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 realizing larger short- and long-term gains than their counterparts. We also document that acquiring firms with higher levels of CSR commitment led by talented managers tend to acquire targets of similar corporate social culture and experience significantly positive post-merger returns, suggesting that corporate cultural similarity constitutes an important source of M&A synergies. These findings suggest that corporate culture built through stakeholder relations acts as a differentiation strategy that pays off when skilled managers engage in M&As, which typically prompt information asymmetries between managers and outsiders.

当企业并购（M＆A）由具有不同特征的管理人员进行时，我们研究了以企业社会责任（CSR）强度衡量的企业社会文化对股东财富的预测能力。我们发现，拥有才华横溢的管理人员的并购公司更倾向于参与企业社会责任活动以塑造公司的社会文化，从而比同业实现更大的短期和长期收益。我们还记录到，由才华横溢的经理人领导的具有较高CSR承诺水平的收购公司往往会收购具有相似企业社会文化的目标，并在合并后获得明显的正收益，这表明企业文化相似性是并购协同作用的重要来源。