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研究生:李佳容
研究生(外文):LI, CHIA-JUNG
論文名稱:企業社會責任是否影響公司併購後之績效與風險承擔?現金持有與國際化的探討
論文名稱(外文):Does Corporate Social Responsibility Affect Firm Performance and Risk-Taking after M&As? The Role of Cash Holdings and Internationalization
指導教授:何月芳何月芳引用關係
指導教授(外文):HO, YUEH-FANG
口試委員:林文昌蕭慧玲
口試委員(外文):LIN, WEN-CHANGHSIAO, HUI-LING
口試日期:2018-06-29
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融系研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2018
畢業學年度:106
語文別:英文
論文頁數:102
中文關鍵詞:企業社會責任併購財務績效風險承擔現金持有國際化
外文關鍵詞:Corporate Social ResponsibilityCSRMergers and AcquisitionsM&AsFinancial PerformanceRisk-TakingCash HoldingInternationalization
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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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