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題名 ESG表現對於國際購併後所有權之影響：以新興市場跨國企業為例
The Impact of Acquirers’ ESG Performance on Foreign Targets’ Ownerships — The Case of Emerging Market Acquirers作者 吳旻芳
Wu, Min-Fang貢獻者 譚丹琪
Tan, Dan-Chi
吳旻芳
Wu, Min-Fang關鍵詞 國際購併
ESG
CSR
所有權
新興市場
發展中經濟體
策略
全球化
Mergers and Acquisitions
ESG
CSR
Ownership
Emerging Markets
Developing Economies
Strategy
Globalization日期 2023 上傳時間 1-Sep-2023 15:21:52 (UTC+8) 摘要 全球購併呈現成長趨勢，其中，新興市場及發展中經濟體的成長幅度最大。因為涉及股權，進行購併需承擔相當的風險，而股權多寡代表著對於公司的控制權力，對於新興市場及發展中經濟體尤為重要，在執行前需要經過慎重的考量與規劃，因此清楚利害關係人衡量購併的指標相當重要；而ESG作為近年來全球越來越關注的議題，逐漸被納入進行購併時考量的指標。 本研究以新興市場及發展中經濟體為例，並以中國企業為代表，透過分析中國企業收購方ESG表現對於購併後所有權的影響，發現在不區分被收購方國家發展程度的情況下，當收購方的ESG表現越好，購併後所有權超過50%的機率越低；而當被收購方為發達經濟體，不論是收購方的 ESG整體還是分項表現，當表現越好，在當次購併後能成為多數股一方的機率越高。
Mergers and acquisitions (M&A) are on the rise globally, with emerging markets and developing economies experiencing significant growth. M&A transactions involve transferring equity and can entail substantial risks for both acquiring and target firms. The level of ownership acquired influences the acquiring firms’ control over the target company, which could raise important concerns for target firms when the acquiring firms are from emerging markets. Hence, M&A strategies require careful planning and understanding of stakeholders` key concerns. Recently, environmental, social, and governance (ESG) factors have gained attention as essential evaluation criteria for M&A deals. This study examines the level of ownerships in M&A deals made by emerging market firms, using Chinese companies as examples. In particular, I investigate the impact of ESG performance of Chinese acquirers on the equity level of their target firms. My empirical findings show that regardless of economic development level of the target firms, higher ESG performance leads to a lower likelihood of obtaining ownership exceeding 50% after the acquisition. However, for target firms located in developed economies, the acquirer`s ESG performances increase the chances of their becoming the majority shareholder after the acquisition.參考文獻 Agarwal, S., & Ramaswami, S. N. (1992). Choice of foreign market entry mode: Impact of ownership, location and internalization factors. Journal of International Business Studies, 1-27.Anderson, E., & Gatignon, H. (1986). Models of foreign entry: A transaction cost analysis and propositions. Journal of International Business Studies, 17 (3): 1–26.Bartett, C.A. (2009), Transnational Management: Text, Cases and Readings in Cross-Border Management. 5th Ed., McGraw-Hill Higher Education, ISBN 978-0-07-310172-9Brouthers, K. D., & Hennart, J. F. (2007). Boundaries of the firm: Insights from international entry mode research. Journal of Management, 33(3), 395-425.Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., & Rose, E. L. (2014). International business. Pearson Australia.Chaisse, J. 2017. China’s Three Prong Investment Strategy: Bilateral, Regional and Global Tracks. London, UK: Cambridge University Press.Chari, M. D., & Chang, K. (2009). Determinants of the share of equity sought in cross-border acquisitions. Journal of International Business Studies, 40, 1277-1297.Chiao, Y. C., Lo, F. Y., & Yu, C. M. (2010). Choosing between wholly‐owned subsidiaries and joint ventures of MNCs from an emerging market. International Marketing Review, 27(3), 338-365.Chu, W., & Anderson, E. M. (1992). Capturing ordinal properties of categorical dependent variables: A review with application to modes of foreign entry. International Journal of Research in Marketing, 9(2), 149-160.Compact, U. G. (2004). Who cares wins: Connecting financial markets to a changing world. New York.Daniels, J. D., Radebaugh, L. H., Sullivan, D. P., & Click, R. W. (2014). International Business. Prentice Hall.Daniels, John D., Ernest W. Ogram, Jr., and Lee H. Radebaugh (1982), International Business: Environments and Operations, 3d edition, Reading, Mass.: Addison Wesley.Davidson, W. H. (1980). The location of foreign direct investment activity: Country characteristics and experience effects. Journal of International Business studies, 11, 9-22.Deloitte. (2023, April 25). ESG Can Drive Value in M&A—If Companies Will Let It. Deloitte. https://www2.deloitte.com/us/en/pages/mergers-and-acquisitions/articles/role-of-esg-in-deals.htmlDunning, J. H. (2014). Explaining International Production (Routledge Revivals). Routledge.Dunning, John H. (1988). The eclectic paradigm of international production: A restatement and some possible extensions. Journal of International Business Studies, 19: 1-31.Erramilli, M. Krishna & C.P. Rao. (1993). Service firms` international entry mode choice: A modified transaction cost analysis approach. Journal of Marketing, 57(July): 19-38.Feng, X. (2021). The role of ESG in acquirers’ performance change after M&A deals. Green Finance, 3(3), 287-318.Forbes. (2016). China hits record high M&A investment in Western firms. September 10, 2016.Foss, N. J., Klein, P. G., Lien, L. B., Zellweger, T., & Zenger, T. (2021). Ownership competence. Strategic Management Journal, 42(2), 302-328.Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233.Gelles, David (28 February 2023). "How Environmentally Conscious Investing Became a Target of Conservatives". The New York Times. ISSN 0362-4331. Retrieved 2 March 2023.Hawn, O. (2021). How media coverage of corporate social responsibility and irresponsibility influences cross‐border acquisitions. Strategic Management Journal, 42(1), 58-83.Hennart, J. F. (1989). Can the “new forms of investment” substitute for the “old forms?” A transaction costs perspective. Journal of International Business Studies, 20: 211-234.Hennart, J. F. (2000). The transaction cost theory of the multinational enterprise. In C. Pitelis & R. Sugden (Eds.), The Nature of the Transnational Firm (2nd ed.): 81-116. London: Routledge.Hennart, J. F., & Hl Slangen, A. (2015). Yes, we really do need more entry mode studies! A commentary on Shaver. Journal of International Business Studies, 46, 114-122.Hennart, J.-F. 1991. The transaction costs theory of joint ventures: An empirical study of Japanese subsidiaries in the United States. Management Science, 37 (4): 483–497.Hill, C. W., Hwang, P., & Kim, W. C. (1990). An eclectic theory of the choice of international entry mode. Strategic Management Journal, 11(2), 117-128.Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2016). Strategic management: Concepts and cases: Competitiveness and globalization. Cengage Learning.International Monetary Fund. (2022, October 11). World Economic Outlook - Frequently Asked Questions. https://www.imf.org/external/pubs/ft/weo/faq.htmJohanson, J., & Vahlne, J. 1977. The internationalization process of the firm: A model of knowledge development and increasing foreign commitments. Journal of International Business Studies, 8: 23-32.Kogut, B., & Zander, U. 1993. Knowledge of the firm and the evolutionary theory of the multinational corporation. Journal of International Business Studies, 24 (4): 625–645.Krishna Erramilli, M., Agarwal, S., & Dev, C. S. (2002). Choice between non-equity entry modes: an organizational capability perspective. Journal of International Business Studies, 33, 223-242.López, M. V., Garcia, A., & Rodriguez, L. (2007). Sustainable development and corporate performance: A study based on the Dow Jones sustainability index. Journal of Business Ethics, 75, 285-300.Luo, Y. (2001). Equity sharing in international joint ventures: An empirical analysis of strategic and environmental determinants. Journal of International Management, 7(1), 31-58.Luo, Y., & Park, S. H. (2004). Multiparty cooperation and performance in international equity joint ventures. Journal of International Business Studies, 35, 142-160.Luo, Y., & Tung, R. L. (2007). International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies, 38, 481-498.Luo, Y., & Tung, R. L. (2018). A general theory of springboard MNEs. Journal of International Business Studies, 49, 129-152.Meglio, O., Park, K., & Park, K. (2019). CSR and M&As in developed and developing economies. Strategic Decisions and Sustainability Choices: Mergers, Acquisitions and Corporate Social Responsibility from a Global Perspective, 155-176.Pan, Y., & Tse, D. K. (2000). The hierarchical model of market entry modes. Journal of International Business Studies, 31, 535-554.Park, K. M., Meglio, O., & Schriber, S. (2019). Building a global corporate social responsibility program via mergers and acquisitions: A managerial framework. Business Horizons, available online at https://doi.org/10.1016/j.bushor.2019.01.006.Peterdy, K. (2023, February 22). ESG (Environmental, Social and Governance). Corporate Finance Institute. https://corporatefinanceinstitute.com/resources/esg/esg-environmental-social-governance/Pinto, C. F., Ferreira, M. P., Falaster, C., Fleury, M. T. L., & Fleury, A. (2017). Ownership in cross-border acquisitions and the role of government support. Journal of World Business, 52(4), 533-545.Roberts, A., Wallace, W., & Moles, P. (2003). Mergers and acquisitions. Pearson Education.Robock, Stefan H., Kenneth Simmonds, and Jack Zwick (1977), International Business and Multinational Enterprises, Howmewood, 111. Richard D. lrwin.Roos, Alexander; Khanna, Dinesh; Verma, Sharad; Lang, Nikolaus; Dolya, Alex; Nath, Gaurav; Hammoud, Tawfik. "Getting More Value from Joint Ventures". Transaction Advisors, LLC Chicago, IL 2013. ISSN 2329-9134.Root, Franklin R. 1987. Entry Strategies for International Markets, Lexington, MA: D.C. Heath.S&P Global Rating. (2023 April 22). ESG Evaluation. S&P Global Rating. https://www.spglobal.com/ratings/en/products-benefits/products/esg-evaluationS&P Global. (2023 April 22). DJSI Index Family. S&P Global. https://www.spglobal.com/esg/performance/indices/djsi-index-familyS&P Global. (2023 April 22). ESG Scores. S&P Global. https://www.spglobal.com/esg/solutions/data-intelligence-esg-scoresSachs, J. D. (2012). From millennium development goals to sustainable development goals. The lancet, 379(9832), 2206-2211.Sestu, M. C., & Majocchi, A. (2020). Family firms and the choice between wholly owned subsidiaries and joint ventures: A transaction costs perspective. Entrepreneurship Theory and Practice, 44(2), 211-232.Sharma, V. M., & Erramilli, M. K. (2004). Resource-based explanation of entry mode choice. Journal of Marketing theory and Practice, 12(1), 1-18.Shen, Z., Puig, F., & Paul, J. (2017). Foreign market entry mode research: A review and research agenda. The International Trade Journal, 31(5), 429-456.Stanovich, K. E. (2017). Speculations on the causes and consequences of individual differences in early reading acquisition. In Reading acquisition (pp. 307-342). Routledge.Tong, L., Wang, H., & Xia, J. (2020). Stakeholder preservation or appropriation? The influence of target CSR on market reactions to acquisition announcements. Academy of Management Journal, 63(5), 1535-1560.UN Global Compact. (2005, August 25-26). Who Cares Wins [Conference report]. Investing for long-term value: integrating environmental, social and governance value drivers in asset management and financial research, Zurich, Switzerland. https://www.ifc.org/wps/wcm/connect/9d9bb80d-625d-49d5-baad-8e46a0445b12/WhoCaresWins_2005ConferenceReport.pdf?MOD=AJPERES&CVID=jkD172pUnited Nation. (2015, November 27). Sustainable Development Goals. United Nation. https://www.un.org/sustainabledevelopment/development-agenda/Vernon, R. (1983). Organizational and institutional responses to international risk. Managing International Risk, 191-216. 描述 碩士
國立政治大學
國際經營與貿易學系
110351008資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110351008 資料類型 thesis dc.contributor.advisor 譚丹琪 zh_TW dc.contributor.advisor Tan, Dan-Chi en_US dc.contributor.author (Authors) 吳旻芳 zh_TW dc.contributor.author (Authors) Wu, Min-Fang en_US dc.creator (作者) 吳旻芳 zh_TW dc.creator (作者) Wu, Min-Fang en_US dc.date (日期) 2023 en_US dc.date.accessioned 1-Sep-2023 15:21:52 (UTC+8) - dc.date.available 1-Sep-2023 15:21:52 (UTC+8) - dc.date.issued (上傳時間) 1-Sep-2023 15:21:52 (UTC+8) - dc.identifier (Other Identifiers) G0110351008 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/147021 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易學系 zh_TW dc.description (描述) 110351008 zh_TW dc.description.abstract (摘要) 全球購併呈現成長趨勢，其中，新興市場及發展中經濟體的成長幅度最大。因為涉及股權，進行購併需承擔相當的風險，而股權多寡代表著對於公司的控制權力，對於新興市場及發展中經濟體尤為重要，在執行前需要經過慎重的考量與規劃，因此清楚利害關係人衡量購併的指標相當重要；而ESG作為近年來全球越來越關注的議題，逐漸被納入進行購併時考量的指標。 本研究以新興市場及發展中經濟體為例，並以中國企業為代表，透過分析中國企業收購方ESG表現對於購併後所有權的影響，發現在不區分被收購方國家發展程度的情況下，當收購方的ESG表現越好，購併後所有權超過50%的機率越低；而當被收購方為發達經濟體，不論是收購方的 ESG整體還是分項表現，當表現越好，在當次購併後能成為多數股一方的機率越高。 zh_TW dc.description.abstract (摘要) Mergers and acquisitions (M&A) are on the rise globally, with emerging markets and developing economies experiencing significant growth. M&A transactions involve transferring equity and can entail substantial risks for both acquiring and target firms. The level of ownership acquired influences the acquiring firms’ control over the target company, which could raise important concerns for target firms when the acquiring firms are from emerging markets. Hence, M&A strategies require careful planning and understanding of stakeholders` key concerns. Recently, environmental, social, and governance (ESG) factors have gained attention as essential evaluation criteria for M&A deals. This study examines the level of ownerships in M&A deals made by emerging market firms, using Chinese companies as examples. In particular, I investigate the impact of ESG performance of Chinese acquirers on the equity level of their target firms. My empirical findings show that regardless of economic development level of the target firms, higher ESG performance leads to a lower likelihood of obtaining ownership exceeding 50% after the acquisition. However, for target firms located in developed economies, the acquirer`s ESG performances increase the chances of their becoming the majority shareholder after the acquisition. 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 研究問題與目的 3第二章 文獻探討 4第一節 購併與全球化 4第二節 國際市場與進入策略 7第三節 環境、社會與公司治理 12第三章 研究假說 19第四章 研究方法 23第一節 樣本介紹 23第二節 變數介紹 25第三節 研究模型設計 30第五章 實證結果與分析 37第一節 敘述性統計分析 37第二節 相關性分析 42第三節 模型實證結果與分析 43第六章 結論 55第一節 研究結論 55第二節 管理意涵 58第三節 研究限制與未來研究方向 59參考文獻 61 zh_TW dc.format.extent 1214350 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110351008 en_US dc.subject (關鍵詞) 國際購併 zh_TW dc.subject (關鍵詞) ESG zh_TW dc.subject (關鍵詞) CSR zh_TW dc.subject (關鍵詞) 所有權 zh_TW dc.subject (關鍵詞) 新興市場 zh_TW dc.subject (關鍵詞) 發展中經濟體 zh_TW dc.subject (關鍵詞) 策略 zh_TW dc.subject (關鍵詞) 全球化 zh_TW dc.subject (關鍵詞) Mergers and Acquisitions en_US dc.subject (關鍵詞) ESG en_US dc.subject (關鍵詞) CSR en_US dc.subject (關鍵詞) Ownership en_US dc.subject (關鍵詞) Emerging Markets en_US dc.subject (關鍵詞) Developing Economies en_US dc.subject (關鍵詞) Strategy en_US dc.subject (關鍵詞) Globalization en_US dc.title (題名) ESG表現對於國際購併後所有權之影響：以新興市場跨國企業為例 zh_TW dc.title (題名) The Impact of Acquirers’ ESG Performance on Foreign Targets’ Ownerships — The Case of Emerging Market Acquirers en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Agarwal, S., & Ramaswami, S. N. (1992). Choice of foreign market entry mode: Impact of ownership, location and internalization factors. Journal of International Business Studies, 1-27.Anderson, E., & Gatignon, H. (1986). Models of foreign entry: A transaction cost analysis and propositions. Journal of International Business Studies, 17 (3): 1–26.Bartett, C.A. (2009), Transnational Management: Text, Cases and Readings in Cross-Border Management. 5th Ed., McGraw-Hill Higher Education, ISBN 978-0-07-310172-9Brouthers, K. D., & Hennart, J. F. (2007). Boundaries of the firm: Insights from international entry mode research. Journal of Management, 33(3), 395-425.Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., & Rose, E. L. (2014). International business. Pearson Australia.Chaisse, J. 2017. China’s Three Prong Investment Strategy: Bilateral, Regional and Global Tracks. London, UK: Cambridge University Press.Chari, M. D., & Chang, K. (2009). Determinants of the share of equity sought in cross-border acquisitions. Journal of International Business Studies, 40, 1277-1297.Chiao, Y. C., Lo, F. Y., & Yu, C. M. (2010). Choosing between wholly‐owned subsidiaries and joint ventures of MNCs from an emerging market. International Marketing Review, 27(3), 338-365.Chu, W., & Anderson, E. M. (1992). Capturing ordinal properties of categorical dependent variables: A review with application to modes of foreign entry. International Journal of Research in Marketing, 9(2), 149-160.Compact, U. G. (2004). Who cares wins: Connecting financial markets to a changing world. New York.Daniels, J. D., Radebaugh, L. H., Sullivan, D. P., & Click, R. W. (2014). International Business. Prentice Hall.Daniels, John D., Ernest W. Ogram, Jr., and Lee H. Radebaugh (1982), International Business: Environments and Operations, 3d edition, Reading, Mass.: Addison Wesley.Davidson, W. H. (1980). The location of foreign direct investment activity: Country characteristics and experience effects. Journal of International Business studies, 11, 9-22.Deloitte. (2023, April 25). ESG Can Drive Value in M&A—If Companies Will Let It. Deloitte. https://www2.deloitte.com/us/en/pages/mergers-and-acquisitions/articles/role-of-esg-in-deals.htmlDunning, J. H. (2014). Explaining International Production (Routledge Revivals). Routledge.Dunning, John H. (1988). The eclectic paradigm of international production: A restatement and some possible extensions. Journal of International Business Studies, 19: 1-31.Erramilli, M. Krishna & C.P. Rao. (1993). Service firms` international entry mode choice: A modified transaction cost analysis approach. Journal of Marketing, 57(July): 19-38.Feng, X. (2021). The role of ESG in acquirers’ performance change after M&A deals. Green Finance, 3(3), 287-318.Forbes. (2016). China hits record high M&A investment in Western firms. September 10, 2016.Foss, N. J., Klein, P. G., Lien, L. B., Zellweger, T., & Zenger, T. (2021). Ownership competence. Strategic Management Journal, 42(2), 302-328.Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233.Gelles, David (28 February 2023). "How Environmentally Conscious Investing Became a Target of Conservatives". The New York Times. ISSN 0362-4331. Retrieved 2 March 2023.Hawn, O. (2021). How media coverage of corporate social responsibility and irresponsibility influences cross‐border acquisitions. Strategic Management Journal, 42(1), 58-83.Hennart, J. F. (1989). Can the “new forms of investment” substitute for the “old forms?” A transaction costs perspective. Journal of International Business Studies, 20: 211-234.Hennart, J. F. (2000). The transaction cost theory of the multinational enterprise. In C. Pitelis & R. Sugden (Eds.), The Nature of the Transnational Firm (2nd ed.): 81-116. London: Routledge.Hennart, J. F., & Hl Slangen, A. (2015). Yes, we really do need more entry mode studies! A commentary on Shaver. Journal of International Business Studies, 46, 114-122.Hennart, J.-F. 1991. The transaction costs theory of joint ventures: An empirical study of Japanese subsidiaries in the United States. Management Science, 37 (4): 483–497.Hill, C. W., Hwang, P., & Kim, W. C. (1990). An eclectic theory of the choice of international entry mode. Strategic Management Journal, 11(2), 117-128.Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2016). Strategic management: Concepts and cases: Competitiveness and globalization. Cengage Learning.International Monetary Fund. (2022, October 11). World Economic Outlook - Frequently Asked Questions. https://www.imf.org/external/pubs/ft/weo/faq.htmJohanson, J., & Vahlne, J. 1977. The internationalization process of the firm: A model of knowledge development and increasing foreign commitments. Journal of International Business Studies, 8: 23-32.Kogut, B., & Zander, U. 1993. Knowledge of the firm and the evolutionary theory of the multinational corporation. Journal of International Business Studies, 24 (4): 625–645.Krishna Erramilli, M., Agarwal, S., & Dev, C. S. (2002). Choice between non-equity entry modes: an organizational capability perspective. Journal of International Business Studies, 33, 223-242.López, M. V., Garcia, A., & Rodriguez, L. (2007). Sustainable development and corporate performance: A study based on the Dow Jones sustainability index. Journal of Business Ethics, 75, 285-300.Luo, Y. (2001). Equity sharing in international joint ventures: An empirical analysis of strategic and environmental determinants. Journal of International Management, 7(1), 31-58.Luo, Y., & Park, S. H. (2004). Multiparty cooperation and performance in international equity joint ventures. Journal of International Business Studies, 35, 142-160.Luo, Y., & Tung, R. L. (2007). International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies, 38, 481-498.Luo, Y., & Tung, R. L. (2018). A general theory of springboard MNEs. Journal of International Business Studies, 49, 129-152.Meglio, O., Park, K., & Park, K. (2019). CSR and M&As in developed and developing economies. Strategic Decisions and Sustainability Choices: Mergers, Acquisitions and Corporate Social Responsibility from a Global Perspective, 155-176.Pan, Y., & Tse, D. K. (2000). The hierarchical model of market entry modes. Journal of International Business Studies, 31, 535-554.Park, K. M., Meglio, O., & Schriber, S. (2019). Building a global corporate social responsibility program via mergers and acquisitions: A managerial framework. 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