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題名 ESG評等與併購交易關係探討: 以跨境併購交易為例
Exploring the relationship of ESG score and mergers and acquisitions transactions: case of the cross-border M&A transactions
作者 鍾柏成
Ben-Chung
貢獻者 朴星俊
Park, Steven
鍾柏成
Ben-Chung
關鍵詞 併購
ESG績效
跨境
Mergers and acquisitions
ESG performance
Cross-border
日期 2022
上傳時間 2022-10-05
摘要 This study aims to understand how environmental, social, and corporate governance (ESG) performance influences business value in the context of mergers and acquisitions. Our study uses a sample of 100 cross-border mergers and acquisitions events between 2010 and 2020 for which matching data on the ESG performance of the target and acquiring companies is available. According to our research, there is no direct evidence of a correlation between the value creation and the ESG performance of the company at the sample size of this study, which suggests most investors think having an ESG management program doesn`t make a company more successful which matches some of the previous literature.
參考文獻 Aktas, N., De Bodt, E., and Cousin, J. G. (2011). “Do financial markets care about SRI? Evidence from mergers and acquisitions. “ Journal of Banking and Finance, 35, 1753–1761.
     Albuquerque, R., Koskinen, Y., Yang, S. and Zhang, C. (2020), “Resiliency of environmental and social stocks: an analysis of the exogenous COVID-19 market crash”, The Review of Corporate Finance Studies, 9 (3), 593-621.
     Allred, C. M. (2020) Environmental, Social, and Governance (ESG) Investing: From Scarlet to Green, North Carolina: Guilford College Thesis Collection, 1-31.
     Andrade, G., Mitchell, M., Stafford, E. (2001). “New evidence and perspectives on mergers.” The Journal of Economic Perspectives, 15(2), 103–120.
     Andriosopoulos, D. and Yang, S. (2015), “The impact of institutional investors on mergers and acquisitions in the United Kingdom”, Journal of Banking & Finance, 50, 547-561.
     Arora, P., and Dharwadkar, R. (2011). Corporate governance and corporate social responsibility (CSR): The moderating roles of attainment discrepancy and organization slack. Corporate Governance: An International Review, 19(2), 136– 152.
     Barney J. & Hesterly W.S. (2012) “Have the potential for generating monopoly (or oligopoly) profits in an industry”, in Strategic Management and Competitive Advantage: Concepts, 4th Edition, Salt Lake City: University of Utah Press, 280-281.
     Bebchuk, L. A., and Hirst, S. (2019) “Index Funds And The Future Of Corporate Governance: Theory, Evidence, And Policy”, Columbia Law Review, 119 (8), 2029-2146.
     Bebchuk, L. A., and Weisbach, M. S. (2010). “The state of corporate governance research”. Review of Financial Studies, 23(3), 939–961.
     Benson, B.W., Davidson, W.N., Davidson, T.R. and Wang, H. (2015), “Do busy directors and CEOs shirk their responsibilities? Evidence from mergers and acquisitions”, The Quarterly Review of Economics and Finance, 55, 1-19,
     Bharath S.T., Sunder J., Sunder S.V., 2008, “Accounting quality and debt contracting”, The Accounting Review, 83 (1) , 1-28
     Billio, M., Costola, M., Hristova, I., Latino, C., Pelizzon, L. (2021). Inside the ESG ratings: (Dis) agreement and performance. Corporate Social Responsibility and Environmental Management, 28(5), 1426– 1445.
     Boulanger P.C, (2018) The financial impact of M&A announcements: event study in the personal luxury goods industry between 2000 and 2016, Louvain School of Management, Belgium: Catholic University of Louvain, Master degree dissertation.
     Bozos, K., Koutmos, D. and Song, W. (2013), “Beta risk and price synchronicity of bank acquirers’common stock following merger announcements”, Journal of International Financial Markets, Institutions and Money, 27 (1), 47-58.
     Bradley, Michael, Desai, Anand, Kim, E. Han (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.
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     Brown L. D., Caylor M. L. (2006). “Corporate governance and firm valuation.”, Journal of Accounting and Public Policy, 25(4), 409–434.
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     Byrd, J.W. and Hickman, K.A. (1992) “Do Outside Directors Monitor Managers? Evidence from Tender Offer Bids”. Journal of Financial Economics, 32, 195-222.
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描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
109933027
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109933027
資料類型 thesis
dc.contributor.advisor 朴星俊zh_TW
dc.contributor.advisor Park, Stevenen_US
dc.contributor.author (Authors) 鍾柏成zh_TW
dc.contributor.author (Authors) Ben-Chungen_US
dc.creator (作者) 鍾柏成zh_TW
dc.creator (作者) Ben-Chungen_US
dc.date (日期) 2022en_US
dc.date.accessioned 2022-10-05-
dc.date.available 2022-10-05-
dc.date.issued (上傳時間) 2022-10-05-
dc.identifier (Other Identifiers) G0109933027en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/142058-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營管理英語碩士學位學程(IMBA)zh_TW
dc.description (描述) 109933027zh_TW
dc.description.abstract (摘要) This study aims to understand how environmental, social, and corporate governance (ESG) performance influences business value in the context of mergers and acquisitions. Our study uses a sample of 100 cross-border mergers and acquisitions events between 2010 and 2020 for which matching data on the ESG performance of the target and acquiring companies is available. According to our research, there is no direct evidence of a correlation between the value creation and the ESG performance of the company at the sample size of this study, which suggests most investors think having an ESG management program doesn`t make a company more successful which matches some of the previous literature.en_US
dc.description.tableofcontents Table of Contents
     1. Introduction 1
     1.1. Background and Aims 1
     2. Literature Review 6
     2.1. Concept and Content of ESG Index 6
     2.2. Concept of Mergers & Acquisitions 7
     2.3. The Link Between Cross-border M&As and ESG performance 9
     2.4. Research Design 14
     3. Methodology 16
     3.1 Sample Selection 16
     3.2 Data Source 17
     3.3 Methodology 21
     3.3.1 Conceptual Framework of Analysis 22
     3.3.2 Measurement of Abnormal Returns 23
     3.3.3 Cross-sectional Analysis 24
     4. Results 30
     4.1 Descriptive Statistics 30
     4.2 Event Study Results 33
     4.3 Regression Result 40
     4.3.1 Cross-sectional Analysis of Acquirers’ Gains 40
     4.3.2 Cross-sectional Analysis of Premium Paid of The Deal In Terms of Target’s ESG Performance 45
     5. Conclusion 53
     Reference 56
     Appendix: List of M&As 64
     
     
     
      
     List of Figures and Tables
     Figure 1.1: Growth of Sustainable Debt in fixed-income market 3
     Figure 1.2: Cumulative GSS+ volumes in Q1 2022 4
     Figure 2.1: Pyramid of corporate social responsibility 10
     Figure 3.1: Event study period setting in this study 23
     
     Table 3.1: Percentage of country distribution of Raw data versus Sample 17
     Table 3.2: Percentage of industry distribution of Raw data versus Sample 19
     Table 3.3: The market indices used for each firm of the sampl 20
     Table 3.4: Definition of the Equation 1 to 4 24
     Table 3.5: Definition and calculation methods for control variables (Equation 1 to 4) 26
     Table 3.6: Definition of the Equation 5 28
     Table 3.7: Definition and calculation methods for control variables (Equation 5) 29
     Table 4.1: Descriptive statistics for acquiring firms 31
     Table 4.2: Descriptive Statistics of target company 32
     Table 4.3: The CAR result of high ESG score group 34
     Table 4.4: The CAR result of low ESG score group 37
     Table 4.5: The regression result of - All events 43
     Table 4.6: The regression result of - Higher ESG score group 43
     Table 4.7: The regression result of - Lower ESG score group 44
     Table 4.8: ESG score of Target company and its premium paid of M&A deal 46
     Table 4.9: The regression result of -Overall ESG score 50
     Table 4.10: The regression result of - ESG subcategory score 50
     Table 4.11: The regression result of - Higher ESG score group 51
     Table 4.12: The regression result of - Lower ESG score group 51		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109933027en_US
dc.subject (關鍵詞) 併購zh_TW
dc.subject (關鍵詞) ESG績效zh_TW
dc.subject (關鍵詞) 跨境zh_TW
dc.subject (關鍵詞) Mergers and acquisitionsen_US
dc.subject (關鍵詞) ESG performanceen_US
dc.subject (關鍵詞) Cross-borderen_US
dc.title (題名) ESG評等與併購交易關係探討: 以跨境併購交易為例zh_TW
dc.title (題名) Exploring the relationship of ESG score and mergers and acquisitions transactions: case of the cross-border M&A transactionsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Aktas, N., De Bodt, E., and Cousin, J. G. (2011). “Do financial markets care about SRI? Evidence from mergers and acquisitions. “ Journal of Banking and Finance, 35, 1753–1761.
     Albuquerque, R., Koskinen, Y., Yang, S. and Zhang, C. (2020), “Resiliency of environmental and social stocks: an analysis of the exogenous COVID-19 market crash”, The Review of Corporate Finance Studies, 9 (3), 593-621.
     Allred, C. M. (2020) Environmental, Social, and Governance (ESG) Investing: From Scarlet to Green, North Carolina: Guilford College Thesis Collection, 1-31.
     Andrade, G., Mitchell, M., Stafford, E. (2001). “New evidence and perspectives on mergers.” The Journal of Economic Perspectives, 15(2), 103–120.
     Andriosopoulos, D. and Yang, S. (2015), “The impact of institutional investors on mergers and acquisitions in the United Kingdom”, Journal of Banking & Finance, 50, 547-561.
     Arora, P., and Dharwadkar, R. (2011). Corporate governance and corporate social responsibility (CSR): The moderating roles of attainment discrepancy and organization slack. Corporate Governance: An International Review, 19(2), 136– 152.
     Barney J. & Hesterly W.S. (2012) “Have the potential for generating monopoly (or oligopoly) profits in an industry”, in Strategic Management and Competitive Advantage: Concepts, 4th Edition, Salt Lake City: University of Utah Press, 280-281.
     Bebchuk, L. A., and Hirst, S. (2019) “Index Funds And The Future Of Corporate Governance: Theory, Evidence, And Policy”, Columbia Law Review, 119 (8), 2029-2146.
     Bebchuk, L. A., and Weisbach, M. S. (2010). “The state of corporate governance research”. Review of Financial Studies, 23(3), 939–961.
     Benson, B.W., Davidson, W.N., Davidson, T.R. and Wang, H. (2015), “Do busy directors and CEOs shirk their responsibilities? Evidence from mergers and acquisitions”, The Quarterly Review of Economics and Finance, 55, 1-19,
     Bharath S.T., Sunder J., Sunder S.V., 2008, “Accounting quality and debt contracting”, The Accounting Review, 83 (1) , 1-28
     Billio, M., Costola, M., Hristova, I., Latino, C., Pelizzon, L. (2021). Inside the ESG ratings: (Dis) agreement and performance. Corporate Social Responsibility and Environmental Management, 28(5), 1426– 1445.
     Boulanger P.C, (2018) The financial impact of M&A announcements: event study in the personal luxury goods industry between 2000 and 2016, Louvain School of Management, Belgium: Catholic University of Louvain, Master degree dissertation.
     Bozos, K., Koutmos, D. and Song, W. (2013), “Beta risk and price synchronicity of bank acquirers’common stock following merger announcements”, Journal of International Financial Markets, Institutions and Money, 27 (1), 47-58.
     Bradley, Michael, Desai, Anand, Kim, E. Han (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.
     Broadstock, D.C., Chan, K., Cheng, L.T.W. and Wang, X. (2020), “The role of ESG performance during times of financial crisis: evidence from COVID-19 in China”, Finance Research Letters, 38, 1-16.
     Brown L. D., Caylor M. L. (2006). “Corporate governance and firm valuation.”, Journal of Accounting and Public Policy, 25(4), 409–434.
     Brown, S.J. and Warner, J.B. (1985), “Using daily stock returns. The case of event studies”, Journal of Financial Economics, Vol. 14 No. 1, pp. 3-31.
     Buertey, S., Sun, E. J., Lee, J. S., and Hwang, J. (2020). “Corporate social responsibility and earnings management: The moderating effect of corporate governance mechanisms”. Corporate Social Responsibility and Environmental Management, 27(1), 256– 271
     Byrd, J.W. and Hickman, K.A. (1992) “Do Outside Directors Monitor Managers? Evidence from Tender Offer Bids”. Journal of Financial Economics, 32, 195-222.
     Campagnolo, L., Carraro, C., Eboli, F., Farnia, L., (2015) “Assessing SDGs: A New Methodology to Measure Sustainability”, Fondazione Eni Enrico Mattei (FEEM) , 1-32.
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dc.identifier.doi (DOI) 10.6814/NCCU202201504en_US