Likitapiwat, Tanakorn; Treepongkaruna, Sirimon; … - 2022
. Our results show that more takeover exposure significantly raises CSR variability, consistent with the prediction of the … quiet life hypothesis, where managers adopt riskier CSR strategies and investments when they are more exposed to takeover … threats, resulting in higher CSR volatility. Specifically, an increase in takeover exposure by one standard deviation raises …