Year-end Sale % OFF 
Abstract
This paper predicts that the deregulation policy will encourage firm mergers and acquisitions (M&A) activities. However, due to serious information asymmetry in the M&A process, relevant stakeholders in the M&A deal process, such as target firm employees and financial institutions, may have concerns toward the deal and thus withhold their support. As more engagement in Corporate Social Responsibility (CSR) and less engagement in Corporate Social Irresponsibility (CSiR) could reduce such concerns of stakeholders by signaling a higher morality, such firms could attract more stakeholder support and thus are more likely to capture the M&A opportunity brought by the deregulation. Using the deregulation policy in 2005 in China and analyzing data of 703 publicly listed non state-owned enterprises (NSOEs), we find general supports for above arguments.
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