Is corporate social responsibility an agency problem? An empirical note from takeovers

•We examine whether the acquirer's CSR performance influences takeover premiums.•Our framework relies on the agency motives of the takeover premium.•We consider a large sample of US takeovers over the period 1992–2014.•Higher acquirer CSR performance is associated with higher takeover premium.•Findings are robust and consistent with the shareholder expense view.