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題名 品牌供應商之綠色併購
Bidding for Green: the Suppliers of Global Brands作者 陸則壬
Lu, Tse-Jen貢獻者 陳嬿如
陸則壬
Lu, Tse-Jen關鍵詞 併購
綠色併購
供應鏈
品牌客戶
碳排放
碳風險
巴黎協定
Mergers and Acquisitions
Green mergers and acquisitions
Supply chain
Brand customers
Carbon emissions
Carbon risk
Paris Agreement日期 2022 上傳時間 1-Aug-2022 17:19:40 (UTC+8) 摘要 過去對於公司碳排放與併購的研究，均傾向於公司會進行併購的決策係為了將其面臨的碳風險分散或移轉到環境成本較低的國家。然而近年來投資人碳風險意識與碳排放政策監管幅度已大幅提升，使得市場上主要品牌公司除關注自身碳排放外，亦須開始管控其供應商碳排放，外在環境變遷對於品牌客戶之供應商產生莫大的生存壓力，使其必須即刻做出行動。本研究使用2013年至2015年與2017年至2019年共2,680供應商併購的樣本進行研究，並利用巴黎協定此影響全球碳排放政策與碳風險意識之廣泛外生衝擊與供應商之客戶碳排放屬性進行雙重差分法研究，結果發現相較於低碳排產業客戶之供應商，具高碳排產業客戶之供應商，在碳排放管控壓力增加時，宥於面臨較大的品牌客戶壓力，會進行更多氣候綠色併購，並發現其併購後環境績效會更明顯的上升，惟在進行高氣候綠色程度併購時，高碳排產業客戶之供應商之財務績效表現，相對於低碳排產業客戶之供應商表現差。
Previous studies on carbon emissions and merger and acquisition (M&As) tended to conclude that companies making M&As in order to diversify or transfer their carbon risks to countries with lower environmental costs. However, in recent years, the carbon risk awareness of investors and the degree of emission regulation policy have changed significantly, making major brand companies pay attention to their own carbon emissions, but also to control the carbon emissions of their suppliers. Under the enormous pressure, suppliers must act immediately to survive.Using a sample of 2,680 mergers and acquisitions of suppliers from 2013 to 2015 and 2017 to 2019. This study leverages the Paris Agreement, a broad exogenous shock affecting global carbon policy and carbon risk awareness, to conduct a difference-in-difference study on purpose of suppliers’ M&As decisions, finding that compared with suppliers of customers in low carbon emission industry, suppliers with customers in high carbon emission industry face greater pressure from brand customers and conduct more climate green mergers and acquisitions. Moreover, their environmental performances will increase significantly after M&As. However, in higher degree of climate green mergers and acquisitions, post-merger financial performance of suppliers with high carbon emission industry customers is worse than that of suppliers of low carbon emission industry customers.參考文獻 Aghion, P., Dechezleprêtre, A., Hémous, D., Martin, R., and Van Reenen, J. (2016). Carbon Taxes, Path Dependency, and Directed Technical Change: Evidence from the Auto Industry. Journal of Political Economy, 124(1), 1-51.Ahern, K. R., Daminelli, D., and Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1), 165-189.Albort-Morantm, G., Leal-Millán, A., and Cepeda-Carrión, G. (2016). The antecedents of green innovation performance: A model of learning and capabilities. Journal of Business Research, 69(11), 4912-4917.Ben-David, I., Jang, Y., Kleimeier, S., and Viehs, M. (2021). Exporting pollution: where do multinational firms emit CO2?. Economic Policy, 36(107), 377-437.Bolton, P., and Kacperczyk, M. T. (2022). Global Pricing of Carbon-Transition Risk. Working Paper.Bolton, P., and Marcin Kacperczyk. (2021). Do investors care about carbon risk?. Journal of Financial Economics, 142(2), 517-549.Bonaime, A., Gulen, H., and Ion, M. (2018). Does policy uncertainty affect mergers and acquisitions?. Journal of Financial Economics, 129(3), 531-558.Bose, S., Minnic, K., and Shams, S. (2021). Does carbon risk matter for corporate acquisition decisions?. Journal of Corporate Finance, 70, 102058.Brunnermeier, S. B., and Cohen, M. A. (2003). Determinants of environmental innovation in US manufacturing industries. Journal of Environmental Economics and Management, 45(2), 278-293.Buckley, P. J., Forsans, N., and Munjal, S. (2012). Host–home country linkages and host–home country specific advantages as determinants of foreign acquisitions by Indian firms. International Business Review, 21(5), 878-890.Calel, R., and Dechezlepretre, A. (2016). Environmental policy and directed technological change: evidence from the European carbon market. Review of Economics and Statistics, 98 (1), 173-191.Cooper, S. A., Raman, K.K., and Yin, J. (2018). Halo effect or fallen angel effect? Firm value consequences of greenhouse gas emissions and reputation for corporate social responsibility. Journal of Accounting and Public Policy, 27(3), 226-240.Dai, R., Duan, R., Liang, H., and Ng, L. (2021). Outsourcing Climate Change. European Corporate Governance Institute – Finance Working Paper.Dai, R., Liang, H., and Ng, L. (2021). Socially responsible corporate customers. Journal of Financial Economics, 142(2), 598-626.DePamphilis, D. (2017). Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions (9th Edition). Academic Press.Desyllas, P., and Hughes, A. (2009). The Revealed Preferences of High Technology Acquirers: An Analysis of the Characteristics of Their Targets. Cambridge Journal of Economics, 33(6), 1089-1111.Dyck, A., Lins, K. V., Roth, L., and Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 673-714.Ederington, J., and Minier, J. (2003). Is environmental policy a secondary trade barrier? An empirical analysis. Canadian Journal of Economics, 36(1), 137-154.Engle, R. F., Giglio, S., Kelly, B., Lee, H,. and Stroebel, J. (2020). Hedging Climate Change News. The Review of Financial Studies, 33(3), 1184-1216.Erel, I., Liao, R. C., and Weisbach, M. S. (2012), Determinants of Cross-Border Mergers and Acquisitions. The Journal of Finance, 67(3), 1045-1082.Filip, A., Lobo, G. J., Paugam, L., and Stolowy, H. (2022). Disclosures About Key Value Drivers in M&A Announcement Press Releases: An Exploratory Study. Abacus, 58(1), 62-104.Hanna, R. (2010). US Environmental Regulation and FDI: Evidence from a Panel of US-Based Multinational Firms. American Economic Journal: Applied Economics, 2(3), 158-89.Harrington, W., Morgenstern, R.D. and Nelson, P. (2000). On the accuracy of regulatory cost estimates. Journal of Policy Analysis and Management, 19(2), 297-322.Huang. X., Hu, Z., Liu, C., Yu, D., and Yu, L. (2016). The relationships between regulatory and customer pressure, green organizational responses, and green innovation performance. Journal of Cleaner Production, 112(4), 3423-3433.Li, D., and Zeng, T. (2020). Are China’s intensive pollution industries greening? An analysis based on green innovation efficiency. Journal of Cleaner Production, 259(20), 120901.Li, K., Mai, F., Shen R., and Yan, X. (2021). Measuring Corporate Culture Using Machine Learning. The Review of Financial Studies, 34(7), 3265-3315.Li, X., and Zhou, Y. M. (2017). Offshoring Pollution while Offshoring Production?. Strategic Management Journal, 38(11), 2310-2329.Malhotra, Shavin., and Gaur, A. S. (2014). Spatial geography and control in foreign acquisitions. Journal of International Business Studies, 45(2), 191-210.Pankratz, N. M. C., and Schiller, C. (2021). Climate Change and Adaptation in Global Supply-Chain Networks. European Corporate Governance Institute – Finance Working Paper.Porter, M. E., and van der Linde, C. (1995). Toward a New Conception of the Environment-Competitiveness Relationship. Journal of Economic Perspectives, 9(4), 97-118.PwC research (2021). PwC’s Global investor survey: The economic realities of ESG. Retrieved May 28, 2022, from https://www.pwc.com/gx/en/corporate-reporting/assets/pwc-global-investor-survey-2021.pdfRabier, M. R. (2017). Acquisition Motives and the Distribution of Acquisition Performance. Strategic Management Journal, 38(13), 2666-2681.Rexhäuser, S., Rammer, C. (2014). Environmental Innovations and Firm Profitability: Unmasking the Porter Hypothesis. Environmental and Resource Economics, 57, 145-167.Salvi, A., Petruzzella, F., and Giakoumelou, A. (2018). Green M&A Deals and Bidders’ Value Creation: The Role of Sustainability in Post-Acquisition Performance. International Business Research, 11(7), 96.Saunila M., Ukko, Juhani., and Rantala, T. (2018). Sustainability as a driver of green innovation investment and exploitation. Journal of Cleaner Production, 179, 631-641.Schiller, C. (2018). Global Supply-Chain Networks and Corporate Social Responsibility. 13th Annual Mid-Atlantic Research Conference in Finance (MARC) Paper.Sundgren, S., Mäki, J., and Somoza-López, A. (2018). Analyst Coverage, Market Liquidity and Disclosure Quality: A Study of Fair-value Disclosures by European Real Estate Companies Under IAS 40 and IFRS 13. The International Journal of Accounting, 53(1), 54-75.World Economic Forum (2021). Net-Zero Challenge: The supply chain opportunity. Retrieved May 28, 2022, from http://www3.weforum.org/docs/WEF_Net_Zero_Challenge_The_Supply_Chain_Opportunity_2021.pdf 描述 碩士
國立政治大學
財務管理學系
1108710資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109357025 資料類型 thesis dc.contributor.advisor 陳嬿如 zh_TW dc.contributor.author (Authors) 陸則壬 zh_TW dc.contributor.author (Authors) Lu, Tse-Jen en_US dc.creator (作者) 陸則壬 zh_TW dc.creator (作者) Lu, Tse-Jen en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Aug-2022 17:19:40 (UTC+8) - dc.date.available 1-Aug-2022 17:19:40 (UTC+8) - dc.date.issued (上傳時間) 1-Aug-2022 17:19:40 (UTC+8) - dc.identifier (Other Identifiers) G0109357025 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141025 - 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) 1108710 zh_TW dc.description.abstract (摘要) 過去對於公司碳排放與併購的研究，均傾向於公司會進行併購的決策係為了將其面臨的碳風險分散或移轉到環境成本較低的國家。然而近年來投資人碳風險意識與碳排放政策監管幅度已大幅提升，使得市場上主要品牌公司除關注自身碳排放外，亦須開始管控其供應商碳排放，外在環境變遷對於品牌客戶之供應商產生莫大的生存壓力，使其必須即刻做出行動。本研究使用2013年至2015年與2017年至2019年共2,680供應商併購的樣本進行研究，並利用巴黎協定此影響全球碳排放政策與碳風險意識之廣泛外生衝擊與供應商之客戶碳排放屬性進行雙重差分法研究，結果發現相較於低碳排產業客戶之供應商，具高碳排產業客戶之供應商，在碳排放管控壓力增加時，宥於面臨較大的品牌客戶壓力，會進行更多氣候綠色併購，並發現其併購後環境績效會更明顯的上升，惟在進行高氣候綠色程度併購時，高碳排產業客戶之供應商之財務績效表現，相對於低碳排產業客戶之供應商表現差。 zh_TW dc.description.abstract (摘要) Previous studies on carbon emissions and merger and acquisition (M&As) tended to conclude that companies making M&As in order to diversify or transfer their carbon risks to countries with lower environmental costs. However, in recent years, the carbon risk awareness of investors and the degree of emission regulation policy have changed significantly, making major brand companies pay attention to their own carbon emissions, but also to control the carbon emissions of their suppliers. Under the enormous pressure, suppliers must act immediately to survive.Using a sample of 2,680 mergers and acquisitions of suppliers from 2013 to 2015 and 2017 to 2019. This study leverages the Paris Agreement, a broad exogenous shock affecting global carbon policy and carbon risk awareness, to conduct a difference-in-difference study on purpose of suppliers’ M&As decisions, finding that compared with suppliers of customers in low carbon emission industry, suppliers with customers in high carbon emission industry face greater pressure from brand customers and conduct more climate green mergers and acquisitions. Moreover, their environmental performances will increase significantly after M&As. However, in higher degree of climate green mergers and acquisitions, post-merger financial performance of suppliers with high carbon emission industry customers is worse than that of suppliers of low carbon emission industry customers. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機 1第二節 研究架構 5第二章 文獻回顧 6第一節 外在環境壓力與企業應對方式 6第二節 供應鏈企業社會責任傳導機制 10第三節 綠色併購與綠色創新 11第四節 研究假說 13第三章 研究方法 15第一節 樣本選取與資料來源 15第二節 變數定義與說明 18第三節 實證模型 27第四章 實證結果與分析 29第一節 敘述統計 29第二節 實證結果分析 31第五章 結論 38第一節 研究結論 38第二節 研究限制與建議 39參考文獻 40附錄 43 zh_TW dc.format.extent 3627025 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109357025 en_US dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) 綠色併購 zh_TW dc.subject (關鍵詞) 供應鏈 zh_TW dc.subject (關鍵詞) 品牌客戶 zh_TW dc.subject (關鍵詞) 碳排放 zh_TW dc.subject (關鍵詞) 碳風險 zh_TW dc.subject (關鍵詞) 巴黎協定 zh_TW dc.subject (關鍵詞) Mergers and Acquisitions en_US dc.subject (關鍵詞) Green mergers and acquisitions en_US dc.subject (關鍵詞) Supply chain en_US dc.subject (關鍵詞) Brand customers en_US dc.subject (關鍵詞) Carbon emissions en_US dc.subject (關鍵詞) Carbon risk en_US dc.subject (關鍵詞) Paris Agreement en_US dc.title (題名) 品牌供應商之綠色併購 zh_TW dc.title (題名) Bidding for Green: the Suppliers of Global Brands en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Aghion, P., Dechezleprêtre, A., Hémous, D., Martin, R., and Van Reenen, J. (2016). Carbon Taxes, Path Dependency, and Directed Technical Change: Evidence from the Auto Industry. Journal of Political Economy, 124(1), 1-51.Ahern, K. R., Daminelli, D., and Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1), 165-189.Albort-Morantm, G., Leal-Millán, A., and Cepeda-Carrión, G. (2016). The antecedents of green innovation performance: A model of learning and capabilities. Journal of Business Research, 69(11), 4912-4917.Ben-David, I., Jang, Y., Kleimeier, S., and Viehs, M. (2021). Exporting pollution: where do multinational firms emit CO2?. Economic Policy, 36(107), 377-437.Bolton, P., and Kacperczyk, M. T. (2022). Global Pricing of Carbon-Transition Risk. Working Paper.Bolton, P., and Marcin Kacperczyk. (2021). Do investors care about carbon risk?. Journal of Financial Economics, 142(2), 517-549.Bonaime, A., Gulen, H., and Ion, M. (2018). Does policy uncertainty affect mergers and acquisitions?. Journal of Financial Economics, 129(3), 531-558.Bose, S., Minnic, K., and Shams, S. (2021). Does carbon risk matter for corporate acquisition decisions?. Journal of Corporate Finance, 70, 102058.Brunnermeier, S. B., and Cohen, M. A. (2003). Determinants of environmental innovation in US manufacturing industries. Journal of Environmental Economics and Management, 45(2), 278-293.Buckley, P. J., Forsans, N., and Munjal, S. (2012). Host–home country linkages and host–home country specific advantages as determinants of foreign acquisitions by Indian firms. International Business Review, 21(5), 878-890.Calel, R., and Dechezlepretre, A. (2016). Environmental policy and directed technological change: evidence from the European carbon market. Review of Economics and Statistics, 98 (1), 173-191.Cooper, S. A., Raman, K.K., and Yin, J. (2018). Halo effect or fallen angel effect? Firm value consequences of greenhouse gas emissions and reputation for corporate social responsibility. Journal of Accounting and Public Policy, 27(3), 226-240.Dai, R., Duan, R., Liang, H., and Ng, L. (2021). Outsourcing Climate Change. European Corporate Governance Institute – Finance Working Paper.Dai, R., Liang, H., and Ng, L. (2021). Socially responsible corporate customers. Journal of Financial Economics, 142(2), 598-626.DePamphilis, D. (2017). Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions (9th Edition). Academic Press.Desyllas, P., and Hughes, A. (2009). The Revealed Preferences of High Technology Acquirers: An Analysis of the Characteristics of Their Targets. Cambridge Journal of Economics, 33(6), 1089-1111.Dyck, A., Lins, K. V., Roth, L., and Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 673-714.Ederington, J., and Minier, J. (2003). Is environmental policy a secondary trade barrier? An empirical analysis. Canadian Journal of Economics, 36(1), 137-154.Engle, R. F., Giglio, S., Kelly, B., Lee, H,. and Stroebel, J. (2020). Hedging Climate Change News. The Review of Financial Studies, 33(3), 1184-1216.Erel, I., Liao, R. C., and Weisbach, M. S. (2012), Determinants of Cross-Border Mergers and Acquisitions. The Journal of Finance, 67(3), 1045-1082.Filip, A., Lobo, G. J., Paugam, L., and Stolowy, H. (2022). Disclosures About Key Value Drivers in M&A Announcement Press Releases: An Exploratory Study. Abacus, 58(1), 62-104.Hanna, R. (2010). US Environmental Regulation and FDI: Evidence from a Panel of US-Based Multinational Firms. American Economic Journal: Applied Economics, 2(3), 158-89.Harrington, W., Morgenstern, R.D. and Nelson, P. (2000). On the accuracy of regulatory cost estimates. Journal of Policy Analysis and Management, 19(2), 297-322.Huang. X., Hu, Z., Liu, C., Yu, D., and Yu, L. (2016). The relationships between regulatory and customer pressure, green organizational responses, and green innovation performance. Journal of Cleaner Production, 112(4), 3423-3433.Li, D., and Zeng, T. (2020). Are China’s intensive pollution industries greening? An analysis based on green innovation efficiency. Journal of Cleaner Production, 259(20), 120901.Li, K., Mai, F., Shen R., and Yan, X. (2021). Measuring Corporate Culture Using Machine Learning. The Review of Financial Studies, 34(7), 3265-3315.Li, X., and Zhou, Y. M. (2017). Offshoring Pollution while Offshoring Production?. Strategic Management Journal, 38(11), 2310-2329.Malhotra, Shavin., and Gaur, A. S. (2014). Spatial geography and control in foreign acquisitions. Journal of International Business Studies, 45(2), 191-210.Pankratz, N. M. C., and Schiller, C. (2021). Climate Change and Adaptation in Global Supply-Chain Networks. European Corporate Governance Institute – Finance Working Paper.Porter, M. E., and van der Linde, C. (1995). Toward a New Conception of the Environment-Competitiveness Relationship. Journal of Economic Perspectives, 9(4), 97-118.PwC research (2021). PwC’s Global investor survey: The economic realities of ESG. Retrieved May 28, 2022, from https://www.pwc.com/gx/en/corporate-reporting/assets/pwc-global-investor-survey-2021.pdfRabier, M. R. (2017). Acquisition Motives and the Distribution of Acquisition Performance. Strategic Management Journal, 38(13), 2666-2681.Rexhäuser, S., Rammer, C. (2014). Environmental Innovations and Firm Profitability: Unmasking the Porter Hypothesis. Environmental and Resource Economics, 57, 145-167.Salvi, A., Petruzzella, F., and Giakoumelou, A. (2018). Green M&A Deals and Bidders’ Value Creation: The Role of Sustainability in Post-Acquisition Performance. International Business Research, 11(7), 96.Saunila M., Ukko, Juhani., and Rantala, T. (2018). Sustainability as a driver of green innovation investment and exploitation. Journal of Cleaner Production, 179, 631-641.Schiller, C. (2018). Global Supply-Chain Networks and Corporate Social Responsibility. 13th Annual Mid-Atlantic Research Conference in Finance (MARC) Paper.Sundgren, S., Mäki, J., and Somoza-López, A. (2018). Analyst Coverage, Market Liquidity and Disclosure Quality: A Study of Fair-value Disclosures by European Real Estate Companies Under IAS 40 and IFRS 13. The International Journal of Accounting, 53(1), 54-75.World Economic Forum (2021). Net-Zero Challenge: The supply chain opportunity. Retrieved May 28, 2022, from http://www3.weforum.org/docs/WEF_Net_Zero_Challenge_The_Supply_Chain_Opportunity_2021.pdf zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200695 en_US
