ESG 距离对并购的影响

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2024-11-01 DOI:10.1016/j.irfa.2024.103677

Ning Tang , Xiaodong Xu , Yuan-Teng Hsu , Chih-Yung Lin

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引用次数: 0

摘要

在本研究中，我们利用最新的 ESG（环境、社会和治理）数据计算收购公司与目标公司之间的 ESG 距离，然后评估其对并购结果的影响。我们的分析表明，ESG 距离越大的交易，交易公告前后的累计异常回报率（CAR）越低。我们发现，2005 年《京都议定书》生效后，ESG 距离较大的交易方不受投资者青睐。这表明，市场认为巨大的环境、社会和公司治理距离是并购后无缝整合的潜在障碍。值得注意的是，并购方与目标公司之间明显的环境、社会和公司治理距离会降低并购倾向，尤其是当目标公司在谈判中拥有更强的讨价还价能力时。从并购企业的长期表现来看，我们发现环境、社会和公司治理差距会降低企业表现，增加崩溃风险。

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The impact of ESG distance on mergers and acquisitions

In this study, we utilize the most recent ESG (Environmental, Social, and Governance) data to calculate the ESG distance between acquiring and target firms, subsequently assessing its impact on merger outcomes. Our analysis suggests that deals with a larger ESG distance are associated with reduced cumulative abnormal returns (CARs) around the deal announcements. We find that, following the Kyoto Protocol in 2005, counterparties with larger ESG distances are less favored by investors. This suggests that the market perceives significant ESG distance as a potential impediment to seamless post-merger integration. Notably, a pronounced acquirer-target ESG distance diminishes the propensity for mergers, especially when target firms with more bargaining power during the negotiation. In the long-term performance of acquiring firms, we discern that ESG disparity reduces firm performance and increases crash risk.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.