Policy uncertainty, social responsibility and corporate M&A

Cong Li, Gongxu Lan, Guitao Zhang, Peiyue Cheng, Yangyan Shi, Yangfei Gao*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)


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.

Original languageEnglish
Pages (from-to)1150-1162
Number of pages13
JournalJournal of Business and Industrial Marketing
Issue number5
Early online date10 Aug 2022
Publication statusPublished - 21 Mar 2023


  • Endogeneity
  • M&A
  • Mergers and acquisitions
  • Policy uncertainty
  • Social responsibility


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