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The study investigates how a target's ESG score influences an acquirer's return on assets (ROA) and stock price changes following mergers and acquisitions. It finds that the effect on ROA is significant, with low-ESG acquirers experiencing greater declines compared to high-ESG acquirers due to higher integration costs. While most acquirers face ROA drops post-deal, those with higher pre-M&A ESG levels benefit from a more favorable outcome. However, the target's ESG score does not significantly affect the acquirer's stock price changes.
Nákup knihy
The Role of ESG in Merge and Acquisition Deals, Xuan Feng
- Jazyk
- Rok vydání
- 2022
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- Titul
- The Role of ESG in Merge and Acquisition Deals
- Podtitul
- By Analyzing the Acquirers' Performance Change
- Jazyk
- anglicky
- Autoři
- Xuan Feng
- Vydavatel
- LAP LAMBERT Academic Publishing
- Rok vydání
- 2022
- Vazba
- měkká
- Počet stran
- 64
- ISBN13
- 9786204749860
- Série
- Anotace
- The study investigates how a target's ESG score influences an acquirer's return on assets (ROA) and stock price changes following mergers and acquisitions. It finds that the effect on ROA is significant, with low-ESG acquirers experiencing greater declines compared to high-ESG acquirers due to higher integration costs. While most acquirers face ROA drops post-deal, those with higher pre-M&A ESG levels benefit from a more favorable outcome. However, the target's ESG score does not significantly affect the acquirer's stock price changes.