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題名 氣候風險對併購績效之影響
Climate Risk and Merger Performance
作者 楊雅涵
Yang, Ya-Han
貢獻者 陳嬿如
Chen, Yenn-Ru
楊雅涵
Yang, Ya-Han
關鍵詞 企業併購
氣候風險
併購績效
股東提案
M&As
Climate Risk
Merger Performance
Shareholder Proposals
日期 2023
上傳時間 2-Aug-2023 12:59:41 (UTC+8)
摘要 自《巴黎協定》於2016年11月4日正式生效後，氣候風險已成為企業和投資者的重要關切議題。隨著氣候變化現象的不斷惡化，除了企業須提出解決方案以管理潛在的氣候成本，投資者也需透過其影響力驅動企業之環境改善行為。由於投資者在塑造企業實踐和融資方面具關鍵作用，他們對企業從事氣候相關行動的態度和後續行動也應該被檢視。使用2013年至2015年和2017年至2019年的1,830個美國及歐盟的供應商併購案樣本，我們採用雙重差分法以及文本分析之方式以衡量投資者在《巴黎協定》訂立前後，對供應商併購隱含之氣候風險所產生的態度轉變。實證結果顯示，由具高碳排企業之供應商，相對於低碳排企業之供應商發起的併購交易，其股價產生較差之併購宣告效果。此外，氣候風險較高的併購交易之長期股票報酬率顯著低於風險較低之併購交易，顯示額外的監管成本和氣候變化的不確定性，對氣候風險較高之併購交易產生創造綜效之挑戰。另外，通過研究股東提案的趨勢，我們發現機構投資者在《巴黎協定》訂立之後針對具高碳排企業之供應商的併購後表現，採取相對於低碳排企業之供應商消極之態度。
Using a sample of 1,830 M&As of suppliers from 2013 to 2015 and 2017 to 2019, we examine investor’s reaction toward firm’s M&A and post-merger performance before and after the effectiveness of the Paris Agreement. We employ the text analysis method to measure the climate risk of M&A. The empirical results of the difference in differences (DID) model show that M&As by suppliers with high-carbon-emission customers experience a negative stock market reaction compared to suppliers with low-carbon-emission customers. M&A deals with higher climate risk show significantly poorer post-merger stock returns in the long term compared to M&A deals with lower climate risk, indicating challenges in creating synergies due to the additional regulatory costs and climate change uncertainties. Furthermore, institutional investors are passive toward mergers with suppliers having high-carbon-emission customers compared to those with low-carbon-emission customers, although these deals perform poorly in the long run.
參考文獻 Acemoglu, D., Carvalho, V.M., Ozdaglar, A. and Tahbaz-Salehi, A. (2012). The Network Origins of Aggregate Fluctuations. Econometrica, 80, 1977-2016.
Andersson, Mats and Bolton, Patrick and Samama, Frederic. (2016). Hedging Climate Risk. Financial Analysts Journal, 72(3).
Aktas, Bodt and Cousin. (2011). Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking & Finance, 35(7), 1753-1761.
Alexander Dyck, Karl V. Lins, Lukas Roth, Hannes F. Wagner. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693-714.
Bansal, Ochoa, and Kiku. (2016). Price of Long-Run Temperature Shifts in Capital Markets. NBER Working Paper No. w225299, National Bureau of Economic Research, Inc.
Bebchuk, Lucian A. (2005). The Case for Increasing Shareholder Power. Harvard Law Review, 118(3), 833-914.
Bettinazzi, E.L.M. and Zollo, M. (2017). Stakeholder Orientation and Acquisition Performance. Strategic Management Journal, 38, 2465-2485.
Bernstein, Gustafson and Lewis. (2019). Disaster on the horizon: The price effect of sea level rise. Journal of Financial Economics, 134(2), 253-272.
Bhuiyan, Md. Borhan Uddin and Bhuiyan, Md. Borhan Uddin and Huang, Hedy Jiaying and de Villiers, Charl. (2021). Determinants of Environmental Investment: Evidence from Europe. Journal of Cleaner Production, forthcoming, The University of Auckland Business School Research Paper
Bose, Minnick and Shams. (2021). Does carbon risk matter for corporate acquisition decisions? Journal of Corporate Finance, 70(1), 102058.
Carter, Choi and Sedatole. (2021). The effect of supplier industry competition on pay-for-performance incentive intensity. Journal of Accounting and Economics, 71(2-3), 101389.
Chen, Dong and Lin. (2020). Institutional shareholders and corporate social responsibility. Journal of Financial Economics,135(2), 483-504.
Chichilnisky, G. (1994). North-South Trade and the Global Environment. The American Economic Review, 84(4), 851-874.
Cohen, Lauren and Gurun, Umit G. and Nguyen, Quoc. (2020). The ESG - Innovation Disconnect: Evidence from Green Patenting. European Corporate Governance Institute-Finance Working Paper No. 744/2021.
Copeland, B.R. and Taylor, M.S. (1994). North-South Trade and the Environment. The Quarterly Journal of Economics, 109(1), 755-787.
Dai, Liang and Ng. (2021). Socially responsible corporate customers. Journal of Financial Economics, 142(2), 598-626.
Dai, R., Duan, R., Liang, H., and Ng, L. (2021). Outsourcing Climate Change. European. Corporate Governance Institute-Finance Working Paper.
Deng, Xin and Kang, Jun-Koo and Low, Buen Sin. (2013). Corporate Social Responsibility and Stakeholder Value Maximization: Evidence from Mergers. Journal of Financial Economics, 110(1), 87-109.
Dikolli, S.S., Frank, M.M., Guo, Z.M. et al. (2022). Walk the talk: ESG mutual fund voting on shareholder proposals. Review of Accounting Studies, 27, 864-896.
Engle, Giglio, Kelly, Lee and Stroebel. (2020). Hedging Climate Change News, The Review of Financial Studies, 33(3), 1184-1216.
Flammer. (2015). Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach. Management Science, 61(11), 2549-2568.
Griffin, P.A., Lont, D.H. and Sun, E.Y. (2017). The Relevance to Investors of Greenhouse Gas Emission Disclosures. Contemporary Accounting Research, 34, 1265-1297.
Harford. (2005). What drives merger waves? Journal of Financial Economics, 77(3), 529-560.
Harjoto, M., Laksmana, I. & Lee, R. (2015). Board Diversity and Corporate Social Responsibility. Journal of Business Ethics, 132, 641-660.
Harris and Raviv. (2010). Control of Corporate Decisions: Shareholders vs. Management, The Review of Financial Studies, 23(11), 4115-4147.
Huang and Lei. (2021). How environmental regulation affect corporate green investment: Evidence from China. Journal of Cleaner Production, 279, 123560.
Huang, X., Hu, Z., Liu, C., Yu, D., & Yu, L. (2016). The relationships between regulatory and customer pressure, green organizational responses, and green innovation performance. Journal of Cleaner Production, 112, 3423-3433.
Hu, W, Shohfi, T, Wang, R. What’s really in a deal? (2021). Evidence from textual analysis of M&A conference calls. Review of Financial Economics. 39, 500-521.
Jonathan M. Karpoff, Paul H. Malatesta, Ralph A. Walkling. (1996). Corporate governance and shareholder initiatives: Empirical evidence. Journal of Financial Economics, 42(3), 365-395.
Kim, Pantzalis, Zhang. (2021). Multinationality and the value of green innovation. Journal of Corporate Finance, 69, 101996.
King, D.R., Dalton, D.R., Daily, C.M. and Covin, J.G. (2004). Meta-analyses of post-acquisition performance: indications of unidentified moderators. Strategic Management Journal, 25(2), 187-200.
Krueger, Sautner and Starks. (2020). The Importance of Climate Risks for Institutional Investors. The Review of Financial Studies, 33(3), 1067–1111.
Li, Xu, McIver, Wu and Pan. (2020). Green M&A, legitimacy and risk‐taking: evidence from China`s heavy polluters. Accounting and Finance, 60, 97-127.
Lu. (2022). Green merger and acquisition and export expansion: Evidence from China`s polluting enterprises. Sustainable Production and Consumption, 30, 204-217.
Lu (2022). Bidding for Green: The Suppliers of Global Brands, Unpublished doctoral dissertation, Department of Finance, National Chengchi University, Taipei.
Matsumura, Ella Mae and Prakash, Rachna and Vera-Munoz, Sandra C. (2014). Firm-Value Effects of Carbon Emissions and Carbon Disclosures. The Accounting Review, 89(2), 695-724.
Nofsinger, Sulaeman and Varma. (2019). Institutional investors and corporate social responsibility. Journal of Corporate Finance, 58, 700-725.
Pankratz, Nora M. C. and Schiller, Christoph. (2021). Climate Change and Adaptation in Global Supply-Chain Networks. Proceedings of Paris December 2019 Finance Meeting EUROFIDAI - ESSEC, European Corporate Governance Institute-Finance Working Paper No. 775/2021.
Patrick Bolton, Marcin Kacperczyk. (2021). Do investors care about carbon risk?. Journal of Financial Economics,142(2), 517-549.
Porter, M. E., & van der Linde, C. (1995). Toward a new conception of the environment-competitiveness relationship. Journal of Economic Perspectives, 9, 97-118.
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.
Schiller, C.M. (2018). Global Supply-Chain Networks and Corporate Social Responsibility. Corporate Finance: Governance.
Seltzer, Lee and Starks, Laura T. and Zhu, Qifei. (2019). Climate Regulatory Risks and Corporate Bonds. Nanyang Business School Research Paper No. 20-05.
Sharfman, Mark P. and Fernando, Chitru S. (2008). Environmental Risk Management and the Cost of Capital. Strategic Management Journal, 29, 569-592.
She and Guoman. (2021). The Real Effects of Mandatory Nonfinancial Disclosure: Evidence from Supply Chain Transparency. The Accounting Review, Forthcoming.
Stuart L. Gillan, Laura T. Starks. (2000). Corporate governance proposals and shareholder activism: the role of institutional investors. Journal of Financial Economics, 57(2), 275-305.
Yunhe Li, Zhaolong Zhang. (2023). Corporate climate risk exposure and capital structure: Evidence from Chinese listed companies. Finance Research Letters, 51, 103488.
描述 碩士
國立政治大學
財務管理學系
110357025
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110357025
資料類型 thesis
dc.contributor.advisor 陳嬿如zh_TW
dc.contributor.advisor Chen, Yenn-Ruen_US
dc.contributor.author (Authors) 楊雅涵zh_TW
dc.contributor.author (Authors) Yang, Ya-Hanen_US
dc.creator (作者) 楊雅涵zh_TW
dc.creator (作者) Yang, Ya-Hanen_US
dc.date (日期) 2023en_US
dc.date.accessioned 2-Aug-2023 12:59:41 (UTC+8)-
dc.date.available 2-Aug-2023 12:59:41 (UTC+8)-
dc.date.issued (上傳時間) 2-Aug-2023 12:59:41 (UTC+8)-
dc.identifier (Other Identifiers) G0110357025en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146287-
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) 110357025zh_TW
dc.description.abstract (摘要) 自《巴黎協定》於2016年11月4日正式生效後，氣候風險已成為企業和投資者的重要關切議題。隨著氣候變化現象的不斷惡化，除了企業須提出解決方案以管理潛在的氣候成本，投資者也需透過其影響力驅動企業之環境改善行為。由於投資者在塑造企業實踐和融資方面具關鍵作用，他們對企業從事氣候相關行動的態度和後續行動也應該被檢視。使用2013年至2015年和2017年至2019年的1,830個美國及歐盟的供應商併購案樣本，我們採用雙重差分法以及文本分析之方式以衡量投資者在《巴黎協定》訂立前後，對供應商併購隱含之氣候風險所產生的態度轉變。實證結果顯示，由具高碳排企業之供應商，相對於低碳排企業之供應商發起的併購交易，其股價產生較差之併購宣告效果。此外，氣候風險較高的併購交易之長期股票報酬率顯著低於風險較低之併購交易，顯示額外的監管成本和氣候變化的不確定性，對氣候風險較高之併購交易產生創造綜效之挑戰。另外，通過研究股東提案的趨勢，我們發現機構投資者在《巴黎協定》訂立之後針對具高碳排企業之供應商的併購後表現，採取相對於低碳排企業之供應商消極之態度。zh_TW
dc.description.abstract (摘要) Using a sample of 1,830 M&As of suppliers from 2013 to 2015 and 2017 to 2019, we examine investor’s reaction toward firm’s M&A and post-merger performance before and after the effectiveness of the Paris Agreement. We employ the text analysis method to measure the climate risk of M&A. The empirical results of the difference in differences (DID) model show that M&As by suppliers with high-carbon-emission customers experience a negative stock market reaction compared to suppliers with low-carbon-emission customers. M&A deals with higher climate risk show significantly poorer post-merger stock returns in the long term compared to M&A deals with lower climate risk, indicating challenges in creating synergies due to the additional regulatory costs and climate change uncertainties. Furthermore, institutional investors are passive toward mergers with suppliers having high-carbon-emission customers compared to those with low-carbon-emission customers, although these deals perform poorly in the long run.en_US
dc.description.tableofcontents I. Introduction 1
II. Literature Review and Hypothesis Development 4
2.1 Suppliers as the CSR Receivers from Corporate Customers 4
2.2 M&A as a Response to Climate Pressure4
2.3 Investor Response Toward Climate Risk 5
2.4 Investor Response Through Shareholder Proposal 6
2.5 Hypothesis Development 8
III. Empirical Design 12
3.1 Data Collection 12
3.2 Description of Variables 13
IV. Empirical Results and Discussion 20
4.1 Summary Statistics 20
4.2 Univariate Analysis 20
4.3 Multivariate Analysis 21
4.4 Investor’s Response Through Shareholder Proposals 26
V. Conclusion 29
References 30
Appendix I: Variable Definition 33
Appendix II: Climate Risk Dictionary 36
Appendix III: Text Analysis Sample 37		zh_TW
dc.format.extent 6759265 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110357025en_US
dc.subject (關鍵詞) 企業併購zh_TW
dc.subject (關鍵詞) 氣候風險zh_TW
dc.subject (關鍵詞) 併購績效zh_TW
dc.subject (關鍵詞) 股東提案zh_TW
dc.subject (關鍵詞) M&Asen_US
dc.subject (關鍵詞) Climate Risken_US
dc.subject (關鍵詞) Merger Performanceen_US
dc.subject (關鍵詞) Shareholder Proposalsen_US
dc.title (題名) 氣候風險對併購績效之影響zh_TW
dc.title (題名) Climate Risk and Merger Performanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Acemoglu, D., Carvalho, V.M., Ozdaglar, A. and Tahbaz-Salehi, A. (2012). The Network Origins of Aggregate Fluctuations. Econometrica, 80, 1977-2016.
Andersson, Mats and Bolton, Patrick and Samama, Frederic. (2016). Hedging Climate Risk. Financial Analysts Journal, 72(3).
Aktas, Bodt and Cousin. (2011). Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking & Finance, 35(7), 1753-1761.
Alexander Dyck, Karl V. Lins, Lukas Roth, Hannes F. Wagner. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693-714.
Bansal, Ochoa, and Kiku. (2016). Price of Long-Run Temperature Shifts in Capital Markets. NBER Working Paper No. w225299, National Bureau of Economic Research, Inc.
Bebchuk, Lucian A. (2005). The Case for Increasing Shareholder Power. Harvard Law Review, 118(3), 833-914.
Bettinazzi, E.L.M. and Zollo, M. (2017). Stakeholder Orientation and Acquisition Performance. Strategic Management Journal, 38, 2465-2485.
Bernstein, Gustafson and Lewis. (2019). Disaster on the horizon: The price effect of sea level rise. Journal of Financial Economics, 134(2), 253-272.
Bhuiyan, Md. Borhan Uddin and Bhuiyan, Md. Borhan Uddin and Huang, Hedy Jiaying and de Villiers, Charl. (2021). Determinants of Environmental Investment: Evidence from Europe. Journal of Cleaner Production, forthcoming, The University of Auckland Business School Research Paper
Bose, Minnick and Shams. (2021). Does carbon risk matter for corporate acquisition decisions? Journal of Corporate Finance, 70(1), 102058.
Carter, Choi and Sedatole. (2021). The effect of supplier industry competition on pay-for-performance incentive intensity. Journal of Accounting and Economics, 71(2-3), 101389.
Chen, Dong and Lin. (2020). Institutional shareholders and corporate social responsibility. Journal of Financial Economics,135(2), 483-504.
Chichilnisky, G. (1994). North-South Trade and the Global Environment. The American Economic Review, 84(4), 851-874.
Cohen, Lauren and Gurun, Umit G. and Nguyen, Quoc. (2020). The ESG - Innovation Disconnect: Evidence from Green Patenting. European Corporate Governance Institute-Finance Working Paper No. 744/2021.
Copeland, B.R. and Taylor, M.S. (1994). North-South Trade and the Environment. The Quarterly Journal of Economics, 109(1), 755-787.
Dai, Liang and Ng. (2021). Socially responsible corporate customers. Journal of Financial Economics, 142(2), 598-626.
Dai, R., Duan, R., Liang, H., and Ng, L. (2021). Outsourcing Climate Change. European. Corporate Governance Institute-Finance Working Paper.
Deng, Xin and Kang, Jun-Koo and Low, Buen Sin. (2013). Corporate Social Responsibility and Stakeholder Value Maximization: Evidence from Mergers. Journal of Financial Economics, 110(1), 87-109.
Dikolli, S.S., Frank, M.M., Guo, Z.M. et al. (2022). Walk the talk: ESG mutual fund voting on shareholder proposals. Review of Accounting Studies, 27, 864-896.
Engle, Giglio, Kelly, Lee and Stroebel. (2020). Hedging Climate Change News, The Review of Financial Studies, 33(3), 1184-1216.
Flammer. (2015). Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach. Management Science, 61(11), 2549-2568.
Griffin, P.A., Lont, D.H. and Sun, E.Y. (2017). The Relevance to Investors of Greenhouse Gas Emission Disclosures. Contemporary Accounting Research, 34, 1265-1297.
Harford. (2005). What drives merger waves? Journal of Financial Economics, 77(3), 529-560.
Harjoto, M., Laksmana, I. & Lee, R. (2015). Board Diversity and Corporate Social Responsibility. Journal of Business Ethics, 132, 641-660.
Harris and Raviv. (2010). Control of Corporate Decisions: Shareholders vs. Management, The Review of Financial Studies, 23(11), 4115-4147.
Huang and Lei. (2021). How environmental regulation affect corporate green investment: Evidence from China. Journal of Cleaner Production, 279, 123560.
Huang, X., Hu, Z., Liu, C., Yu, D., & Yu, L. (2016). The relationships between regulatory and customer pressure, green organizational responses, and green innovation performance. Journal of Cleaner Production, 112, 3423-3433.
Hu, W, Shohfi, T, Wang, R. What’s really in a deal? (2021). Evidence from textual analysis of M&A conference calls. Review of Financial Economics. 39, 500-521.
Jonathan M. Karpoff, Paul H. Malatesta, Ralph A. Walkling. (1996). Corporate governance and shareholder initiatives: Empirical evidence. Journal of Financial Economics, 42(3), 365-395.
Kim, Pantzalis, Zhang. (2021). Multinationality and the value of green innovation. Journal of Corporate Finance, 69, 101996.
King, D.R., Dalton, D.R., Daily, C.M. and Covin, J.G. (2004). Meta-analyses of post-acquisition performance: indications of unidentified moderators. Strategic Management Journal, 25(2), 187-200.
Krueger, Sautner and Starks. (2020). The Importance of Climate Risks for Institutional Investors. The Review of Financial Studies, 33(3), 1067–1111.
Li, Xu, McIver, Wu and Pan. (2020). Green M&A, legitimacy and risk‐taking: evidence from China`s heavy polluters. Accounting and Finance, 60, 97-127.
Lu. (2022). Green merger and acquisition and export expansion: Evidence from China`s polluting enterprises. Sustainable Production and Consumption, 30, 204-217.
Lu (2022). Bidding for Green: The Suppliers of Global Brands, Unpublished doctoral dissertation, Department of Finance, National Chengchi University, Taipei.
Matsumura, Ella Mae and Prakash, Rachna and Vera-Munoz, Sandra C. (2014). Firm-Value Effects of Carbon Emissions and Carbon Disclosures. The Accounting Review, 89(2), 695-724.
Nofsinger, Sulaeman and Varma. (2019). Institutional investors and corporate social responsibility. Journal of Corporate Finance, 58, 700-725.
Pankratz, Nora M. C. and Schiller, Christoph. (2021). Climate Change and Adaptation in Global Supply-Chain Networks. Proceedings of Paris December 2019 Finance Meeting EUROFIDAI - ESSEC, European Corporate Governance Institute-Finance Working Paper No. 775/2021.
Patrick Bolton, Marcin Kacperczyk. (2021). Do investors care about carbon risk?. Journal of Financial Economics,142(2), 517-549.
Porter, M. E., & van der Linde, C. (1995). Toward a new conception of the environment-competitiveness relationship. Journal of Economic Perspectives, 9, 97-118.
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.
Schiller, C.M. (2018). Global Supply-Chain Networks and Corporate Social Responsibility. Corporate Finance: Governance.
Seltzer, Lee and Starks, Laura T. and Zhu, Qifei. (2019). Climate Regulatory Risks and Corporate Bonds. Nanyang Business School Research Paper No. 20-05.
Sharfman, Mark P. and Fernando, Chitru S. (2008). Environmental Risk Management and the Cost of Capital. Strategic Management Journal, 29, 569-592.
She and Guoman. (2021). The Real Effects of Mandatory Nonfinancial Disclosure: Evidence from Supply Chain Transparency. The Accounting Review, Forthcoming.
Stuart L. Gillan, Laura T. Starks. (2000). Corporate governance proposals and shareholder activism: the role of institutional investors. Journal of Financial Economics, 57(2), 275-305.
Yunhe Li, Zhaolong Zhang. (2023). Corporate climate risk exposure and capital structure: Evidence from Chinese listed companies. Finance Research Letters, 51, 103488.		zh_TW