CSR表現與企業跨國併購之關係

Abstract

併購是企業追求快速成長的常用手段，過去的相關研究指出企業社會責任(CSR) 也是併購績效的影響因素之一。企業經營通常期望能永續發展，因此近年企業社會責任逐漸被許多企業納入經營政策與重要決策考量，但過去針對併購與CSR關聯的研究較多為全球樣本或侷限在美國上市企業，鮮少有對東南亞併購案的獨立研究。本研究以環境、社會、公司治理 (ESG) 分數衡量區域全面經濟夥伴協定(RCEP)國家中企業CSR的表現，探討其與併購企業成效之相關性，在857件2002到2020年間RCEP的跨國併購案中，發現在短期併購宣告效果中，ESG分數較低的併購公司在併購非屬東南亞國協(ASEAN)的RCEP公司時有較佳的累積異常報酬；在長期併購績效中，ESG分數並未有顯著差異，但併購非屬ASEAN的RCEP公司則會相較併購ASEAN公司有更好的表現。

Mergers and acquisition (M&A) is a common method for enterprises seeking rapid growth, and corporate social responsibility (CSR) acts as one of the drivers influencing M&A performance. The goal for business operation usually aims at sustainable development, and thus CSR is gradually becoming part of the corporate policies and decision-making concerns. However, few studies of M&As in the Association of Southeast Asian Nations (ASEAN) countries was discussed. This study uses the ESG score to measure how companies perform in the CSR area and discuss the relationship between CSR and acquiring firms. Using a sample of 857 cross-border M&A deals in the Regional Comprehensive Economic Partnership (RCEP) countries between 2002 and 2020, this study finds that: low ESG acquirers have better accumulative abnormal returns when buying non-ASEAN targets. However, for the long run, the ESG scores have no significant difference on buy-and-hold abnormal returns. The performance tends to be better in buying non-ASEAN targets compared to ASEAN targets.