The influence of CSR on the acquiring firms’ performance and risk-taking after M&As is the topic that still requires more in-depth discussion. Prior research does not investigate whether and how cash holding and internationalization affect CSR. We examine whether CSR has a positive impact on firm performance and a negative impact on risk-taking after M&As by incorporating cash holding and internationalization effect. Our results find little evidence that CSR and long term firm performance have a negative relationship after M&As. We also find little evidence that in high CSR firms with high cash holding, CSR will result in a greater negative impact on firm performance. Among four CSR dimensions (economic, environment, social, corporate governance), only environment dimension is positively related to long-term firm performance after M&As. In addition, the relationship between CSR and firms’ risk taking is constantly negative. For those acquiring firms with a higher level of cash holdings, CSR will have a greater negative impact on risk-taking after M&As. We find little evidence that high CSR firms with a higher degree of internationalization, CSR will have a greater negative impact on risk-taking after M&As. Moreover, firms that engage in social and corporate governance activities among four CSR dimensions are more likely to lower firms’ risk-taking after M&As.

Table of Contents
Abstract....... i
Table of Contents....... ii
List of Tables....... iii
1. Introduction....... 1
2. Literature Review and Hypothesis Development....... 3
2.1 CSR and Firm Performance.......4
2.2 CSR and Post-M&A Firm Performance.......5
2.3 CSR and Firm Risk-Taking.......7
2.4 CSR and Cash Holdings.......8
2.5 CSR and Firm Internationalization.......10
3. Data and Methodology.......11
3.1 Data Selection.......11
3.2 Variables and Measurements.......13
3.2.1 Firm Performance.......13
3.2.2 Risk Taking.......13
3.2.3 CSR.......14
3.2.4 Cash Holding.......16
3.2.5 Internationalization.......16
3.2.6 Control Variables.......17
3.3 Regression Models.......17
4. Empirical Results.......20
4.1 Summary Statistics.......20
4.2 Mean and Median Difference Tests.......21
4.3 Regression Results of Firm Performance.......23
4.4 Regression Results of Risk-Taking.......30
5. Conclusions.......38
Reference.......40

List of Tables
Table 1 Data Distribution.......43
Table 2 Descriptive Statistics.......44
Table 3 Pearson Correlation Matrix.......52
Table 4 Mean and Median Difference Tests for Subsamples.......60
Table 5 Regressions of CSR on Firm Performance after M&As with the Effects of Cash Holding and Internationalization.......63
Table 6 Regressions of 4 Dimensions of CSR on Firm Performance after M&As with the Effects of Cash Holding and Internationalization.......67
Table 7 Regressions of CSR on Risk-Taking after M&As with the Effects of Cash Holding and Internationalization.......81
Table 8 Regressions of 4 Dimensions of CSR on Risk-Taking after M&As with the Effects of Cash Holding and Internationalization.......85
Appendix 1 Variables Description and Data Sources.......99
Appendix 2 Summary of Empirical Results.......101

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