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How Does Media Coverage of Corporate Social Irresponsibility Influence Cross-Border Acquisition Completion? Evidence from Chinese MNEs
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DOI：10.1017/mor.2024.19.png)
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Abstract
En 中文
Previous studies have found that media coverage of a firm's corporate social irresponsibility (CSiR) often delays or blocks the completion of a cross-border acquisition when the acquiror is a multinational enterprise (MNE) from an emerging market. Drawing from the attention-based view; we argue that the effects of Chinese MNEs’ CSiR on deal completion vary depending on several contextual factors; as these factors garner more attention by making the deals more salient to stakeholders. Using a sample of cross-border acquisitions by Chinese MNEs from 2013 to 2020; we find that CSiR media coverage per se does not decrease the likelihood of a deal's completion. However; consistent with attention-based arguments; we find that CSiR media coverage negatively affects the deal's completion when the acquirors are state-owned enterprises and when the target country has high institutional quality. Our findings enhance our understanding of the effects of CSiR on cross-border acquisitions by highlighting the moderating roles of contextual factors related to stakeholder attention. Thus; it is important for MNEs to recognize the boundary conditions that may influence the potential sanctions from local stakeholders. Based on these findings; this study contributes to the literature on CSiR; cross-border acquisitions; and stakeholder attention.
Keywords:
Belt and Road Initiative (BRI)
corporate social irresponsibility
cross-border acquisition
institutional qualities
stakeholder attention
state-owned enterprises
企业社会不负责任行为
跨国并购
国有企业
一带一路
制度质量
利益相关者注意力
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