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題名 媒體關注度、媒體情緒與公司併購績效之關聯性─以ESG新聞影響為中心
The Association between Media Coverage, Media Sentiment, and Firm Mergers and Acquisitions Performance: Focusing on ESG News Impact
作者 陳儀珊
Chen, Yi-Shan
貢獻者 翁嘉祥
Weng, Chia-Hsiang
陳儀珊
Chen, Yi-Shan
關鍵詞 媒體關注度
媒體情緒
併購績效
ESG
ESG新聞
能源銀行業
巴黎協定
Media coverage
Media sentiment
M&A performance
ESG
ESG news
Energy industry
Banking industry
Paris Agreement
日期 2023
上傳時間 2-Aug-2023 13:22:59 (UTC+8)
摘要 本文以美國上市公司為研究對象，運用事件研究法探討媒體關注度、媒體情緒與併購績效之關聯性，並著重於ESG新聞報導的影響，以彌補現有文獻對ESG新聞與併購績效關係研究之不足。首先，媒體確實會影響併購績效，在全樣本中，媒體關注度越高、正面媒體報導越多時，公司短期併購績效越好。在不控制公司媒體關注度之情形下，ESG媒體關注度越高，公司也會有更好之短期併購績效。其次，主併公司為能源銀行業時，相較於非能源銀行業，公司ESG媒體關注度越高、正面ESG媒體報導越多時，會有較差之併購績效。再者，分析巴黎協定生效前、後三年併購事件，在不控制公司媒體關注度之情形下，巴黎協定生效後ESG媒體關注度對於公司短期併購績效會有正面影響。另外，ESG媒體報導對於能源銀行業併購績效之影響，會因為併購特徵而有所不同。最後，本文也提供媒體報導對公司併購績效僅限短期影響之證據，可作為公司管理媒體之參考。
This study focuses on US publicly listed companies and utilizes event study methodology to investigate the association between media coverage, media sentiment, and M&A performance. It specifically emphasizes the impact of ESG news, aiming to fill the gaps in existing literature regarding the relationship between ESG news and M&A performance.
First, it is confirmed that the media does influence M&A performance. In the full sample, higher media coverage and more amount of positive news are associated with better short-term M&A performance for companies. Without controlling the company`s media coverage, the higher the ESG media coverage, the better the company`s short-term M&A performance. Second, when the acquiring company are in the energy or banking industry, higher ESG media coverage and more amount of positive ESG news are associated with worse M&A performance, compared to non-energy or non-banking industries.
Next, by analyzing M&A events occurring three years before and after the implementation of the Paris Agreement, after the entry into force of the Paris Agreement, ESG media coverage will have a positive impact on the company`s short-term M&A performance, without controlling the company`s media coverage. Moreover, the influence of ESG media coverage on M&A performance in the energy and banking industry varies depending on the characteristics of the M&A transaction. Finally, this study also provides evidence that media has only a short-term impact on a company`s M&A performance, which can be used as a reference for companies to manage the media.
參考文獻 沈中華、李建然，2000，事件研究法：財務與會計實證研究必備，台北：華泰文化事業股份有限公司。
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Ahern, K. R., and D. Sosyura. 2015. Rumor Has It: Sensationalism in Financial Media. The Review of Financial Studies 28(July): 2050–2093.
Aktas, N., E. D. Bodt, and J. Cousin. 2011. Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking & Finance 35(July):1753-1761.
Amel-Zadeh, A., and G. Serafeim. 2018. Why and How Investors Use ESG Information: Evidence from a Global Survey. Financial Analysts Journal 74(December): 87-103.
Arouri, M., M. Gomes, and K. Pukthuanthong. 2019. Corporate social responsibility and M&A uncertainty. Journal of Corporate Finance 56(June): 176-198.
Barber, B. M., and T. Odean. 2008. All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. The Review of Financial Studies 21(April): 785–818.
Benlemlih, M., and M. Bitar. 2018. Corporate Social Responsibility and Investment Efficiency. Journal of Business Ethics 148(March): 647–671.
Berry, T. C., and J. C. Junkus. 2013. Socially Responsible Investing: An Investor Perspective. Journal of Business Ethics 112(February): 707–720.
Boone, A., and V. B. Uysal. 2020. Reputational concerns in the market for corporate control. Journal of Corporate Finance 61(April): 101399.
Borochin, P., and W. H. Chu. 2018. Alternative corporate governance: Domestic media coverage of mergers and acquisitions in China. Journal of Banking & Finance 87(February): 1-25.
Bose, S., K. Minnick, and S. Shams. 2021. Does Carbon Risk Matter for Corporate Acquisition Decisions? Journal of Corporate Finance 70(October): 102058.
Bushee, B. J., J. E. Core, W. Guay, and S. J. W. Hamm. 2010. The Role of the Business Press as an Information Intermediary. Journal of Accounting Research 48(March): 1-19.
Byun, S. K., and J. M. Oh. 2018. Local corporate social responsibility, media coverage, and shareholder value. Journal of Banking and Finance 87(February): 68–86.
Capelle-Blancard, G., and A. Petit. 2019. Every Little Helps? ESG News and Stock Market Reaction. Journal of Business Ethics 157(September): 543–565.
Capron, L., and J.-C. Shen. 2007. Acquisitions of Private vs. Public Firms: Private Information, Target Selection, and Acquirer Returns. Strategic Management Journal 28(September): 891-911.
Carhart, M. M. 1997. On persistence in mutual fund performance. The Journal of Finance 52(March): 57-82.
Chang, S. 1998. Takeovers of Privately Held Targets, Methods of Payment, and Bidder Returns. The Journal of Finance 53(April): 773-784.
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Duuren, E. van, A. Plantinga, and B. Scholtens. 2016. ESG Integration and the Investment Management Process: Fundamental Investing Reinvented. Journal of Business Ethics 138(October): 525–533.
Fama, E. F., and K. R. French. 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 33(February): 3-56.
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Guldiken, O., C. Tupper, A. Nair, and H. Yu. 2017. The impact of media coverage on IPO stock performance. Journal of Business Research 72(March): 24-32.
Harford, J., S. A. Mansi, and W. F. Maxwell. 2008. Corporate governance and firm cash holdings in the US. Journal of Financial Economics 87(March): 535-555.
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安永 台灣，2022年8月24日，2022國際投資論壇 臺灣併購回溫 疫後併購新布局 聚焦數位轉型、永續發展。Available at: https://www.ey.com/zh_tw/news/2022/08/ey-taiwan-news-release-2022-08-24. Accessed: June 5, 2023.
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描述 碩士
國立政治大學
會計學系
109353020
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353020
資料類型 thesis
dc.contributor.advisor 翁嘉祥zh_TW
dc.contributor.advisor Weng, Chia-Hsiangen_US
dc.contributor.author (Authors) 陳儀珊zh_TW
dc.contributor.author (Authors) Chen, Yi-Shanen_US
dc.creator (作者) 陳儀珊zh_TW
dc.creator (作者) Chen, Yi-Shanen_US
dc.date (日期) 2023en_US
dc.date.accessioned 2-Aug-2023 13:22:59 (UTC+8)-
dc.date.available 2-Aug-2023 13:22:59 (UTC+8)-
dc.date.issued (上傳時間) 2-Aug-2023 13:22:59 (UTC+8)-
dc.identifier (Other Identifiers) G0109353020en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146385-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 109353020zh_TW
dc.description.abstract (摘要) 本文以美國上市公司為研究對象，運用事件研究法探討媒體關注度、媒體情緒與併購績效之關聯性，並著重於ESG新聞報導的影響，以彌補現有文獻對ESG新聞與併購績效關係研究之不足。首先，媒體確實會影響併購績效，在全樣本中，媒體關注度越高、正面媒體報導越多時，公司短期併購績效越好。在不控制公司媒體關注度之情形下，ESG媒體關注度越高，公司也會有更好之短期併購績效。其次，主併公司為能源銀行業時，相較於非能源銀行業，公司ESG媒體關注度越高、正面ESG媒體報導越多時，會有較差之併購績效。再者，分析巴黎協定生效前、後三年併購事件，在不控制公司媒體關注度之情形下，巴黎協定生效後ESG媒體關注度對於公司短期併購績效會有正面影響。另外，ESG媒體報導對於能源銀行業併購績效之影響，會因為併購特徵而有所不同。最後，本文也提供媒體報導對公司併購績效僅限短期影響之證據，可作為公司管理媒體之參考。zh_TW
dc.description.abstract (摘要) This study focuses on US publicly listed companies and utilizes event study methodology to investigate the association between media coverage, media sentiment, and M&A performance. It specifically emphasizes the impact of ESG news, aiming to fill the gaps in existing literature regarding the relationship between ESG news and M&A performance.
First, it is confirmed that the media does influence M&A performance. In the full sample, higher media coverage and more amount of positive news are associated with better short-term M&A performance for companies. Without controlling the company`s media coverage, the higher the ESG media coverage, the better the company`s short-term M&A performance. Second, when the acquiring company are in the energy or banking industry, higher ESG media coverage and more amount of positive ESG news are associated with worse M&A performance, compared to non-energy or non-banking industries.
Next, by analyzing M&A events occurring three years before and after the implementation of the Paris Agreement, after the entry into force of the Paris Agreement, ESG media coverage will have a positive impact on the company`s short-term M&A performance, without controlling the company`s media coverage. Moreover, the influence of ESG media coverage on M&A performance in the energy and banking industry varies depending on the characteristics of the M&A transaction. Finally, this study also provides evidence that media has only a short-term impact on a company`s M&A performance, which can be used as a reference for companies to manage the media.		en_US
dc.description.tableofcontents 第一章、 緒論 1
第一節、 研究動機與背景 1
第二節、 研究架構 4
第二章、 文獻探討與假說建立 6
第一節、 媒體報導與投資 6
第二節、 媒體報導與併購 9
第三節、 ESG與投資人反應 11
第四節、 ESG與公司投資 14
第五節、 假說建立 17
第三章、 研究方法 19
第一節、 變數之定義與衡量 19
第二節、 實證模型之建立 28
第三節、 資料來源與處理 37
第四章、 實證結果與分析 38
第一節、 敘述性統計分析 38
第二節、 迴歸分析 42
第三節、 穩健性測試 53
第四節、 額外測試 69
第五章、 研究結論 102
參考文獻 104
網路資料 111		zh_TW
dc.format.extent 1390448 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353020en_US
dc.subject (關鍵詞) 媒體關注度zh_TW
dc.subject (關鍵詞) 媒體情緒zh_TW
dc.subject (關鍵詞) 併購績效zh_TW
dc.subject (關鍵詞) ESGzh_TW
dc.subject (關鍵詞) ESG新聞zh_TW
dc.subject (關鍵詞) 能源銀行業zh_TW
dc.subject (關鍵詞) 巴黎協定zh_TW
dc.subject (關鍵詞) Media coverageen_US
dc.subject (關鍵詞) Media sentimenten_US
dc.subject (關鍵詞) M&A performanceen_US
dc.subject (關鍵詞) ESGen_US
dc.subject (關鍵詞) ESG newsen_US
dc.subject (關鍵詞) Energy industryen_US
dc.subject (關鍵詞) Banking industryen_US
dc.subject (關鍵詞) Paris Agreementen_US
dc.title (題名) 媒體關注度、媒體情緒與公司併購績效之關聯性─以ESG新聞影響為中心zh_TW
dc.title (題名) The Association between Media Coverage, Media Sentiment, and Firm Mergers and Acquisitions Performance: Focusing on ESG News Impacten_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 沈中華、李建然，2000，事件研究法：財務與會計實證研究必備，台北：華泰文化事業股份有限公司。
Ahern, K. R., and D. Sosyura. 2014. Who Writes the News? Corporate Press Releases during Merger Negotiations. The Journal of Finance 69(February): 241-291.
Ahern, K. R., and D. Sosyura. 2015. Rumor Has It: Sensationalism in Financial Media. The Review of Financial Studies 28(July): 2050–2093.
Aktas, N., E. D. Bodt, and J. Cousin. 2011. Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking & Finance 35(July):1753-1761.
Amel-Zadeh, A., and G. Serafeim. 2018. Why and How Investors Use ESG Information: Evidence from a Global Survey. Financial Analysts Journal 74(December): 87-103.
Arouri, M., M. Gomes, and K. Pukthuanthong. 2019. Corporate social responsibility and M&A uncertainty. Journal of Corporate Finance 56(June): 176-198.
Barber, B. M., and T. Odean. 2008. All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. The Review of Financial Studies 21(April): 785–818.
Benlemlih, M., and M. Bitar. 2018. Corporate Social Responsibility and Investment Efficiency. Journal of Business Ethics 148(March): 647–671.
Berry, T. C., and J. C. Junkus. 2013. Socially Responsible Investing: An Investor Perspective. Journal of Business Ethics 112(February): 707–720.
Boone, A., and V. B. Uysal. 2020. Reputational concerns in the market for corporate control. Journal of Corporate Finance 61(April): 101399.
Borochin, P., and W. H. Chu. 2018. Alternative corporate governance: Domestic media coverage of mergers and acquisitions in China. Journal of Banking & Finance 87(February): 1-25.
Bose, S., K. Minnick, and S. Shams. 2021. Does Carbon Risk Matter for Corporate Acquisition Decisions? Journal of Corporate Finance 70(October): 102058.
Bushee, B. J., J. E. Core, W. Guay, and S. J. W. Hamm. 2010. The Role of the Business Press as an Information Intermediary. Journal of Accounting Research 48(March): 1-19.
Byun, S. K., and J. M. Oh. 2018. Local corporate social responsibility, media coverage, and shareholder value. Journal of Banking and Finance 87(February): 68–86.
Capelle-Blancard, G., and A. Petit. 2019. Every Little Helps? ESG News and Stock Market Reaction. Journal of Business Ethics 157(September): 543–565.
Capron, L., and J.-C. Shen. 2007. Acquisitions of Private vs. Public Firms: Private Information, Target Selection, and Acquirer Returns. Strategic Management Journal 28(September): 891-911.
Carhart, M. M. 1997. On persistence in mutual fund performance. The Journal of Finance 52(March): 57-82.
Chang, S. 1998. Takeovers of Privately Held Targets, Methods of Payment, and Bidder Returns. The Journal of Finance 53(April): 773-784.
Deng, X., J. Kang, and B. S. Low. 2013. Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics 110(October): 87-109.
Duuren, E. van, A. Plantinga, and B. Scholtens. 2016. ESG Integration and the Investment Management Process: Fundamental Investing Reinvented. Journal of Business Ethics 138(October): 525–533.
Fama, E. F., and K. R. French. 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 33(February): 3-56.
Fang, L., and J. Peress. 2009. Media coverage and the cross-section of stock returns. The Journal of Finance 64(October): 2023-2052.
Flammer, C. 2013. Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors. The Academy of Management Journal 56(June): 758-781.
Fuller, K., J. Netter, and M. Stegemoller. 2002. What Do Returns to Acquiring Firms Tell Us? Evidence from Firms That Make Many Acquisitions. The Journal of Finance 57(December): 1763-1793.
Ghoul S. El, O. Guedhami, C. C. Y. Kwok, and D. R. Mishra. 2011. Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance 35(September): 2388-2406.
Grougiou V., E. Dedoulis, and S. Leventis. 2016. Corporate Social Responsibility Reporting and Organizational Stigma: The Case of “Sin” Industries. Journal of Business Research 69(February): 905-914.
Guldiken, O., C. Tupper, A. Nair, and H. Yu. 2017. The impact of media coverage on IPO stock performance. Journal of Business Research 72(March): 24-32.
Harford, J., S. A. Mansi, and W. F. Maxwell. 2008. Corporate governance and firm cash holdings in the US. Journal of Financial Economics 87(March): 535-555.
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安永 台灣，2022年8月24日，2022國際投資論壇 臺灣併購回溫 疫後併購新布局 聚焦數位轉型、永續發展。Available at: https://www.ey.com/zh_tw/news/2022/08/ey-taiwan-news-release-2022-08-24. Accessed: June 5, 2023.
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