In this article, we investigate whether there is a trade-off between corporate social responsibility (CSR) and mergers and acquisitions (M&A) investments. Consistent with conflict resolution view of stakeholder theory, our results document a negative relationship between CSR scores and M&A activity. We further show that the tendency of CSR firms’ low engagements in M&A investmen ts is valid only for firms with no slack. We also find that firms choosing to trade off pay a lower bid premium to targets to create value for acquiring shareholders. These findings are robust to several alternative proxies and endogeneity tests.

JEL Classification: G32, G34

在本文中，我们研究了企业社会责任（CSR）与并购（M＆A）投资之间是否存在取舍。与利益相关者理论的冲突解决观点一致，我们的结果证明了企业社会责任得分与并购活动之间存在负相关关系。我们进一步表明，企业社会责任企业参与并购投资的倾向较低，仅对没有懈怠的企业有效。我们还发现，选择权衡的公司要为收购股东创造价值而为目标付出较低的出价溢价。这些发现对于几种替代代理和内生性测试是可靠的。

JEL分类：G32，G34