Corporate Sustainability and M&A Acquisition Premiums

IF 12.5 1区管理学 Q1 BUSINESS

Business Strategy and The Environment Pub Date : 2025-03-26 DOI:10.1002/bse.4259

Gimede Gigante, Ludovico Galli, Francesca Scarlini

引用次数: 0

Abstract

This research explores the relationship between Corporate Sustainability and acquisition premiums in Mergers and Acquisitions (M&A) processes, focusing on Environmental, Social, and Governance (ESG) performance. While environmental concerns have gained prominence, this study investigates the underexplored impact of target firms' ESG scores on M&A premiums. By examining 325 M&A transactions, the research uncovers a positive correlation between higher ESG scores and increased acquisition premiums, suggesting that target companies with strong sustainability profiles can command better negotiating power. The findings highlight that a high ESG rating enhances both the target's value and the acquiring firm's potential to realize synergies and improve economic performance. Additionally, the study examines whether the relationship between M&A premiums and ESG scores is stronger for acquirers with high Corporate Social Responsibility (CSR) standards.

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企业可持续性与并购收购溢价

本研究探讨了企业可持续发展与并购（M&；A）过程中收购溢价之间的关系，重点关注环境、社会和治理（ESG）绩效。虽然环境问题日益突出，但本研究调查了目标公司的ESG分数对并购溢价的影响。通过对325宗并购交易的研究，该研究发现ESG得分越高，收购溢价越高之间存在正相关关系，这表明具有较强可持续性的目标公司可以获得更好的议价能力。研究结果强调，较高的ESG评级既能提高目标公司的价值，也能提高收购方实现协同效应和改善经济绩效的潜力。此外，研究还考察了企业社会责任（CSR）标准较高的收购方，并购溢价与ESG得分之间的关系是否更强。

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

Business Strategy and The Environment Multiple-

CiteScore

22.50

自引率

19.40%

发文量

336

期刊介绍： Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.