Despite the fact that one-third of worldwide mergers involve firms from different countries, the vast majority of the academic literature on mergers studies domestic mergers. What little has been written about cross-border mergers has focused on public firms, usually from the United States. Yet,...

Using a sample of 3,770 Chinese listed firms during the period 2015-2020, we find that afirm’s ESG rating is positively associated with its foreign sales ratios. The higher-ratedmultinational corporations (MNCs) have more foreign subsidiaries located in countries withstricter environmental and...