Econ Papers Daily / 期刊论文
定向慈善：来自并购的证据
Targeted Philanthropy: Evidence from M&As
摘要
I show how firms optimize the allocation of charitable funds around investments that require external stakeholder support, such as mergers and acquisitions. Acquirers increase donations to target‐related charities before making a takeover offer, but scale funds back after withdrawing from a deal. Firms redistribute funds from nontakeover‐related areas to target insider–affiliated charities, employee communities, and counties with a regulatory presence. Targeted donations that encourage blockholder reciprocity and employee commitment are associated with better deal performance through decreased merger premiums and lower integration costs. Overall, the results highlight firms’ use of philanthropy to manage stakeholder relations in takeover decisions.
中文摘要
我展示了企业如何在需要外部利益相关者支持的投資（如并购）周围优化慈善资金配置。收购方在提出收购要约前会增加对目标相关慈善机构的捐赠，但在退出交易后则会缩减资金。企业将资金从与收购无关的领域重新分配到目标内部人关联的慈善机构、员工社区以及设有监管机构的县。旨在鼓励大股东互惠和员工承诺的定向捐赠，通过降低并购溢价和整合成本，与更好的交易表现相关联。总体而言，这些结果凸显了企业在收购决策中利用慈善事业来管理利益相关者关系。