Climate theory & managerial decisions on cross-border mergers

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review Pub Date : 2024-01-01 DOI:10.1016/j.bar.2023.101260

Antonios Siganos

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引用次数: 0

Abstract

We explore the significance of climate theory concerning managerial decisions in cross-border mergers. We report that temperature offers a good familiarity proxy showing that country pairs that experience little (large) distance in temperature experience relatively more (less) acquisitions. A one-unit decrease in the difference of the temperature in a country pair is linked with an increase in the number of cross-border mergers by 1.09%. We then highlight the significance of relatively warm temperatures on managerial decisions: We find that (i) the relationship is driven by the Summer months; during June–August for country pairs in the Northern hemisphere and December–February for pairs in the Southern hemisphere, (ii) relatively more cross-border mergers occur towards countries with modestly warmer temperatures showing evidence of managerial affinity towards warmer places, and (iii) country pairs with relatively high temperatures exhibit more acquisitions. Overall, this study highlights a new perspective in the field of climate finance.

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气候理论与跨国并购的管理决策

我们探讨了气候理论对跨国并购中管理决策的意义。我们的报告显示，气温提供了一个很好的熟悉度替代指标，表明气温相差小（大）的国家对经历的并购相对较多（少）。一对国家的温差每减少一个单位，跨国并购的数量就会增加 1.09%。然后，我们强调了相对温暖的气温对管理决策的影响：我们发现：(i) 这种关系受夏季月份的驱动；北半球国家对在 6-8 月份，南半球国家对在 12-2 月份；(ii) 相对而言，气温略高的国家发生的跨国兼并更多，这表明管理者对较温暖的地方情有独钟；(iii) 气温相对较高的国家对表现出更多的并购。总之，本研究为气候融资领域提供了一个新的视角。

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

British Accounting Review BUSINESS, FINANCE-

CiteScore

8.60

自引率

3.90%

发文量

审稿时长

76 days

期刊介绍： The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.