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Do progressive social norms affect economic outcomes? Evidence from corporate takeovers
journal contribution
posted on 2017-03-01, 00:00 authored by Y Chen, Edward Podolski, S G Rhee, M VeeraraghavanThis paper investigates how religion-induced attitudes toward change and diversity affect corporate acquisition decisions. By studying the variation in religious adherence across U.S. counties, we find that acquirer announcement returns and total synergy are larger in counties in which progressive religious denominations are popular. In contrast, conservative religious denominations affect neither acquirer announcement returns nor total synergies. Our evidence indicates that religion-induced social norms are an important driver of large corporate transactions, while various religious denominations affect corporate outcomes differently.
History
Journal
Journal of empirical financeVolume
41Pagination
76 - 95Publisher
ElsevierLocation
Amsterdam, The NetherlandsPublisher DOI
ISSN
0927-5398Language
engPublication classification
C Journal article; C1 Refereed article in a scholarly journalCopyright notice
2017, ElsevierUsage metrics
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