deviation reduces CSR investments by about 8.22%. Further analysis shows that managers raised CSR investments during the crisis …, consistent with the risk-mitigation view, where managers invest in CSR to reduce their risk exposure. However, managers appear to … of the CSR investments during the crisis is motivated by managers' own risk preference. Additional robustness checks …

We investigate the predictive power of corporate social culture, as measured by corporate social responsibility (CSR …) 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 …