Three empirical essays on corporate social responsibility

This thesis contains three empirical essays on corporate social responsibility (CSR). It is mainly inspired by the following phenomena: (1) the rising prevalence of cross-border mergers and acquisitions (M&As) and their roles in social norm transmissions and cultural spillovers around the world, as well as the ‘Go Global’ policy launched by the Chinese government, the policy which aims to assist domestic firms in exploiting investment opportunities in the expanding markets around the globe; (2) the increasing importance of environmentally friendly practices and socially responsible behaviours in equity financing activities in both developed and emerging markets; and (3) the growing role of top executives’ demographic characteristics in business strategies and management decisions. The first study aims to explore the impact of cross-border M&As on acquirers’ CSR and their effects on firm profitability, financing activities, and investment efficiency in China. The second study seeks to investigate the role of CSR performance in flotation costs of seasoned equity offerings (SEOs) charged by investment banks as well as market-related costs using an international sample. The third study seeks to explore whether and how top executives’ academic career experience affects firms’ CSR and sustainable behaviours in the Chinese context and further look into the role of the latitude of action afforded to top executives in this relationship. This thesis aims to link environmentally sustainable practices and socially responsible strategies to the financial and non-financial policies in the corporate world and develops interdisciplinary research that will guide investment in sustainability activities