Purpose

This paper aims to focus on corporate social responsibility in relation to economic policy uncertainty in mergers and acquisitions (M&A). The following questions are addressed: How does policy uncertainty impact corporate M&A? Does social responsibility play a mediating role in this process? How does policy uncertainty affect corporate M&A through social responsibility?

Design/methodology/approach

This paper selects the major M&A events in China as the research object, and uses the Probit model to analyze the impact of policy uncertainty on M&A behavior and the business performance after the event, and further analyzes the internal mechanisms that cause these phenomena.

Findings

This paper shows that the higher the policy uncertainty, the lower the probability of a successful M&A, and the worse the business performance of the business after the event.

Originality/value

This paper provides useful reference for the study of M&A and social responsibility in different policy environments. At the same time, it provides direct empirical evidence to enhance the success rate of M&A.

中文翻译：

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政策不确定性、社会责任与企业并购

目的

本文旨在关注与并购 (M&A) 中经济政策不确定性相关的企业社会责任。解决了以下问题：政策不确定性如何影响企业并购？社会责任在这个过程中是否起到了中介作用？政策不确定性如何通过社会责任影响企业并购？

设计/方法/方法

本文选取我国重大并购事件作为研究对象，运用Probit模型分析政策不确定性对并购行为和事件后经营业绩的影响，并进一步分析导致这些现象的内在机制。

发现

本文表明，政策不确定性越高，并购成功的概率越低，事后企业的经营业绩越差。

原创性/价值

本文为研究不同政策环境下的并购与社会责任提供了有益的参考。同时，为提高并购的成功率提供了直接的经验证据。