The Effect of CSR on Market Expectation——Based on Perspective of Organizational Learning during M&A

Applying organizational learning theory to have an analysis,later on,selecting 90 mergers and acquisitions(M&A) events belong to Shanghai and Shenzhen A share list companies from 2000 to 2013 as study sample,founding seller corporate social responsibility(CSR) every dimension index,CSR total index,acquirer stock market expectation index and corresponding models,then check capital market's respond to seller CSR with robust regression. The results show that share CSR,employee CSR and government CSR all exert signifcant positive effect on acquirer stock market expectation,Nevertheless,Neither creditor CSR nor supplier CSR has a significant relationship with acquirer stock market expectation. The results also show that seller CSR total performance has significant positive effect on stock market expectation,in addition,both same industry and privatization can reinforce this relationship. The results reveal there's acquirer learning effect on CSR during M&A,and both same industry and privatization could strengthen CSR learning outcome.