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題名 CSR表現與企業跨國併購之關係
The Relationship Between CSR Performance and Cross-Border Mergers & Acquisitions
作者 蔡宜庭
Tsai, Yi-TIng
貢獻者 陳嬿如
Chen, Yenn-Ru
蔡宜庭
Tsai, Yi-TIng
關鍵詞 跨國併購
企業社會責任
東南亞國家協會
區域全面經濟夥伴協定
Mergers and Acquisitions (M&As)
Corporate Social Responsibility (CSR)
The Association of Southeast Asian Nations (ASEAN)
The Regional Comprehensive Economic Partnership (RCEP)
日期 2021
上傳時間 1-Dec-2021 14:48:15 (UTC+8)
摘要 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.
參考文獻 1. Ahern, K. R., Daminelli, D., & Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1), 165-189.
2. Aktas, N., De Bodt, E., & Cousin, J.G. (2011). Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking and Finance, 35, 1753–1761.
3. Arouri, M, Gomes, M, & Pukthuanthong, K (2019). Corporate social responsibility and M&A uncertainty. Journal of Corporate Finance, 56: 176–198.
4. Association of Southeast Asian Nations. (2020). What We Do. Retrieved from https://asean.org/what-we-do/.
5. 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), 1995–2039.
6. Burritt, R.L., Christ, K.L., Rammal, H. G., & Schaltegger, S. (2020). Multinational Enterprise Strategies for Addressing Sustainability: the Need for Consolidation. Journal of Business Ethics, 164, 389–410.
7. Cai, L., Cui, J., & Jo, H. (2016). Corporate Environmental Responsibility and Firm Risk. Journal of Business Ethics, 139(3), 563–594.
8. 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.
9. Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131 (3), 693–714.
10. Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross‐border mergers and acquisitions. The Journal of Finance, 67(3), 1045-1082.
11. Ferrell, A., Liang, H., Renneboog, L. (2016). Socially responsible firms. Journal of Financial Economics, 122 (3), 585–606.
12. Harjoto, M., Laksmana, I. (2018). The Impact of Corporate Social Responsibility on Risk Taking and Firm Value. Journal of Business Ethics, 151, 353–373.
13. Hawn, O. (2013). How social legitimacy helps overcome low home country legitimacy: Corporate social responsibility and emerging market multinationals. the 2013 Academy of Management Annual Meeting, Orlando, Florida.
14. Henisz, W., Koller, T., & Nuttall, R. (2019). Five ways that ESG creates value. McKinsey Quarterly, November, 2019. Retrieved from https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/five-ways-that-esg-creates-value.
15. Hoi, C. K., Wu, Q., & Zhang, H. (2013). Is Corporate Social Responsibility (CSR) Associated with Tax Avoidance? Evidence from Irresponsible CSR Activities. The Accounting Review, 88(6), 2025–2059.
16. KPMG. (2020). Signing of Regional Comprehensive Economic Partnership: Impacts for the Asia Pacific region. Retrieved from https://assets.kpmg/content/dam/kpmg/xx/pdf/2020/11/rcep-signing-asia-pacific-impacts-november-2020.pdf.
17. Liang, H., Renneboog, L. (2017). On the foundations of corporate social responsibility. The Journal of Finance, 72 (2), 853–910.
18. Liang, H., Renneboog, L., & Vansteenkiste, C. (2020). Cross-border acquisitions and employment policies. Journal of Corporate Finance, 62, 1-23.
19. McKimmon Center for Extension & Continuing Education. 2-Digit SIC (Standard Industrial Classification) Codes. Retrieved from https://mckimmoncenter.ncsu.edu/2digitsiccodes/.
20. Refinitiv. (2021). Environmental, Social, and Governance (ESG) Scores from Refinitiv. Retrieved from https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/refinitiv-esg-scores-methodology.pdf.
21. Renneboog, L., Vansteenkiste, C. (2019). Failure and success in mergers and acquisitions. Journal of Corporate Finance. 58, 650–699.
22. United Nations Conference on Trade and Development. (2020). RCEP Agreement: A Potential Boost for Investment in Sustainable Post-COVID Recovery. Global Investment Trends Monitor, No. 37, Special RCEP Agreement Edition. Retrieved from https://unctad.org/system/files/official-document/diaeiainf2020d5_en_0.pdf.
23. U.S. Securities and Exchange Commission. Division of Corporation Finance: Standard Industrial Classification (SIC) Code List. Retrieved from https://www.sec.gov/corpfin/division-of-corporation-finance-standard-industrial-classification-sic-code-list.
24. Zhang, T., Zhang, Z. & Yang, J. (2020). When Does Corporate Social Responsibility Backfire in Acquisitions? Signal Incongruence and Acquirer Returns. Journal of Business Ethics.
描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
108363044
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108363044
資料類型 thesis
dc.contributor.advisor 陳嬿如zh_TW
dc.contributor.advisor Chen, Yenn-Ruen_US
dc.contributor.author (Authors) 蔡宜庭zh_TW
dc.contributor.author (Authors) Tsai, Yi-TIngen_US
dc.creator (作者) 蔡宜庭zh_TW
dc.creator (作者) Tsai, Yi-TIngen_US
dc.date (日期) 2021en_US
dc.date.accessioned 1-Dec-2021 14:48:15 (UTC+8)-
dc.date.available 1-Dec-2021 14:48:15 (UTC+8)-
dc.date.issued (上傳時間) 1-Dec-2021 14:48:15 (UTC+8)-
dc.identifier (Other Identifiers) G0108363044en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/138025-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所(MBA學位學程)zh_TW
dc.description (描述) 108363044zh_TW
dc.description.abstract (摘要) 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。zh_TW
dc.description.abstract (摘要) 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.en_US
dc.description.tableofcontents 摘要 I
Abstracts II
Contents III
List of Tables IV
1. Introduction 1
2. Literature Review 4
2.1 CSR engagement 4
2.2 CSR and M&A 5
2.3 ASEAN and RCEP 7
3. Methodology 9
3.1 Data and sample 9
3.2 Description of variables 20
4. Empirical Analysis and Discussion 22
5. Conclusion 32
5.1 Summary 32
5.2 Limitation and recommendation 33
References 35
Appendix I: Variable definition 37
Appendix II: ESG score weights 38
Appendix III: ESG category score definition 39		zh_TW
dc.format.extent 2098039 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108363044en_US
dc.subject (關鍵詞) 跨國併購zh_TW
dc.subject (關鍵詞) 企業社會責任zh_TW
dc.subject (關鍵詞) 東南亞國家協會zh_TW
dc.subject (關鍵詞) 區域全面經濟夥伴協定zh_TW
dc.subject (關鍵詞) Mergers and Acquisitions (M&As)en_US
dc.subject (關鍵詞) Corporate Social Responsibility (CSR)en_US
dc.subject (關鍵詞) The Association of Southeast Asian Nations (ASEAN)en_US
dc.subject (關鍵詞) The Regional Comprehensive Economic Partnership (RCEP)en_US
dc.title (題名) CSR表現與企業跨國併購之關係zh_TW
dc.title (題名) The Relationship Between CSR Performance and Cross-Border Mergers & Acquisitionsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 1. Ahern, K. R., Daminelli, D., & Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1), 165-189.
2. Aktas, N., De Bodt, E., & Cousin, J.G. (2011). Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking and Finance, 35, 1753–1761.
3. Arouri, M, Gomes, M, & Pukthuanthong, K (2019). Corporate social responsibility and M&A uncertainty. Journal of Corporate Finance, 56: 176–198.
4. Association of Southeast Asian Nations. (2020). What We Do. Retrieved from https://asean.org/what-we-do/.
5. 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), 1995–2039.
6. Burritt, R.L., Christ, K.L., Rammal, H. G., & Schaltegger, S. (2020). Multinational Enterprise Strategies for Addressing Sustainability: the Need for Consolidation. Journal of Business Ethics, 164, 389–410.
7. Cai, L., Cui, J., & Jo, H. (2016). Corporate Environmental Responsibility and Firm Risk. Journal of Business Ethics, 139(3), 563–594.
8. 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.
9. Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131 (3), 693–714.
10. Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross‐border mergers and acquisitions. The Journal of Finance, 67(3), 1045-1082.
11. Ferrell, A., Liang, H., Renneboog, L. (2016). Socially responsible firms. Journal of Financial Economics, 122 (3), 585–606.
12. Harjoto, M., Laksmana, I. (2018). The Impact of Corporate Social Responsibility on Risk Taking and Firm Value. Journal of Business Ethics, 151, 353–373.
13. Hawn, O. (2013). How social legitimacy helps overcome low home country legitimacy: Corporate social responsibility and emerging market multinationals. the 2013 Academy of Management Annual Meeting, Orlando, Florida.
14. Henisz, W., Koller, T., & Nuttall, R. (2019). Five ways that ESG creates value. McKinsey Quarterly, November, 2019. Retrieved from https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/five-ways-that-esg-creates-value.
15. Hoi, C. K., Wu, Q., & Zhang, H. (2013). Is Corporate Social Responsibility (CSR) Associated with Tax Avoidance? Evidence from Irresponsible CSR Activities. The Accounting Review, 88(6), 2025–2059.
16. KPMG. (2020). Signing of Regional Comprehensive Economic Partnership: Impacts for the Asia Pacific region. Retrieved from https://assets.kpmg/content/dam/kpmg/xx/pdf/2020/11/rcep-signing-asia-pacific-impacts-november-2020.pdf.
17. Liang, H., Renneboog, L. (2017). On the foundations of corporate social responsibility. The Journal of Finance, 72 (2), 853–910.
18. Liang, H., Renneboog, L., & Vansteenkiste, C. (2020). Cross-border acquisitions and employment policies. Journal of Corporate Finance, 62, 1-23.
19. McKimmon Center for Extension & Continuing Education. 2-Digit SIC (Standard Industrial Classification) Codes. Retrieved from https://mckimmoncenter.ncsu.edu/2digitsiccodes/.
20. Refinitiv. (2021). Environmental, Social, and Governance (ESG) Scores from Refinitiv. Retrieved from https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/refinitiv-esg-scores-methodology.pdf.
21. Renneboog, L., Vansteenkiste, C. (2019). Failure and success in mergers and acquisitions. Journal of Corporate Finance. 58, 650–699.
22. United Nations Conference on Trade and Development. (2020). RCEP Agreement: A Potential Boost for Investment in Sustainable Post-COVID Recovery. Global Investment Trends Monitor, No. 37, Special RCEP Agreement Edition. Retrieved from https://unctad.org/system/files/official-document/diaeiainf2020d5_en_0.pdf.
23. U.S. Securities and Exchange Commission. Division of Corporation Finance: Standard Industrial Classification (SIC) Code List. Retrieved from https://www.sec.gov/corpfin/division-of-corporation-finance-standard-industrial-classification-sic-code-list.
24. Zhang, T., Zhang, Z. & Yang, J. (2020). When Does Corporate Social Responsibility Backfire in Acquisitions? Signal Incongruence and Acquirer Returns. Journal of Business Ethics.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202101728en_US