1. NCCU Academic Hub
  2. 學術產出
  3. College of Commerce
  4. Theses
  5. Item

學術產出-Theses

Article View/Open

Publication Export

Google ScholarTM

政大圖書館

Citation Infomation

題名 綠色債券與跨國併購
Green Bond and Cross-border M&As
作者 鍾易晉
Chung, Yi-Chin
貢獻者 陳嬿如
Chen, Yenn-Ru
鍾易晉
Chung, Yi-Chin
關鍵詞 綠色債券
事件研究法
跨國併購
Green bond
Event study method
Cross-border M&As
日期 2022
上傳時間 1-Aug-2022 17:20:06 (UTC+8)
摘要 本文探討綠色債券的發行經驗與跨國併購的關係，實證結果顯示，公司的環境面向分數無顯著正面影響發行綠色債券公司發起併購的意願。在衡量投資人對於該併購之反應時，本文發現發行綠色債券後進行併購之企業，投資人短期之正向反應並無顯著優於發行綠色債券前之併購。然而，在長期下，發行綠色債券後有進行併購之企業的買進持有異常報酬為負。最後，本文為更加了解綠色債券對於跨國併購異常報酬的影響，加入與綠色債券公司擁有相似財務性質的控制組，分析公司ESG分數及綠色債券驗證與跨國併購時的異常報酬，本文發現公司ESG分數與併購異常報酬存有顯著負向關係，綠色債券驗證與企業併購之異常報酬無明顯存有正向關係，值得注意的是，有發行綠色債券的公司其跨國併購的宣告溢酬明顯較差。
本文發現企業發行綠色債券的經驗並無明顯幫助企業在跨國併購決策上擁有正的宣告溢酬，長期下，企業並無因發行綠色債券經驗而擁有較好的股價表現，反而表現得比尚未發行綠色債券之併購異常報酬還差，說明公司利害關係人在企業發行綠色債券後進行跨國併購表示不認同，不符合利害關係人價值極大化觀點。除此之外，本文亦發現有發行綠色債券相對於無發行綠色債券之公司，其跨國併購之宣告溢酬顯著較低，顯示有發行綠色債券之公司進行跨國併購之決策並沒有讓利害關係人因為發行綠色債券而給予支持。
This study explores the relationship between green bond and cross-border M&As. I find that the corporate environmental performance doesn’t positively influence the likelihood of engagement by green bond issuers in M&As. Besides, I show that investors respond negatively to the post-issuance bidding decision in the long run, and find no positive response by investors in the short run. Additionally, In order to find out the green bond issuance toward CBMA abnormal return, I add the control group to explore the relationship between the ESG score and green bond verification and CBMA abnormal return. Finally, I find that ESG score have negative relationship to abnormal return in the short run and long run. However, the green bond verification doesn’t have positive relationship with CBMA abnormal return. More importantly, I find the green bond issuers have worse CBMA performance in the short run.
I find that the experience of green bond issuance doesn’t let stakeholders respond positive to CBMA decision in the short run and long run. More importantly, The evidence shows that when the CBMA decision happened after post-issuance, the long-term merger performance is significantly worse than pre-issuance. In this case, it tells the green bond issuance doesn’t give stakeholders confidence on CBMA decision, but respond significantly negative. Additionally, Compared to control group, the green bond issuers conducting the CBMA decision have worse CBMA announcement return. Through the analysis, it tells that the green bond issuers conducting the CBMA decision doesn’t gather the support from stakeholders.
參考文獻 Alchian, A.A., Demsetz, H., 1972. Production, Information Costs, and Economic Organization. The American economic review 62(5), 777-795.
Alexander, C.R., 1999. On the Nature of the Reputational Penalty for Corporate Crime: Evidence. The Journal of Law and Economics 42, 489-526.
Arouri, M., Gomes, M., Pukthuanthong, K., 2019. Corporate social responsibility and M&A uncertainty, Journal of Corporate Finance 56, Pages 176-198.
Barko, T., Cremers, M., Renneboog, L., 2021. Shareholder engagement on environmental, social, and governance performance. Journal of Business Ethics, 1-36.
Barnea, A., Rubin, A., 2010. Corporate social responsibility as a conflict between shareholders. Journal of business ethics 97(1), 71-86.
Barney, J., Hansen, M., 1994. Trust worthiness as a source of competitive advantage. Strategic Management Journal 15, 175–190.
Bekier, M.M., Bogardus, A.J., Oldham, T., 2001. Why mergers fail. McKinsey Quarterly 4, 6–9.
Bena, J., Li, K., 2014. Corporate innovations and mergers and acquisitions. The Journal of Finance 69(5), 1923-1960.
Berrone, P., Fosfuri, A. & Gelabert, L., 2017. Does Greenwashing Pay Off ? Understanding the Relationship Between Environmental Actions and Environmental Legitimacy. Journal of Business Ethics 144, 363–379.
Bloomberg Intelligence, 2018. Sustainable Investing Topic Primer.
Bolton, P., Kacperczyk, M., 2021. Do investors care about carbon risk?. Journal of Financial Economics 142(2), 517-549.
Boone, A., Uysal, V.B., 2020. Reputational concerns in the market for corporate control, Journal of Corporate Finance 61, 101399.
Borghesi, R., Houston, J.F., Naranjo, A., 2014. Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests, Journal of Corporate Finance 26, 164-181.
Boutin-Dufresne, F., Savaria, P., 2004, Corporate Social Responsibility and Financial Risk. The Journal of Investing 13, 57-66.
Bradley, M., Desai, A., Kim, E.H., 1988. Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of financial Economics 21(1), 3-40.
Branco, M.C., Rodrigues, L.L., 2006. Corporate social responsibility and resource-based perspectives. Journal of Business Ethics 69, 111–132.
Chava, S., Roberts, M.R., 2008. How Does Financing Impact Investment? The Role of Debt Covenants. The Journal of Finance 63, 2085-2121.
Chen, Y.S., 2008. The driver of green innovation and green image–green core competence. Journal of business ethics 81(3), 531-543.
Christensen, C. M., Alton R., Rising C., Waldeck A., 2011. The big idea : The New M&A Playbook. Harvard business review.
Coase, R.H., 1937. The nature of the firm. Economica 4(16), 386-405.
Connelly, B.L., Certo, S.T., Ireland, R.D., Reutzel, C.R., 2011. Signaling Theory: A Review and Assessment. Journal of Management 37, 39-67.
Cornell, B., Shapiro, A.C., 1987. Corporate stakeholders and corporate finance. Financial management, 5-14.
Cronqvist, H., Heyman, F., Nilsson, M., Svaleryd, H., Vlachos, J., 2009. Do entrenched managers pay their workers more?. the Journal of Finance 64(1), 309-339.
Deng, X., Kang, J., Low B.S., 2013. Corporate social responsibility and stakeholder value maximization: Evidence from mergers, Journal of Financial Economics 110, 87-109.
Dimson, E., Karakaş, O., Li, X., 2015. Active Ownership, The Review of Financial Studies 28(12), 3225–3268.
Doukas, J., 1995. Overinvestment, Tobin`s q and gains from foreign acquisitions. Journal of Banking & Finance 19(7), 1285-1303.
Dutta, S., Jog, V., 2009. The long-term performance of acquiring firms: A re-examination of an anomaly. Journal of Banking & Finance 33(8), 1400-1412.
Faccio, M., Masulis, R.W., 2005. The choice of payment method in European mergers and acquisitions. The Journal of Finance 60(3), 1345-1388.
Fairhurst, D., Greene, D.T., 2022. Too much of a good thing? Corporate social responsibility and the takeover market, Journal of Corporate Finance 73, 102172.
Fernando, C.S., Sharfman, M.P., Uysal, V.B., 2017. Corporate environmental policy and shareholder value: Following the smart money. Journal of Financial and Quantitative Analysis 52(5), 2023-2051.
Flammer, C., 2013. Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors. The Academy of Management Journal 56, 758–781.
Flammer, C., 2021. Corporate green bonds. Journal of Financial Economics 142, 499-516.
Fombrun, C.J., Gardberg, N.A., Barnett, M.L., 2000. Opportunity platforms and safety nets: Corporate citizenship and reputational risk. Business and society review 105(1).
Fransen, L., 2013. The embeddedness of responsible business practice: Exploring the interaction between national-institutional environments and corporate social responsibility. Journal of business ethics 115(2), 213-227.
Freeman, R., 1984. Strategic Management: A Stakeholder Approach. Pitman Publishing, Boston.
Freeman, R., Harrison, J., Wicks, A., 2007. Managing for Stakeholders: Survival, Reputation, and Success. Yale University Press, New Haven.
Frésard, L., Valta, P., 2016. How does corporate investment respond to increased entry threat? The Review of Corporate Finance Studies 5(1), 1-35.
Friedman, M., 1970. A Theoretical Framework for Monetary Analysis. Journal of Political Economy 78(2), 193-238.
Gamba, A., Triantis, A.J., 2014. How effectively can debt covenants alleviate financial agency problems?. WBS Finance Group Research Paper, (186).
Ghosh, A., Jain, P.C., 2000. Financial leverage changes associated with corporate mergers. Journal of Corporate Finance 6(4), 377-402.
Gillan, S.L., Koch, A., Starks L.T., 2021. Firms and social responsibility: A review of ESG and CSR research in corporate finance, Journal of Corporate Finance 66, 101889.
Giuli, A.D., Kostovetsky, L., 2014. Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics 111(1), 158-180.
Graham, J.R., Lemmon, M.L., and Wolf, J.G., 2002. Does corporate diversification destroy value?. The journal of finance 57(2), 695-720.
Gray, W.B., Shadbegian, R., 1993. Environmental regulation and manufacturing productivity at the plant level.
Harford, J., 1999. Corporate Cash Reserves and Acquisitions. The Journal of Finance 54, 1969-1997.
Harrison, J.S., Hart, M., Oler, D.K., 2014. Leverage and acquisition performance. Review of Quantitative Finance and Accounting, 43(3), 571-603.
Heeley, M.B., King, D.R., Covin, J.G., 2006. Effects of firm R&D investment and environment on acquisition likelihood. Journal of Management Studies 43(7), 1513-1535.
Holmstrom, B., Roberts, J., 1998. The boundaries of the firm revisited. Journal of Economic perspectives, 12(4), 73-94.
Hong, H., Liskovich, I., 2015. Crime, punishment and the halo effect of corporate social responsibility working paper 21215.
Houston, J.F., Shan, H., 2019. Corporate ESG profiles and banking relationships. Review of Financial Studies, Forthcoming.
Hsu, T., 2011. Skepticism grows over products touted as eco-friendly. Los Angeles Times.
Huang, Z., Zhu, H., Brass, D.J., 2017. Cross‐border acquisitions and the asymmetric effect of power distance value difference on long‐term post‐acquisition performance. Strategic Management Journal 38(4), 972-991.
Jawahar, I.M., McLaughlin, G.L., 2001. Toward a descriptive stakeholder theory: An organizational life cycle approach. Academy of management review 26(3), 397-414.
Jensen, M., 2001. Value maximization, stakeholder theory, and the corporate objective function. European financial management 7(3), 297-317.
Jensen, M.C., 1986. Agency costs of free cash flow, corporate finance, and takeovers. The American economic review 76(2), 323-329.
Karpoff, J.M., Lott, Jr. J.R., 1993. The Reputational Penalty Firms Bear from Committing Criminal Fraud. The Journal of Law and Economics 36, 757-802.
King, D., Covin, J., Hegarty, W., 2003. Complementary resources and the exploitation of technological innovations. Journal of Management 29, 589–606.
Klassen, R.D., McLaughlin, C.P., 1996. The Impact of Environmental Management on Firm Performance, Management Science 42, 1199-1214.
Klein B., Leffler K.B., 1981. The Role of Market Forces in Assuring Contractual Performance. Journal of Political Economy 89, 615-641.
Krüger P., 2015. Corporate goodness and shareholder wealth, Journal of Financial Economics 115, 304-329.
Laufer, W.S., 2003. Social accountability and corporate greenwashing. Journal of business ethics 43(3), 253-261.
Lee, D.D., Faff, R.W., 2009. Corporate Sustainability Performance and Idiosyncratic Risk: A Global Perspective. Financial Review 44, 213-237.
Lehn, K., Poulsen, A., 1989. Free cash flow and stockholder gains in going private transactions. the Journal of Finance 44(3), 771-787.
Lewellen, W.G., 1971. A pure financial rationale for the conglomerate merger. The Journal of Finance 26, 521-537.
Li, K., 2021. Relative mispricing and takeover likelihood. Quantitative Finance and Economics 5(4), 689-715.
Liao, R. C., 2014. What drives corporate minority acquisitions around the world? The case for financial constraints, Journal of Corporate Finance 26, 78-95.
Lins, K.V., Servaes, H., Tamayo, A., 2017. Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. The Journal of Finance 72, 1785-1824.
Loughran, T., Vijh, A.M., 1997. Do long‐term shareholders benefit from corporate acquisitions?. The Journal of finance 52(5), 1765-1790.
Lyon, T.P., Maxwell, J.W., 2011. Greenwash: Corporate Environmental Disclosure under Threat of Audit. Journal of Economics & Management Strategy 20, 3-41.
Lyon, T.P., Montgomery, A.W., 2015. The Means and End of Greenwash. Organization & Environment 28, 223-249.
Martínez-Ferrero, J., Banerjee, S., García-Sánchez, I.M., 2016. Corporate social responsibility as a strategic shield against costs of earnings management practices. Journal of Business Ethics 133(2), 305-324.
Martynova, M., Oosting, S., Renneboog, L., 2007. The long-term operating performance in European mergers and acquisitions. Academic Press.
Masulis, R.W., Reza, S.W., 2015. Agency problems of corporate philanthropy. The Review of Financial Studies 28(2), 592-636.
McGuire, J.B., Sundgren, A., Schneeweis, T., 1988. Corporate social responsibility and firm financial performance. Academy of Management Journal 31,854–872.
Moeller, S.B., Schlingemann, F.P., 2005. Global diversification and bidder gains: A comparison between cross-border and domestic acquisitions, Journal of Banking & Finance 29(3), 533-564.
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.
Nguyen, N.H., Phan, H.V., 2017. Policy uncertainty and mergers and acquisitions. Journal of Financial and Quantitative Analysis, 52(2), 613-644.
Offenberg, D., Pirinsky, C., 2015. How do acquirers choose between mergers and tender offers?. Journal of Financial Economics 116(2), 331-348.
Oliver, C., 1991. Strategic responses to institutional processes. Academy of Management 16, 145–179.
Ramus C.A., Montiel I., 2005. When Are Corporate Environmental Policies a Form of Greenwashing? Business & Society 44, 377-414.
Riley, J.G., 1979. Informational equilibrium. Econometrica 47, 331–359.
Roberts, E., Berry, C., 1985. Entering new businesses: selecting strategies for success. Sloan Management Review 27, 3–17.
Smith, R.L., Kim, J.H., 1994. The combined effects of free cash flow and financial slack on bidder and target stock returns. Journal of business, 281-310.
Spence, M., 1973. Job market signaling. The Quarterly Journal of Economics 87, 355–374.
Suchman, M.C., 1995. Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management 20, 571–610.
Surroca, J., Tribó, J.A., 2008. Managerial entrenchment and corporate social performance. Journal of Business Finance & Accounting 35(5‐6), 748-789.
Tang, D.Y., Zhang, Y., 2020. Do shareholders benefit from green bonds? Journal of Corporate Finance 61, 101427.
TerraChoice. 2009. The seven sins of greenwashing.
Tunyi, A., 2019. Firm size, market conditions and takeover likelihood. Review of Accounting and Finance.
Vogel, D., 2007. The market for virtue: The potential and limits of corporate social responsibility. Brookings Institution Press.
Walker, K., Wan, F., 2012. The Harm of Symbolic Actions and Green-Washing: Corporate Actions and Communications on Environmental Performance and Their Financial Implications. Journal of Business Ethics 109, 227–242.
Wong, W.C., Batten, J.A., Ahmad, A. H., Mohamed-Arshad, S. B., Nordin, S., Adzis, A. A., 2021. Does ESG certification add firm value?, Finance Research Letters, Elsevier 39.
Zingales, L., 2000. In search of new foundations. The journal of Finance 55(4), 1623-1653.
描述 碩士
國立政治大學
財務管理學系
109357030
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109357030
資料類型 thesis
dc.contributor.advisor 陳嬿如zh_TW
dc.contributor.advisor Chen, Yenn-Ruen_US
dc.contributor.author (Authors) 鍾易晉zh_TW
dc.contributor.author (Authors) Chung, Yi-Chinen_US
dc.creator (作者) 鍾易晉zh_TW
dc.creator (作者) Chung, Yi-Chinen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Aug-2022 17:20:06 (UTC+8)-
dc.date.available 1-Aug-2022 17:20:06 (UTC+8)-
dc.date.issued (上傳時間) 1-Aug-2022 17:20:06 (UTC+8)-
dc.identifier (Other Identifiers) G0109357030en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141027-
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) 109357030zh_TW
dc.description.abstract (摘要) 本文探討綠色債券的發行經驗與跨國併購的關係，實證結果顯示，公司的環境面向分數無顯著正面影響發行綠色債券公司發起併購的意願。在衡量投資人對於該併購之反應時，本文發現發行綠色債券後進行併購之企業，投資人短期之正向反應並無顯著優於發行綠色債券前之併購。然而，在長期下，發行綠色債券後有進行併購之企業的買進持有異常報酬為負。最後，本文為更加了解綠色債券對於跨國併購異常報酬的影響，加入與綠色債券公司擁有相似財務性質的控制組，分析公司ESG分數及綠色債券驗證與跨國併購時的異常報酬，本文發現公司ESG分數與併購異常報酬存有顯著負向關係，綠色債券驗證與企業併購之異常報酬無明顯存有正向關係，值得注意的是，有發行綠色債券的公司其跨國併購的宣告溢酬明顯較差。
本文發現企業發行綠色債券的經驗並無明顯幫助企業在跨國併購決策上擁有正的宣告溢酬，長期下，企業並無因發行綠色債券經驗而擁有較好的股價表現，反而表現得比尚未發行綠色債券之併購異常報酬還差，說明公司利害關係人在企業發行綠色債券後進行跨國併購表示不認同，不符合利害關係人價值極大化觀點。除此之外，本文亦發現有發行綠色債券相對於無發行綠色債券之公司，其跨國併購之宣告溢酬顯著較低，顯示有發行綠色債券之公司進行跨國併購之決策並沒有讓利害關係人因為發行綠色債券而給予支持。		zh_TW
dc.description.abstract (摘要) This study explores the relationship between green bond and cross-border M&As. I find that the corporate environmental performance doesn’t positively influence the likelihood of engagement by green bond issuers in M&As. Besides, I show that investors respond negatively to the post-issuance bidding decision in the long run, and find no positive response by investors in the short run. Additionally, In order to find out the green bond issuance toward CBMA abnormal return, I add the control group to explore the relationship between the ESG score and green bond verification and CBMA abnormal return. Finally, I find that ESG score have negative relationship to abnormal return in the short run and long run. However, the green bond verification doesn’t have positive relationship with CBMA abnormal return. More importantly, I find the green bond issuers have worse CBMA performance in the short run.
I find that the experience of green bond issuance doesn’t let stakeholders respond positive to CBMA decision in the short run and long run. More importantly, The evidence shows that when the CBMA decision happened after post-issuance, the long-term merger performance is significantly worse than pre-issuance. In this case, it tells the green bond issuance doesn’t give stakeholders confidence on CBMA decision, but respond significantly negative. Additionally, Compared to control group, the green bond issuers conducting the CBMA decision have worse CBMA announcement return. Through the analysis, it tells that the green bond issuers conducting the CBMA decision doesn’t gather the support from stakeholders.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究問題 4
第三節 研究架構 6
第二章 文獻回顧 6
第一節 綠色債券 6
第二節 股東權益 9
第三節 企業併購 10
第四節 建立假說 11
第三章 研究方法 14
第一節 研究樣本與資料來源 14
第二節 研究模型 15
第三節 異常報酬計算方法 18
第四章 實證結果 22
第一節 樣本資料分析 22
第二節 環境面向分數與公司發起併購之可能性 24
第三節 綠色債券發行前後之併購異常報酬 25
第四節 ESG分數及綠色債券驗證與併購異常報酬 27
第五章 結論與建議 31
第一節 結論 31
第二節 建議與限制 32
參考文獻 34
Appendix 1 42		zh_TW
dc.format.extent 3718538 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109357030en_US
dc.subject (關鍵詞) 綠色債券zh_TW
dc.subject (關鍵詞) 事件研究法zh_TW
dc.subject (關鍵詞) 跨國併購zh_TW
dc.subject (關鍵詞) Green bonden_US
dc.subject (關鍵詞) Event study methoden_US
dc.subject (關鍵詞) Cross-border M&Asen_US
dc.title (題名) 綠色債券與跨國併購zh_TW
dc.title (題名) Green Bond and Cross-border M&Asen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Alchian, A.A., Demsetz, H., 1972. Production, Information Costs, and Economic Organization. The American economic review 62(5), 777-795.
Alexander, C.R., 1999. On the Nature of the Reputational Penalty for Corporate Crime: Evidence. The Journal of Law and Economics 42, 489-526.
Arouri, M., Gomes, M., Pukthuanthong, K., 2019. Corporate social responsibility and M&A uncertainty, Journal of Corporate Finance 56, Pages 176-198.
Barko, T., Cremers, M., Renneboog, L., 2021. Shareholder engagement on environmental, social, and governance performance. Journal of Business Ethics, 1-36.
Barnea, A., Rubin, A., 2010. Corporate social responsibility as a conflict between shareholders. Journal of business ethics 97(1), 71-86.
Barney, J., Hansen, M., 1994. Trust worthiness as a source of competitive advantage. Strategic Management Journal 15, 175–190.
Bekier, M.M., Bogardus, A.J., Oldham, T., 2001. Why mergers fail. McKinsey Quarterly 4, 6–9.
Bena, J., Li, K., 2014. Corporate innovations and mergers and acquisitions. The Journal of Finance 69(5), 1923-1960.
Berrone, P., Fosfuri, A. & Gelabert, L., 2017. Does Greenwashing Pay Off ? Understanding the Relationship Between Environmental Actions and Environmental Legitimacy. Journal of Business Ethics 144, 363–379.
Bloomberg Intelligence, 2018. Sustainable Investing Topic Primer.
Bolton, P., Kacperczyk, M., 2021. Do investors care about carbon risk?. Journal of Financial Economics 142(2), 517-549.
Boone, A., Uysal, V.B., 2020. Reputational concerns in the market for corporate control, Journal of Corporate Finance 61, 101399.
Borghesi, R., Houston, J.F., Naranjo, A., 2014. Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests, Journal of Corporate Finance 26, 164-181.
Boutin-Dufresne, F., Savaria, P., 2004, Corporate Social Responsibility and Financial Risk. The Journal of Investing 13, 57-66.
Bradley, M., Desai, A., Kim, E.H., 1988. Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of financial Economics 21(1), 3-40.
Branco, M.C., Rodrigues, L.L., 2006. Corporate social responsibility and resource-based perspectives. Journal of Business Ethics 69, 111–132.
Chava, S., Roberts, M.R., 2008. How Does Financing Impact Investment? The Role of Debt Covenants. The Journal of Finance 63, 2085-2121.
Chen, Y.S., 2008. The driver of green innovation and green image–green core competence. Journal of business ethics 81(3), 531-543.
Christensen, C. M., Alton R., Rising C., Waldeck A., 2011. The big idea : The New M&A Playbook. Harvard business review.
Coase, R.H., 1937. The nature of the firm. Economica 4(16), 386-405.
Connelly, B.L., Certo, S.T., Ireland, R.D., Reutzel, C.R., 2011. Signaling Theory: A Review and Assessment. Journal of Management 37, 39-67.
Cornell, B., Shapiro, A.C., 1987. Corporate stakeholders and corporate finance. Financial management, 5-14.
Cronqvist, H., Heyman, F., Nilsson, M., Svaleryd, H., Vlachos, J., 2009. Do entrenched managers pay their workers more?. the Journal of Finance 64(1), 309-339.
Deng, X., Kang, J., Low B.S., 2013. Corporate social responsibility and stakeholder value maximization: Evidence from mergers, Journal of Financial Economics 110, 87-109.
Dimson, E., Karakaş, O., Li, X., 2015. Active Ownership, The Review of Financial Studies 28(12), 3225–3268.
Doukas, J., 1995. Overinvestment, Tobin`s q and gains from foreign acquisitions. Journal of Banking & Finance 19(7), 1285-1303.
Dutta, S., Jog, V., 2009. The long-term performance of acquiring firms: A re-examination of an anomaly. Journal of Banking & Finance 33(8), 1400-1412.
Faccio, M., Masulis, R.W., 2005. The choice of payment method in European mergers and acquisitions. The Journal of Finance 60(3), 1345-1388.
Fairhurst, D., Greene, D.T., 2022. Too much of a good thing? Corporate social responsibility and the takeover market, Journal of Corporate Finance 73, 102172.
Fernando, C.S., Sharfman, M.P., Uysal, V.B., 2017. Corporate environmental policy and shareholder value: Following the smart money. Journal of Financial and Quantitative Analysis 52(5), 2023-2051.
Flammer, C., 2013. Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors. The Academy of Management Journal 56, 758–781.
Flammer, C., 2021. Corporate green bonds. Journal of Financial Economics 142, 499-516.
Fombrun, C.J., Gardberg, N.A., Barnett, M.L., 2000. Opportunity platforms and safety nets: Corporate citizenship and reputational risk. Business and society review 105(1).
Fransen, L., 2013. The embeddedness of responsible business practice: Exploring the interaction between national-institutional environments and corporate social responsibility. Journal of business ethics 115(2), 213-227.
Freeman, R., 1984. Strategic Management: A Stakeholder Approach. Pitman Publishing, Boston.
Freeman, R., Harrison, J., Wicks, A., 2007. Managing for Stakeholders: Survival, Reputation, and Success. Yale University Press, New Haven.
Frésard, L., Valta, P., 2016. How does corporate investment respond to increased entry threat? The Review of Corporate Finance Studies 5(1), 1-35.
Friedman, M., 1970. A Theoretical Framework for Monetary Analysis. Journal of Political Economy 78(2), 193-238.
Gamba, A., Triantis, A.J., 2014. How effectively can debt covenants alleviate financial agency problems?. WBS Finance Group Research Paper, (186).
Ghosh, A., Jain, P.C., 2000. Financial leverage changes associated with corporate mergers. Journal of Corporate Finance 6(4), 377-402.
Gillan, S.L., Koch, A., Starks L.T., 2021. Firms and social responsibility: A review of ESG and CSR research in corporate finance, Journal of Corporate Finance 66, 101889.
Giuli, A.D., Kostovetsky, L., 2014. Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics 111(1), 158-180.
Graham, J.R., Lemmon, M.L., and Wolf, J.G., 2002. Does corporate diversification destroy value?. The journal of finance 57(2), 695-720.
Gray, W.B., Shadbegian, R., 1993. Environmental regulation and manufacturing productivity at the plant level.
Harford, J., 1999. Corporate Cash Reserves and Acquisitions. The Journal of Finance 54, 1969-1997.
Harrison, J.S., Hart, M., Oler, D.K., 2014. Leverage and acquisition performance. Review of Quantitative Finance and Accounting, 43(3), 571-603.
Heeley, M.B., King, D.R., Covin, J.G., 2006. Effects of firm R&D investment and environment on acquisition likelihood. Journal of Management Studies 43(7), 1513-1535.
Holmstrom, B., Roberts, J., 1998. The boundaries of the firm revisited. Journal of Economic perspectives, 12(4), 73-94.
Hong, H., Liskovich, I., 2015. Crime, punishment and the halo effect of corporate social responsibility working paper 21215.
Houston, J.F., Shan, H., 2019. Corporate ESG profiles and banking relationships. Review of Financial Studies, Forthcoming.
Hsu, T., 2011. Skepticism grows over products touted as eco-friendly. Los Angeles Times.
Huang, Z., Zhu, H., Brass, D.J., 2017. Cross‐border acquisitions and the asymmetric effect of power distance value difference on long‐term post‐acquisition performance. Strategic Management Journal 38(4), 972-991.
Jawahar, I.M., McLaughlin, G.L., 2001. Toward a descriptive stakeholder theory: An organizational life cycle approach. Academy of management review 26(3), 397-414.
Jensen, M., 2001. Value maximization, stakeholder theory, and the corporate objective function. European financial management 7(3), 297-317.
Jensen, M.C., 1986. Agency costs of free cash flow, corporate finance, and takeovers. The American economic review 76(2), 323-329.
Karpoff, J.M., Lott, Jr. J.R., 1993. The Reputational Penalty Firms Bear from Committing Criminal Fraud. The Journal of Law and Economics 36, 757-802.
King, D., Covin, J., Hegarty, W., 2003. Complementary resources and the exploitation of technological innovations. Journal of Management 29, 589–606.
Klassen, R.D., McLaughlin, C.P., 1996. The Impact of Environmental Management on Firm Performance, Management Science 42, 1199-1214.
Klein B., Leffler K.B., 1981. The Role of Market Forces in Assuring Contractual Performance. Journal of Political Economy 89, 615-641.
Krüger P., 2015. Corporate goodness and shareholder wealth, Journal of Financial Economics 115, 304-329.
Laufer, W.S., 2003. Social accountability and corporate greenwashing. Journal of business ethics 43(3), 253-261.
Lee, D.D., Faff, R.W., 2009. Corporate Sustainability Performance and Idiosyncratic Risk: A Global Perspective. Financial Review 44, 213-237.
Lehn, K., Poulsen, A., 1989. Free cash flow and stockholder gains in going private transactions. the Journal of Finance 44(3), 771-787.
Lewellen, W.G., 1971. A pure financial rationale for the conglomerate merger. The Journal of Finance 26, 521-537.
Li, K., 2021. Relative mispricing and takeover likelihood. Quantitative Finance and Economics 5(4), 689-715.
Liao, R. C., 2014. What drives corporate minority acquisitions around the world? The case for financial constraints, Journal of Corporate Finance 26, 78-95.
Lins, K.V., Servaes, H., Tamayo, A., 2017. Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. The Journal of Finance 72, 1785-1824.
Loughran, T., Vijh, A.M., 1997. Do long‐term shareholders benefit from corporate acquisitions?. The Journal of finance 52(5), 1765-1790.
Lyon, T.P., Maxwell, J.W., 2011. Greenwash: Corporate Environmental Disclosure under Threat of Audit. Journal of Economics & Management Strategy 20, 3-41.
Lyon, T.P., Montgomery, A.W., 2015. The Means and End of Greenwash. Organization & Environment 28, 223-249.
Martínez-Ferrero, J., Banerjee, S., García-Sánchez, I.M., 2016. Corporate social responsibility as a strategic shield against costs of earnings management practices. Journal of Business Ethics 133(2), 305-324.
Martynova, M., Oosting, S., Renneboog, L., 2007. The long-term operating performance in European mergers and acquisitions. Academic Press.
Masulis, R.W., Reza, S.W., 2015. Agency problems of corporate philanthropy. The Review of Financial Studies 28(2), 592-636.
McGuire, J.B., Sundgren, A., Schneeweis, T., 1988. Corporate social responsibility and firm financial performance. Academy of Management Journal 31,854–872.
Moeller, S.B., Schlingemann, F.P., 2005. Global diversification and bidder gains: A comparison between cross-border and domestic acquisitions, Journal of Banking & Finance 29(3), 533-564.
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.
Nguyen, N.H., Phan, H.V., 2017. Policy uncertainty and mergers and acquisitions. Journal of Financial and Quantitative Analysis, 52(2), 613-644.
Offenberg, D., Pirinsky, C., 2015. How do acquirers choose between mergers and tender offers?. Journal of Financial Economics 116(2), 331-348.
Oliver, C., 1991. Strategic responses to institutional processes. Academy of Management 16, 145–179.
Ramus C.A., Montiel I., 2005. When Are Corporate Environmental Policies a Form of Greenwashing? Business & Society 44, 377-414.
Riley, J.G., 1979. Informational equilibrium. Econometrica 47, 331–359.
Roberts, E., Berry, C., 1985. Entering new businesses: selecting strategies for success. Sloan Management Review 27, 3–17.
Smith, R.L., Kim, J.H., 1994. The combined effects of free cash flow and financial slack on bidder and target stock returns. Journal of business, 281-310.
Spence, M., 1973. Job market signaling. The Quarterly Journal of Economics 87, 355–374.
Suchman, M.C., 1995. Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management 20, 571–610.
Surroca, J., Tribó, J.A., 2008. Managerial entrenchment and corporate social performance. Journal of Business Finance & Accounting 35(5‐6), 748-789.
Tang, D.Y., Zhang, Y., 2020. Do shareholders benefit from green bonds? Journal of Corporate Finance 61, 101427.
TerraChoice. 2009. The seven sins of greenwashing.
Tunyi, A., 2019. Firm size, market conditions and takeover likelihood. Review of Accounting and Finance.
Vogel, D., 2007. The market for virtue: The potential and limits of corporate social responsibility. Brookings Institution Press.
Walker, K., Wan, F., 2012. The Harm of Symbolic Actions and Green-Washing: Corporate Actions and Communications on Environmental Performance and Their Financial Implications. Journal of Business Ethics 109, 227–242.
Wong, W.C., Batten, J.A., Ahmad, A. H., Mohamed-Arshad, S. B., Nordin, S., Adzis, A. A., 2021. Does ESG certification add firm value?, Finance Research Letters, Elsevier 39.
Zingales, L., 2000. In search of new foundations. The journal of Finance 55(4), 1623-1653.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202200698en_US