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題名 併購雙方社會責任於併購溢價效果及交互效果
Social responsibility in M&A premium effect and interaction effect
作者 荊怡凡
Ching, Yi-Fan
貢獻者 李志宏
Lee, Jie-Haun
荊怡凡
Ching, Yi-Fan
關鍵詞 企業社會責任
企業併購
併購溢價
Corporate social responsibility
Mergers and acquisitions
Bid premiums
日期 2019
上傳時間 1-Jul-2019 10:44:58 (UTC+8)
摘要 本研究利用KLD及SDC的資料進行研究，探討社會責任是否會影響公司的併購決策，並延續了過去的研究發現，被併方的社會責任能透過降低資訊不對稱風險使併購溢價提升，同時確認了主併方的社會責任能利用隱性合約的承諾，提升利害關係人支持進而使併購溢價提高。更進一步地發現了上述兩項效果中存在著交互影響，即隱性合約的效果須在資訊不對稱程度低時才能發揮效果，因此社會責任優良的被併方除了能藉由資訊不對稱降低的效果提升溢價，若買家同為社會責任良好的公司時，溢價能有進一步的提升。

另外為了確認事後的實際表現是否符合隱性合約的預期，即透過利害關係人的支持提高合併的預期報酬，因此對樣本進行後續的績效追蹤，觀察社會責任較佳的公司是否有如預期地的產生較好的合併後表現，但實證結果未能發現顯著的差異。代表被併方在併購中能藉由社會責任提高溢價進而得到利益，而主併方雖藉由隱性合約預期獲得較好的報酬而提高溢價，但因事後績效並沒有顯著差異，使主併方之社會責任在併購活動中效益仍不明確。
This study uses KLD and SDC database to investigate whether social responsibility will affect the company`s M&A decisions. We continue previous research findings. Social responsibility of target firm can improve the M&A premium by reducing the risk of information asymmetry. Social responsibility of the bidding firm can use the promise of implicit contracts to improve stakeholder support and increase the M&A premium. We further discover that there are interactions between two effects, that is, the effect of the implicit contract must be effective when the degree of information asymmetry is low. Our study found that if the target firm has good social responsibility, it not only can use the information asymmetry to increase the premium, but also can raise premium further by implicit contracts.

In addition, in order to confirm whether the actual performance after the M&A meets the expectations of the implicit contract. We conduct performance tracking of the sample to observe whether the company with better social responsibility has better performance as expected. But the empirical results did not reveal significant differences.
In conclusion, target firm can increase premium through social responsibility and obtain benefits. Bidding firm raises the premium because implicit contract is expected to receive better performance. However, there is no significant difference in performance after the M&A, so thesocial responsibility benefit of Bidding firm in the M&A is still unclear.
參考文獻 Aktas, N., de Bodt, E., & Cousin, J.-G. (2011). Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking & Finance, 35(7), 1753-1761.
Becchetti, L., Ciciretti, R., Hasan, I., & Kobeissi, N. (2012). Corporate social responsibility and shareholder`s value. Journal of Business Research, 65(11), 1628-1635.
Bekier, B., Oldham. (2001). Why mergers fail. McKinsey Quarterly, 4:6-9.
Benabou, T. (2010). Individual and Corporate Social Responsibility. Economica, 77(305), 1-19.
Bereskin, F., Byun, S. K., Officer, M. S., & Oh, J.-M. (2018). The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility. Journal of Financial and Quantitative Analysis, 53(5).
Betton, S., B. Espen Eckbo and Karin Thorburn. (2008). Corporate Takeovers. In: Handbook of Corporate Finance: Empirical Corporate Finance. Working paper, Vol. 2, Eckbo, B.E. (Ed.), p. 291-430.
Bruslerie, H. (2013). Crossing takeover premiums and mix of payment: An empirical test of contractual setting in M&A transactions. Journal of Banking & Finance, 37(6), 2106-2123.
Chen, E., & Gavious, I. (2015). Does CSR have different value implications for different shareholders? Finance Research Letters, 14, 29-35.
Demsetz, H. L., K. (1985). The Structure of Corporate Ownership: Causes and Consequences. The Journal of Political Economy, 93, 1155-1177.
Deng, X., Kang, J.-k., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110(1), 87-109.
Gomes, M., & Marsat, S. (2018). Does CSR impact premiums in M&A transactions? Finance Research Letters, 26, 71-80.
Gondhalekar, V. B., Raymond Sant, R., & Ferris, S. P. (2004). The price of corporate acquisition: determinants of cash takeover premia. Applied Economics Letters, 11(12), 735-739.
Graham, J. R. a. G., Jillian and Harvey, Campbell R. and Rajgopal, Shivaram. (2016). Corporate Culture: Evidence from the Field. Columbia Business School Research Paper, No. 16-49.
Harjoto, M. A. J. (2015). Legal vs Normative CSR Differential Impact on Analyst Dispersion, Stock Return Volatility, Cost of Capital, and Firm Value. Journal of Business Ethics, Volume 128, Issue 1, pp 1–20.
Hillman, A. J. a. K., G. D. (2001). Shareholder value, stakeholder management, and social issues: what`s the bottom line? Strategic Management Journal, 22: 125-139.
Jawahar, M. (2001). Stakeholder Theory: An Organizational Life Cycle Approach. The Academy of Management Review, Vol. 26, No. 3.
Jensen, M. C. (2001). Value maximization, stakeholder theory, and the corporate objective function. Journal of Applied Corporate Finance, 14, 8–21.
Jo, H., & Na, H. (2012). Does CSR Reduce Firm Risk? Evidence from Controversial Industry Sectors. Journal of Business Ethics, 110(4), 441-456.
Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.
Li, Y., Fang, S., & Huan, T.-C. T. C. (2017). Consumer response to discontinuation of corporate social responsibility activities of hotels. International Journal of Hospitality Management, 64, 41-50.
Lins, K. V., Servaes, H., & Tamayo, A. N. E. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. The Journal of Finance, 72(4), 1785-1824.
Masulis, R. W., Wang, C., Xie, F. (2007). Corporate governance and acquirer returns. Journal of finance, 62, 1851–1889.
Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201-228.
Moeller, T. (2005). Let`s make a deal! How shareholder control impacts merger payoffs. Journal of Financial Economics, 76(1), 167-190.
Narayanan. (1985). Managerial Incentives for Short-Term Results. The Journal of Finance, Volume40, Issue5.
Nelling, E. (2009). Corporate social responsibility and financial performance: the “virtuous circle”. Review of Quantitative Finance and Accounting, vol. 32, issue 2, 197-209.
Rao-Nicholson, R., Salaber, J., & Cao, T. H. (2016). Long-term performance of mergers and acquisitions in ASEAN countries. Research in International Business and Finance, 36, 373-387.
Sandra Betton, B. E. E. (2000). Toeholds, Bid Jumps, and Expected Payoffs in Takeovers. The Review of Financial Studies, Volume 13, Issue 4, 841–882.
Schwert, G. W. (1996). Markup Pricing in Mergers and Acquisitions. Journal of Financial Economics, 41(2): 153-192.
Schwert, G. W. (2000). Hostility in Takeovers: In the Eyes of the Beholder? The Journal of Finance, 55(6): 2599-2640.
Shiu, Y.-M., & Yang, S.-L. (2017). Does engagement in corporate social responsibility provide strategic insurance-like effects? Strategic Management Journal, 38(2), 455-470.
Sudarsanam, S. (1996). large shareholders, takeovers and target valuation. Journal of Business Finance & Accounting, 23: 295-314.
Sun, W., & Cui, K. (2014). Linking corporate social responsibility to firm default risk. European Management Journal, 32(2), 275-287.
Tehranian, H., Travlos, N. G. and Waegelein, J. F. (1987). The Effect of Long-Term Performance Plans on Corporate Sell-Off-Induced Abnormal Returns. The Journal of Finance, Volume42, Issue4.
描述 碩士
國立政治大學
財務管理學系
106357022
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106357022
資料類型 thesis
dc.contributor.advisor 李志宏zh_TW
dc.contributor.advisor Lee, Jie-Haunen_US
dc.contributor.author (Authors) 荊怡凡zh_TW
dc.contributor.author (Authors) Ching, Yi-Fanen_US
dc.creator (作者) 荊怡凡zh_TW
dc.creator (作者) Ching, Yi-Fanen_US
dc.date (日期) 2019en_US
dc.date.accessioned 1-Jul-2019 10:44:58 (UTC+8)-
dc.date.available 1-Jul-2019 10:44:58 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2019 10:44:58 (UTC+8)-
dc.identifier (Other Identifiers) G0106357022en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/124128-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 106357022zh_TW
dc.description.abstract (摘要) 本研究利用KLD及SDC的資料進行研究，探討社會責任是否會影響公司的併購決策，並延續了過去的研究發現，被併方的社會責任能透過降低資訊不對稱風險使併購溢價提升，同時確認了主併方的社會責任能利用隱性合約的承諾，提升利害關係人支持進而使併購溢價提高。更進一步地發現了上述兩項效果中存在著交互影響，即隱性合約的效果須在資訊不對稱程度低時才能發揮效果，因此社會責任優良的被併方除了能藉由資訊不對稱降低的效果提升溢價，若買家同為社會責任良好的公司時，溢價能有進一步的提升。

另外為了確認事後的實際表現是否符合隱性合約的預期，即透過利害關係人的支持提高合併的預期報酬，因此對樣本進行後續的績效追蹤，觀察社會責任較佳的公司是否有如預期地的產生較好的合併後表現，但實證結果未能發現顯著的差異。代表被併方在併購中能藉由社會責任提高溢價進而得到利益，而主併方雖藉由隱性合約預期獲得較好的報酬而提高溢價，但因事後績效並沒有顯著差異，使主併方之社會責任在併購活動中效益仍不明確。		zh_TW
dc.description.abstract (摘要) This study uses KLD and SDC database to investigate whether social responsibility will affect the company`s M&A decisions. We continue previous research findings. Social responsibility of target firm can improve the M&A premium by reducing the risk of information asymmetry. Social responsibility of the bidding firm can use the promise of implicit contracts to improve stakeholder support and increase the M&A premium. We further discover that there are interactions between two effects, that is, the effect of the implicit contract must be effective when the degree of information asymmetry is low. Our study found that if the target firm has good social responsibility, it not only can use the information asymmetry to increase the premium, but also can raise premium further by implicit contracts.

In addition, in order to confirm whether the actual performance after the M&A meets the expectations of the implicit contract. We conduct performance tracking of the sample to observe whether the company with better social responsibility has better performance as expected. But the empirical results did not reveal significant differences.
In conclusion, target firm can increase premium through social responsibility and obtain benefits. Bidding firm raises the premium because implicit contract is expected to receive better performance. However, there is no significant difference in performance after the M&A, so thesocial responsibility benefit of Bidding firm in the M&A is still unclear.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 1
第二章 文獻回顧 3
第三章 研究方法 8
第一節 研究假說 8
第二節 樣本資料來源與研究期間 10
第三節 變數定義 10
第四節 敘述統計 16
第五節 研究模型 23
第四章 實證結果 24
第一節 社會責任對併購溢價影響 24
第二節 後續績效追蹤 29
第五章 結論 31
參考文獻 32		zh_TW
dc.format.extent 1446975 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106357022en_US
dc.subject (關鍵詞) 企業社會責任zh_TW
dc.subject (關鍵詞) 企業併購zh_TW
dc.subject (關鍵詞) 併購溢價zh_TW
dc.subject (關鍵詞) Corporate social responsibilityen_US
dc.subject (關鍵詞) Mergers and acquisitionsen_US
dc.subject (關鍵詞) Bid premiumsen_US
dc.title (題名) 併購雙方社會責任於併購溢價效果及交互效果zh_TW
dc.title (題名) Social responsibility in M&A premium effect and interaction effecten_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Aktas, N., de Bodt, E., & Cousin, J.-G. (2011). Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking & Finance, 35(7), 1753-1761.
Becchetti, L., Ciciretti, R., Hasan, I., & Kobeissi, N. (2012). Corporate social responsibility and shareholder`s value. Journal of Business Research, 65(11), 1628-1635.
Bekier, B., Oldham. (2001). Why mergers fail. McKinsey Quarterly, 4:6-9.
Benabou, T. (2010). Individual and Corporate Social Responsibility. Economica, 77(305), 1-19.
Bereskin, F., Byun, S. K., Officer, M. S., & Oh, J.-M. (2018). The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility. Journal of Financial and Quantitative Analysis, 53(5).
Betton, S., B. Espen Eckbo and Karin Thorburn. (2008). Corporate Takeovers. In: Handbook of Corporate Finance: Empirical Corporate Finance. Working paper, Vol. 2, Eckbo, B.E. (Ed.), p. 291-430.
Bruslerie, H. (2013). Crossing takeover premiums and mix of payment: An empirical test of contractual setting in M&A transactions. Journal of Banking & Finance, 37(6), 2106-2123.
Chen, E., & Gavious, I. (2015). Does CSR have different value implications for different shareholders? Finance Research Letters, 14, 29-35.
Demsetz, H. L., K. (1985). The Structure of Corporate Ownership: Causes and Consequences. The Journal of Political Economy, 93, 1155-1177.
Deng, X., Kang, J.-k., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110(1), 87-109.
Gomes, M., & Marsat, S. (2018). Does CSR impact premiums in M&A transactions? Finance Research Letters, 26, 71-80.
Gondhalekar, V. B., Raymond Sant, R., & Ferris, S. P. (2004). The price of corporate acquisition: determinants of cash takeover premia. Applied Economics Letters, 11(12), 735-739.
Graham, J. R. a. G., Jillian and Harvey, Campbell R. and Rajgopal, Shivaram. (2016). Corporate Culture: Evidence from the Field. Columbia Business School Research Paper, No. 16-49.
Harjoto, M. A. J. (2015). Legal vs Normative CSR Differential Impact on Analyst Dispersion, Stock Return Volatility, Cost of Capital, and Firm Value. Journal of Business Ethics, Volume 128, Issue 1, pp 1–20.
Hillman, A. J. a. K., G. D. (2001). Shareholder value, stakeholder management, and social issues: what`s the bottom line? Strategic Management Journal, 22: 125-139.
Jawahar, M. (2001). Stakeholder Theory: An Organizational Life Cycle Approach. The Academy of Management Review, Vol. 26, No. 3.
Jensen, M. C. (2001). Value maximization, stakeholder theory, and the corporate objective function. Journal of Applied Corporate Finance, 14, 8–21.
Jo, H., & Na, H. (2012). Does CSR Reduce Firm Risk? Evidence from Controversial Industry Sectors. Journal of Business Ethics, 110(4), 441-456.
Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.
Li, Y., Fang, S., & Huan, T.-C. T. C. (2017). Consumer response to discontinuation of corporate social responsibility activities of hotels. International Journal of Hospitality Management, 64, 41-50.
Lins, K. V., Servaes, H., & Tamayo, A. N. E. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. The Journal of Finance, 72(4), 1785-1824.
Masulis, R. W., Wang, C., Xie, F. (2007). Corporate governance and acquirer returns. Journal of finance, 62, 1851–1889.
Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201-228.
Moeller, T. (2005). Let`s make a deal! How shareholder control impacts merger payoffs. Journal of Financial Economics, 76(1), 167-190.
Narayanan. (1985). Managerial Incentives for Short-Term Results. The Journal of Finance, Volume40, Issue5.
Nelling, E. (2009). Corporate social responsibility and financial performance: the “virtuous circle”. Review of Quantitative Finance and Accounting, vol. 32, issue 2, 197-209.
Rao-Nicholson, R., Salaber, J., & Cao, T. H. (2016). Long-term performance of mergers and acquisitions in ASEAN countries. Research in International Business and Finance, 36, 373-387.
Sandra Betton, B. E. E. (2000). Toeholds, Bid Jumps, and Expected Payoffs in Takeovers. The Review of Financial Studies, Volume 13, Issue 4, 841–882.
Schwert, G. W. (1996). Markup Pricing in Mergers and Acquisitions. Journal of Financial Economics, 41(2): 153-192.
Schwert, G. W. (2000). Hostility in Takeovers: In the Eyes of the Beholder? The Journal of Finance, 55(6): 2599-2640.
Shiu, Y.-M., & Yang, S.-L. (2017). Does engagement in corporate social responsibility provide strategic insurance-like effects? Strategic Management Journal, 38(2), 455-470.
Sudarsanam, S. (1996). large shareholders, takeovers and target valuation. Journal of Business Finance & Accounting, 23: 295-314.
Sun, W., & Cui, K. (2014). Linking corporate social responsibility to firm default risk. European Management Journal, 32(2), 275-287.
Tehranian, H., Travlos, N. G. and Waegelein, J. F. (1987). The Effect of Long-Term Performance Plans on Corporate Sell-Off-Induced Abnormal Returns. The Journal of Finance, Volume42, Issue4.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU201900083en_US