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 …

The quiet life hypothesis argues that, when managers are insulated from the discipline of the takeover market, they … words, they prefer to live a “quiet life”. Exploiting a distinctive measure of takeover vulnerability principally based on …. Our results show that more takeover exposure significantly raises CSR variability, consistent with the prediction of the …