We explicitly examine the role of culture in corporate takeover decisions. Prior research suggests that the risk … aversion of CEOs affects their takeover decisions. In this paper, we argue that managerial risk aversion at a national level is …, measured by Hofstede's (2001) uncertainty avoidance score, show less takeover activity, engage more in diversifying takeovers …

) intensity, on shareholder wealth when mergers and acquisitions (M&As) are carried out by managers with different traits. We find … acquiring firms with talented managers are more inclined to engage in CSR activities to shape corporate social culture, thereby … CSR commitment led by talented managers tend to acquire targets of similar corporate social culture and experience …

The purpose of this paper is twofold. 1) We propose for the first time in the literature a theory (managerial learning … hypothesis) that may explain why managers engage in corporate social responsibility (CSR). 2) We use an intuitive empirical … methodology (Edmans et al. 2017) to test the relevance/irrelevance of our new theory. The idea behind our main contribution is …

which managers instead of markets allocate resources, including social expenditures. The theory focuses jointly on the … management compensation in increasing in corporate social expenditures. In the theory firms with higher ability managers have …This paper presents a positive theory of corporate social responsibility set in a managerial capitalism context in …

theory nor shareholder theory stand-alone can explain the effects of CSR performance on market reactions. Investors …

We examine the relation between corporate social responsibility (CSR) and firm value using the takeover market as an … experimental setting. Firms with extreme CSR policies experience a greater likelihood of takeover and lower wealth gains in … motivations for mergers and are evident in sub-samples where CSR is arguably more important. The takeover market acts as a …