CEO inside debt holdings and climate risk concerns in corporate acquisition

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-15 DOI:10.1016/j.frl.2024.106473

Yueying Su , Jialong Li , Zhicheng Li , Cathy Wu

引用次数: 0

Abstract

This study examines how CEO inside debt holdings motivate CEOs to incorporate climate risk in corporate acquisition decisions through deal selection and valuation. Using samples of intended and completed acquisitions executed by U.S. acquirers from 2006 to 2021, we find that when acquirers consider a target firm with a greater exposure to climate risk, acquirers with a higher level of CEO inside debt choose to discount their valuation for the target firm rather than drop the deal completely. These results suggest that CEO's debt-like compensation can be used to encourage CEOs to take climate risk concerns into their investment decisions.

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企业收购中首席执行官的内部债务持有和气候风险问题

本研究探讨了首席执行官持有的内债如何促使首席执行官通过交易选择和估值将气候风险纳入企业收购决策。通过对 2006 年至 2021 年美国收购方执行的意向收购和已完成收购的样本进行分析，我们发现，当收购方考虑收购一家气候风险较大的目标公司时，CEO 内债水平较高的收购方会选择对目标公司的估值打折扣，而不是完全放弃交易。这些结果表明，CEO 的类似债务的报酬可以用来鼓励 CEO 在投资决策中考虑气候风险问题。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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