How Does Foreign Acquirers’ ESG Misbehaviour Exposure Affect the Completion of Cross-Border Acquisitions?

IF 4.5 2区 管理学 Q1 BUSINESS
Shan Zhu, Jian Du, Jie Lu, Qiuxia Zheng
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引用次数: 0

Abstract

This study investigates how foreign acquirers’ environmental, social and governance (ESG) misbehaviour exposure affects the completion of cross-border acquisitions (CBAs), and how this impact varies according to citizen power in the target country and the presence of deal rumours. Using a sample of CBAs attempted by Chinese listed firms from 2011 to 2019, we find that foreign acquirers with higher ESG misbehaviour exposure are more likely to fail in CBA completions. As citizen power in the target country increases, such acquirers face greater challenges in CBA completion. In addition, deal rumours can make matters worse (akin to pouring fuel on a fire), putting foreign acquirers with high ESG misbehaviour exposure in a more unfavourable position. Overall, our findings shed light on the concerns and resistance of stakeholders in the target country towards a foreign acquirer with ESG misbehaviour exposure and demonstrate boundary conditions for such an adverse effect.

外国收购方的环境、社会和治理不当行为风险如何影响跨国收购的完成?
本研究探讨了外资收购方的环境、社会和治理(ESG)不当行为暴露如何影响跨境收购(CBA)的完成,以及这种影响如何随目标国公民权力和交易传言的存在而变化。利用2011年至2019年中国上市公司尝试的CBA样本,我们发现ESG不当行为风险较高的外资收购方更有可能无法完成CBA。随着目标国公民权力的增加,这类收购方在完成 CBA 时面临更大的挑战。此外,交易传言也会使事情变得更糟(无异于火上浇油),使ESG不良行为风险较高的外国收购方处于更加不利的地位。总之,我们的研究结果阐明了目标国利益相关者对具有环境、社会和公司治理不当行为风险的外资收购方的担忧和抵制,并展示了产生这种不利影响的边界条件。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
10.00
自引率
12.50%
发文量
87
期刊介绍: The British Journal of Management provides a valuable outlet for research and scholarship on management-orientated themes and topics. It publishes articles of a multi-disciplinary and interdisciplinary nature as well as empirical research from within traditional disciplines and managerial functions. With contributions from around the globe, the journal includes articles across the full range of business and management disciplines. A subscription to British Journal of Management includes International Journal of Management Reviews, also published on behalf of the British Academy of Management.
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