Do progressive social norms affect economic outcomes? Evidence from corporate takeovers

Chen, Yangyang, Podolski, Edward J., Rhee, S. Ghon and Veeraraghavan, Madhu 2017, Do progressive social norms affect economic outcomes? Evidence from corporate takeovers, Journal of empirical finance, vol. 41, pp. 76-95, doi: 10.1016/j.jempfin.2017.01.003.

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Title Do progressive social norms affect economic outcomes? Evidence from corporate takeovers
Author(s) Chen, Yangyang
Podolski, Edward J.ORCID iD for Podolski, Edward J.
Rhee, S. Ghon
Veeraraghavan, Madhu
Journal name Journal of empirical finance
Volume number 41
Start page 76
End page 95
Total pages 20
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Publication date 2017-03
ISSN 0927-5398
Keyword(s) Religion
corporate takeovers
mailine protestants
behavioral finance
Summary This 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.
Language eng
DOI 10.1016/j.jempfin.2017.01.003
Field of Research 150201 Finance
1502 Banking, Finance And Investment
1403 Econometrics
Socio Economic Objective 900101 Finance Services
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2017, Elsevier
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Document type: Journal Article
Collections: Faculty of Business and Law
Department of Finance
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