Abstract: Creating synergistic value is a determinant of M&A performance, and corporate social responsibility (CSR), as an informal system, is a useful complement to the formal system of market economy. In the M&A process, the CSR coordination between the M&A initiator and the M&A target is a key driver for generating synergies and has a significant impact on M&A performance. Based on the perspective of CSR alignment, this paper uses a combination of multiple regression and response surface analysis to fully utilize binary information to comprehensively consider the effects of different matching combinations of CSR between both M&A parties on M&A performance. It is found that the higher the level of CSR consistency between the two parties, the better the M&A performance, and the M&A performance of the “high-high” CSR consistency combination is significantly better than that of the “low-low” consistency combination. This paper further finds that the effect of CSR consistency on M&A performance is stronger when both parties are in the same province, the same industry, or when the top executives of both parties have a graduate degree. The results reveal the underlying mechanism of how CSR alignment creates synergistic value and affects M&A performance, deepen the matching-based antecedents of M&A synergy, and provide theoretical and empirical evidence for the selection of M&A targets and the implementation of CSR strategies.

Key words: corporate social responsibility, consistency, synergy, M&A performance