Keywords:
• corporate social responsibility/
• information disclosure/
• merger and acquisition performance/
• propensity score matching

Abstract:Recently, more and more Chinese listed companies have begun to disclose corporate social responsibility(CSR) information voluntarily. However, could the disclosure bring about economic gains?In view of this, with China's Shanghai and Shenzhen A share listed companies'merger & acquisition(M&A)events between 2012 and 2014 as study sample, from the perspective of the outcome of long-term M&A performance, mainly using information asymmetry theory and principal agent theory, the CSR report disclosure's main effect on M&A performance was checked with multivariable linear regression and propensity score matching models. Meanwhile, the total sample was divided into different groups according to monopoly and organizational redundancy, then the intensity of main effects of different groups was further examined. The results found that disclosure of CSR information exerted a positive impact on M&A performance:the group with low monopoly had a higher intensity of disclosure effect than the group with high monopoly, and the group with low organizational redundancy had a higher intensity of disclosure effect than the group with high organizational redundancy.