{"title":"应对敌意收购威胁的战略对策:加强企业社会参与的经验证据","authors":"Sirimon Treepongkaruna, Pattarake Sarajoti, Chaiyuth Padungsaksawasdi","doi":"10.1002/csr.2861","DOIUrl":null,"url":null,"abstract":"Understanding the dynamics between external corporate governance mechanisms and social engagement offers insights into how corporate strategies towards social capital are shaped. We explore the impact of hostile takeover threats on corporate social engagement by utilizing a measure of takeover vulnerability. This allows for a detailed examination of how exposure to takeover threats influences firms' engagement in social engagement initiatives. Our analysis reveals a positive and causal relation between the degree of takeover threats and the level of social commitments in firms, suggesting that the presence of hostile takeover threats enhances corporate social responsibility as a means of external governance and reduces agency costs. The findings support the hypothesis that the threat of hostile takeovers prompts firms to invest more in social commitments, potentially as a strategic defense mechanism.","PeriodicalId":505003,"journal":{"name":"Corporate Social Responsibility and Environmental Management","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Strategic responses to hostile takeover threats: Empirical evidence on enhancing corporate social engagement\",\"authors\":\"Sirimon Treepongkaruna, Pattarake Sarajoti, Chaiyuth Padungsaksawasdi\",\"doi\":\"10.1002/csr.2861\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Understanding the dynamics between external corporate governance mechanisms and social engagement offers insights into how corporate strategies towards social capital are shaped. We explore the impact of hostile takeover threats on corporate social engagement by utilizing a measure of takeover vulnerability. This allows for a detailed examination of how exposure to takeover threats influences firms' engagement in social engagement initiatives. Our analysis reveals a positive and causal relation between the degree of takeover threats and the level of social commitments in firms, suggesting that the presence of hostile takeover threats enhances corporate social responsibility as a means of external governance and reduces agency costs. The findings support the hypothesis that the threat of hostile takeovers prompts firms to invest more in social commitments, potentially as a strategic defense mechanism.\",\"PeriodicalId\":505003,\"journal\":{\"name\":\"Corporate Social Responsibility and Environmental Management\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-05-23\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Social Responsibility and Environmental Management\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1002/csr.2861\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Social Responsibility and Environmental Management","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1002/csr.2861","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Strategic responses to hostile takeover threats: Empirical evidence on enhancing corporate social engagement
Understanding the dynamics between external corporate governance mechanisms and social engagement offers insights into how corporate strategies towards social capital are shaped. We explore the impact of hostile takeover threats on corporate social engagement by utilizing a measure of takeover vulnerability. This allows for a detailed examination of how exposure to takeover threats influences firms' engagement in social engagement initiatives. Our analysis reveals a positive and causal relation between the degree of takeover threats and the level of social commitments in firms, suggesting that the presence of hostile takeover threats enhances corporate social responsibility as a means of external governance and reduces agency costs. The findings support the hypothesis that the threat of hostile takeovers prompts firms to invest more in social commitments, potentially as a strategic defense mechanism.