. & Raithatha, Mehul & Rodriguez, Ivan, 2021. "The effect of cultural and institutional factors on initiation, completion, and duration of cross-border acquisitions," Journal of Corporate Finance, Elsevier, vol. 68(C).
  18. Alexandridis, George & Hoepner, Andreas G.F. & Huang, Zhenyi & Oikonomou, Ioannis, 2022. "Corporate social responsibility culture and international M&As," The British Accounting Review, Elsevier, vol. 54(1).
  19. Tanveer Hussain & Abubakr Saeed & Hammad Riaz, 2025. "Reputational risk and target selection: An evidence from China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(3), pages 2574-2602, July.
  20. Marius Brede & Hannes Gerstel & Arnt Wöhrmann & Andreas Bausch, 2025. "Mind the gap: the effect of cultural distance on mergers and acquisitions—evidence from glassdoor reviews," Review of Managerial Science, Springer, vol. 19(8), pages 2279-2326, August.
  21. Xiaomeng Chen & Xiao Liang & Hai Wu, 2023. "Cross-Border Mergers and Acquisitions and CSR Performance: Evidence from China," Journal of Business Ethics, Springer, vol. 183(1), pages 255-288, February.
  22. Tang, Ning & Xu, Xiaodong & Hsu, Yuan-Teng & Lin, Chih-Yung, 2024. "The impact of ESG distance on mergers and acquisitions," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  23. Garcia, Arturo & Leal, Mariel & Lee, Sang-Ho & Park, Chul-Hi, 2024. "Merger incentive and strategic corporate social responsibility by a multiproduct corporation," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 193-206.
  24. Chen, Yenn-Ru & Huang, Yu-Lin & Chang, Ting-Yu, 2024. "Gender culture and cross-border mergers and acquisitions: The deals with RCEP targets," Pacific-Basin Finance Journal, Elsevier, vol. 88(C).
  25. Silvia Gordano & Florian Bauer & David R. King, 2024. "Environmental, social, and governance (ESG) acquisitions: Deal structure and outcome," Business Strategy and the Environment, Wiley Blackwell, vol. 33(6), pages 6010-6028, September.
  26. Bao, Yangming & Li, Jie, 2024. "Cross-border M&A, gender-equal culture, and board gender diversity," Journal of Corporate Finance, Elsevier, vol. 84(C).
  27. Hossain, Mohammed Sawkat, 2021. "Merger & Acquisitions (M&As) as an important strategic vehicle in business: Thematic areas, research avenues & possible suggestions," Journal of Economics and Business, Elsevier, vol. 116(C).
  28. Dai, Yunhao & Huang, Xu & Tan, Weiqiang & Yao, Daifei (Troy), 2025. "Religious similarity in mergers and acquisitions," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 100(C).
  29. Xinran Wang & Jia Shen & Alex Rainville & Jade Y. Lo & Jun Xia, 2025. "How Negative Media Sentiment Regarding Social Stability Influences Hostile and Friendly Takeover Outcomes," Corporate Reputation Review, Palgrave Macmillan, vol. 28(4), pages 321-341, November.
  30. James Juichia Lin & Yin-Hua Yeh & Chien Chan, 2025. "Signaling through corporate social responsibility: evidence from mergers and acquisitions," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 15(2), pages 447-479, June.
  31. Rajib Chowdhury & John A. Doukas, 2026. "Does Bidder Complexity Affect Market Reactions to M&A Decisions?," International Review of Finance, International Review of Finance Ltd., vol. 26(1), March.
  32. Yongning Deng & Sipeng Zeng, 2025. "Does culture matter in corporate cash holdings?," International Review of Finance, International Review of Finance Ltd., vol. 25(1), March.
  33. Krishnamurti, Chandrasekhar & Shams, Syed & Pensiero, Domenico & Velayutham, Eswaran, 2019. "Socially responsible firms and mergers and acquisitions performance: Australian evidence," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
  34. Sourour Hazami-Ammar, 2025. "Institutional investors and corporate social responsibility reporting: a systematic literature review in accounting and corporate governance," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 22(3), pages 658-677, September.
  35. Tanveer Hussain & Muhammad Shujahat & Abongeh A. Tunyi & Mehmet Demirbag, 2025. "Synergistic Gains and National Cultural Distance," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 34(5), pages 223-245, December.
  36. Patrizia Gazzola & Stefano Amelio & Daniele Grechi & Chiara Alleruzzo, 2022. "Culture and sustainable development: The role of merger and acquisition in Italian B Corps," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(5), pages 1546-1559, September.
  37. Bittner, Christian & Fecht, Falko & Pala, Melissa & Saidi, Farzad, 2022. "Information transmission between banks and the market for corporate control," Discussion Papers 29/2022, Deutsche Bundesbank.
  38. Omesh Kini & Mo Shen & Jaideep Shenoy & Venkat Subramaniam, 2022. "Labor Unions and Product Quality Failures," Management Science, INFORMS, vol. 68(7), pages 5403-5440, July.
  39. Renneboog, Luc & Vansteenkiste, Cara, 2019. "Failure and success in mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 650-699.
  40. Arouri, Mohamed & Gomes, Mathieu & Pukthuanthong, Kuntara, 2019. "Corporate social responsibility and M&A uncertainty," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 176-198.
  41. Zeng, Yanni & Liu, Mengna & Ding, Ashley & Xu, Rui & Zhang, Hao, 2023. "Cultural similarity of non-local independent directors and financial reporting quality," International Review of Financial Analysis, Elsevier, vol. 90(C).
  42. Shams, Syed & Bose, Sudipta & Sheikhbahaei, Ali, 2024. "Pricing media sentiment: Evidence from global mergers and acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
  43. Chen, Robin & Li, Shenru & Li, Wen & Mu, Yayu, 2024. "Friend with benefits: Evidence from director's corruption culture on mergers and acquisitions," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 112-127.
  44. Liu, Xianda & Hou, Wenxuan & Main, Brian G.M., 2022. "Anti-market sentiment and corporate social responsibility: Evidence from anti-Jewish pogroms," Journal of Corporate Finance, Elsevier, vol. 76(C).
  45. Dutta, Shantanu & Officer, Micah S. & Wang, Ruixiang & Zhu, Pengcheng, 2025. "Do “say-on-pay” votes affect M&A decisions?," Journal of Corporate Finance, Elsevier, vol. 91(C).
  46. Zhao, Yuchen & Bi, Xiaogang & Ma, Qing-Ping, 2025. "Predicting mergers & acquisitions: A machine learning-based approach," International Review of Financial Analysis, Elsevier, vol. 99(C).
  47. Fairhurst, Douglas (DJ) & Greene, Daniel T., 2022. "Too much of a good thing? Corporate social responsibility and the takeover market," Journal of Corporate Finance, Elsevier, vol. 73(C).
  48. Hou, Ceng & Li, Beiwei, 2024. "Executive network centrality and corporate merger and acquisition efficiency: A governance effect or collusion effect?," Finance Research Letters, Elsevier, vol. 63(C).
  49. Liang, Hao & Renneboog, Luc & Vansteenkiste, Cara, 2020. "Cross-border acquisitions and employment policies," Journal of Corporate Finance, Elsevier, vol. 62(C).
  50. Hertel, Tobias & Kaya, Devrimi & Reichmann, Doron, 2024. "Corporate culture and M&A deals: Using text from crowdsourced employer reviews to measure cultural differences," Journal of Banking & Finance, Elsevier, vol. 161(C).
  51. Mei Cheng & Jacob Jaggi & Spencer Young, 2022. "Customer concentration of targets in mergers and acquisitions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1314-1355, July.
  52. Dumitrescu, Ariadna & Zakriya, Mohammed, 2021. "Stakeholders and the stock price crash risk: What matters in corporate social performance?," Journal of Corporate Finance, Elsevier, vol. 67(C).
  53. Guidi, Marco & Sogiakas, Vasilios & Vagenas-Nanos, Evangelos & Verwijmeren, Patrick, 2020. "Spreading the sin: An empirical assessment from corporate takeovers," International Review of Financial Analysis, Elsevier, vol. 71(C).
  54. Magnanelli, Barbara Sveva & Pirolo, Luca & Raoli, Elisa, 2024. "Shattering the glass ceiling: Female leadership and acquisitiveness in family and nonfamily firms," Finance Research Letters, Elsevier, vol. 67(PA).
  55. Ding, Guolei & Lei, Jin & Liu, Yunxiao & Wang, Zhen, 2024. "Supplier–customer cultural similarity and supplier performance," Journal of Banking & Finance, Elsevier, vol. 163(C).
  56. Hussain, Tanveer & Shams, Syed, 2022. "Pre-deal differences in corporate social responsibility and acquisition performance," International Review of Financial Analysis, Elsevier, vol. 81(C).
  57. Herve, Fabrice & Rouine, Ibtissem & Thraya, Mohamed Firas & Zouaoui, Mohamed, 2024. "Investor sentiment and M&A withdrawal: International evidence," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  58. Kais Bouslah & Abdelmajid Hmaittane & Lawrence Kryzanowski & Bouchra M’Zali, 2023. "CSR Structures: Evidence, Drivers, and Firm Value Implications," Journal of Business Ethics, Springer, vol. 185(1), pages 115-145, June.
  59. Beretta, Valentina & Cotta Ramusino, Enrico & Demartini, Maria Chiara & Bagna, Emanuel, 2025. "Exploring the intersection of sustainability performance and M&A activity: A review of the literature," International Review of Financial Analysis, Elsevier, vol. 105(C).
  60. Gao, Feng & Li, Yubin & Wang, Xinjie & Zhong, Zhaodong (Ken), 2021. "Corporate social responsibility and the term structure of CDS spreads," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
  61. Wan, Die & Yang, Teng & Yang, Xiaoguang, 2021. "IPO relative difficulty, M&A option and size effect," Journal of Asian Economics, Elsevier, vol. 76(C).
  62. John (Jianqiu) Bai & Wang Jin & Matthew Serfling, 2022. "Management Practices and Mergers and Acquisitions," Management Science, INFORMS, vol. 68(3), pages 2141-2165, March.
  63. Kun Tracy Wang & Yue Wu, 2024. "Corporate social responsibility reporting and investment: Evidence from mergers and acquisitions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 51(7-8), pages 1893-1942, July.
  64. Wang, Zhenkun & Lu, Weijie & Liu, Min, 2021. "Corporate social responsibility overinvestment in mergers and acquisitions," International Review of Financial Analysis, Elsevier, vol. 78(C).
  65. Tsang, Albert & Yan, Shuo & Zheng, Lingyi, 2024. "Can Firms’ ESG initiatives deter hostile Takeovers?," Journal of International Money and Finance, Elsevier, vol. 146(C).
  66. Baixiao Liu & John J. McConnell & Andrew Schrowang, 2023. "The Effect of Short-Sale Restrictions on Corporate Managers," JRFM, MDPI, vol. 16(11), pages 1-23, November.
  67. Connie X. Mao & Yueru Qin & Xuan Tian & Chi Zhang, 2025. "Does Access to Patent Information Help Technological Acquisitions? Evidence from Patent Library Openings," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 63(2), pages 903-950, May.
  68. Goel, Anand M. & Ren, Hongju, 2026. "Impact of culture in peer-to-peer lending," Journal of Corporate Finance, Elsevier, vol. 96(C).
  69. Hossain, Ashrafee T. & Masum, Abdullah-Al, 2022. "Does corporate social responsibility help mitigate firm-level climate change risk?," Finance Research Letters, Elsevier, vol. 47(PB).
  70. Braun, Declan & Han, Yue & Wang, Heng Emily, 2023. "The application of feed forward neural networks to merger arbitrage: A return-based analysis," Finance Research Letters, Elsevier, vol. 58(PB).
  71. Hasibul Chowdhury & Ashrafee Hossain & Anand Jha, 2024. "Acquisitions and social capital," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 51(9-10), pages 2490-2522, October.
  72. Arturo García & Mariel Leal & Sang‐Ho Lee, 2020. "Welfare‐improving cooperation with a consumer‐friendly multiproduct corporation," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 41(7), pages 1144-1155, October.
  73. Hossain, Ashrafee & Masum, Abdullah-Al & Benkraiem, Ramzi, 2024. "Long-term institutional investors and climate change news Beta," Journal of Corporate Finance, Elsevier, vol. 89(C).
  74. Just, Ruben & Sommer, Friedrich & Heubeck, Tim & Meckl, Reinhard, 2023. "Sustainability as a stumbling block in closing acquisitions? The joint effect of target and acquirer ESG performance on time to completion," Finance Research Letters, Elsevier, vol. 58(PB).
  75. Max Wullenweber, 2025. "Is Corporate Social Responsibility a Driver for Target Selection in Mergers and Acquisitions? The Role of Horizontal Versus Diversifying Motives," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(4), pages 4448-4461, July.
  76. D'Souza, Reagan & Ho, Choy Yeing (Chloe) & Yang, Joey W., 2024. "The cost of corporate social irresponsibility for acquirers," Journal of Banking & Finance, Elsevier, vol. 162(C).
  77. Dumitrescu, Ariadna & El Hefnawy, Menatalla & Zakriya, Mohammed, 2020. "Golden geese or black sheep: Are stakeholders the saviors or saboteurs of financial distress?," Finance Research Letters, Elsevier, vol. 37(C).
  78. Trinh, Tri & Zhao, Hong, 2024. "The effect of supplier CSR on customer–supplier relationship," Journal of Business Research, Elsevier, vol. 185(C).
  79. Hossain, Ashrafee T. & Attig, Najah & Hebb, Greg & Hasan, Mostafa, 2025. "Firm-level litigation risk and CEO equity incentives," Finance Research Letters, Elsevier, vol. 78(C).
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