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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. Byun, SeongK. & Fuller, Kathleen & Lin, Zhilu, 2021. "The costs and benefits associated with inventor CEOs," Journal of Corporate Finance, Elsevier, vol. 71(C).
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. 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).
  11. 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.
  12. Bao, Yangming & Li, Jie, 2024. "Cross-border M&A, gender-equal culture, and board gender diversity," Journal of Corporate Finance, Elsevier, vol. 84(C).
  13. 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).
  14. 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.
  15. 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.
  16. 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.
  17. 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.
  18. 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.
  19. 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.
  20. 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).
  21. Shams, Syed & Bose, Sudipta & Sheikhbahaei, Ali, 2024. "Pricing media sentiment: Evidence from global mergers and acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
  22. 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).
  23. 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).
  24. 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).
  25. 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).
  26. 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.
  27. 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).
  28. Renneboog, Luc & Vansteenkiste, Cara, 2019. "Failure and success in mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 650-699.
  29. John (Jianqiu) Bai & Wang Jin & Matthew Serfling, 2022. "Management Practices and Mergers and Acquisitions," Management Science, INFORMS, vol. 68(3), pages 2141-2165, March.
  30. Wang, Zhenkun & Lu, Weijie & Liu, Min, 2021. "Corporate social responsibility overinvestment in mergers and acquisitions," International Review of Financial Analysis, Elsevier, vol. 78(C).
  31. 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.
  32. Goel, Anand M. & Ren, Hongju, 2026. "Impact of culture in peer-to-peer lending," Journal of Corporate Finance, Elsevier, vol. 96(C).
  33. 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).
  34. 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.
  35. 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.
  36. 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).
  37. 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).
  38. 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).
  39. Trinh, Tri & Zhao, Hong, 2024. "The effect of supplier CSR on customer–supplier relationship," Journal of Business Research, Elsevier, vol. 185(C).
  40. Liang, Hao & Renneboog, Luc & Vansteenkiste, Cara, 2020. "Cross-border acquisitions and employment policies," Journal of Corporate Finance, Elsevier, vol. 62(C).
  41. 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).
  42. Doukas, John A. & Zhang, Rongyao, 2021. "Managerial ability, corporate social culture, and M&As," Journal of Corporate Finance, Elsevier, vol. 68(C).
  43. Brahma, Sanjukta & Gavriilidis, Konstantinos & Kallinterakis, Vasileios & Verousis, Thanos & Zhang, Mengyu, 2023. "LGBTQ and finance," International Review of Financial Analysis, Elsevier, vol. 86(C).
  44. Byun, Seong, 2022. "The role of intrinsic incentives and corporate culture in motivating innovation," Journal of Banking & Finance, Elsevier, vol. 134(C).
  45. 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.
  46. Dong, Yizhe & Li, Chang & Li, Haoyu, 2021. "Customer concentration and M&A performance," Journal of Corporate Finance, Elsevier, vol. 69(C).
  47. 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.
  48. Zhao, Hong, 2022. "Management team cultural alignment and mergers and acquisitions," Finance Research Letters, Elsevier, vol. 46(PB).
  49. 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).
  50. 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).
  51. 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).
  52. 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.
  53. 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).
  54. 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).
  55. 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.
  56. 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).
  57. 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.
  58. 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).
  59. 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).
  60. 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).
  61. 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.
  62. 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).
  63. 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).
  64. 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).
  65. Ding, Guolei & Lei, Jin & Liu, Yunxiao & Wang, Zhen, 2024. "Supplier–customer cultural similarity and supplier performance," Journal of Banking & Finance, Elsevier, vol. 163(C).
  66. Hussain, Tanveer & Shams, Syed, 2022. "Pre-deal differences in corporate social responsibility and acquisition performance," International Review of Financial Analysis, Elsevier, vol. 81(C).
  67. 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).
  68. Wan, Die & Yang, Teng & Yang, Xiaoguang, 2021. "IPO relative difficulty, M&A option and size effect," Journal of Asian Economics, Elsevier, vol. 76(C).
  69. Tsang, Albert & Yan, Shuo & Zheng, Lingyi, 2024. "Can Firms’ ESG initiatives deter hostile Takeovers?," Journal of International Money and Finance, Elsevier, vol. 146(C).
  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. 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).
  72. 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.
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