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Acquirer's ESG Performance, Value and M&A Abnormal Returns.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Acquirer's ESG Performance, Value and M&A Abnormal Returns./
Author:	Mantzanas, Christos
Description:	1 online resource (71 pages)
Notes:	Source: Masters Abstracts International, Volume: 85-01.
Contained By:	Masters Abstracts International85-01.
Subject:	Sustainability. -
Online resource:	click for full text (PQDT)
ISBN:	9798379868062

Acquirer's ESG Performance, Value and M&A Abnormal Returns.
Mantzanas, Christos

Acquirer's ESG Performance, Value and M&A Abnormal Returns. - 1 online resource (71 pages)

Source: Masters Abstracts International, Volume: 85-01.

Thesis (M.Sc.)--University of Piraeus (Greece), 2023.

Includes bibliographical references

In this study, I examine the relationship between the acquirers' environmental, social, and governance (ESG) performance and firms' value. Also, I examine the effect of ESG performance on acquirer firms' abnormal returns around the announcement dates of M&A deals. Based on event-study method using a sample of 482 completed US domestic mergers from 2010 to 2021, in which acquiring firms' ESG performance ratings are available, I find strong evidence that acquirers' ESG performance has a significant positive effect on the firms' value, when using Tobin's Q as the dependent variable (p<0.1). Also, I identify the impact of ESG performance on cumulative abnormal returns. Empirical results suggest that ESG performance significantly increases firms' cumulative abnormal returns (p<0.01) in short term. The results are robust that consider a range of 56 trading days (-28, +28) as an event window period, ESG performance measurement, and other control variables.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798379868062Subjects--Topical Terms:

793436
Sustainability.
Index Terms--Genre/Form:

554714
Electronic books.

Acquirer's ESG Performance, Value and M&A Abnormal Returns.
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300 $a 1 online resource (71 pages)
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500 $a Source: Masters Abstracts International, Volume: 85-01.
500 $a Advisor: Τσιριτάκης, Εμμανουήλ ; Emmanouil, Tsiritakis.
502 $a Thesis (M.Sc.)--University of Piraeus (Greece), 2023.
504 $a Includes bibliographical references
520 $a In this study, I examine the relationship between the acquirers' environmental, social, and governance (ESG) performance and firms' value. Also, I examine the effect of ESG performance on acquirer firms' abnormal returns around the announcement dates of M&A deals. Based on event-study method using a sample of 482 completed US domestic mergers from 2010 to 2021, in which acquiring firms' ESG performance ratings are available, I find strong evidence that acquirers' ESG performance has a significant positive effect on the firms' value, when using Tobin's Q as the dependent variable (p<0.1). Also, I identify the impact of ESG performance on cumulative abnormal returns. Empirical results suggest that ESG performance significantly increases firms' cumulative abnormal returns (p<0.01) in short term. The results are robust that consider a range of 56 trading days (-28, +28) as an event window period, ESG performance measurement, and other control variables.
520 $a Σε αυτή τη μελέτη, εξετάζω τη σχέση μεταξύ της περιβαλλοντικής, κοινωνικής και διακυβερνητικής (ESG) απόδοσης των εξαγοράζουσων εταιριών και της αξίας της εταιρείας. Επίσης, εξετάζω την επίδραση της ESG απόδοσης των εξαγοράζουσων εταιριών στις μη αναμενόμενες αποδόσεις των εταιρειών γύρω από τις ημερομηνίες ανακοίνωσης των συμφωνιών συγχωνεύσεων και εξαγορών. Με βάση τη μέθοδο μελέτης συμβάντων χρησιμοποιώντας ένα δείγμα 482 ολοκληρωμένων εγχώριων συγχωνεύσεων στις ΗΠΑ από το 2010 έως το 2021, στις οποίες είναι διαθέσιμες οι αξιολογήσεις απόδοσης ESG των εξαγοράζουσων εταιρειών, βρίσκω ισχυρές ενδείξεις ότι η ESG απόδοση των αγοραστών έχει σημαντική θετική επίδραση στην αξία της εταιρείας, όταν χρησιμοποιείται το Tobin's Q ως εξαρτημένη μεταβλητή (p<0,1). Επίσης, εξακριβώνω τον αντίκτυπο της ESG απόδοσης στις σωρευτικές μη αναμενόμενες αποδόσεις. Τα εμπειρικά αποτελέσματα υποδηλώνουν ότι η ESG απόδοση αυξάνει σημαντικά τις σωρευτικές μη αναμενόμενες αποδόσεις των εταιριών (p<0,01) βραχυπρόθεσμα. Τα αποτελέσματα είναι εύρωστα και λαμβάνουν υπόψη ένα εύρος 56 εργάσιμων ημερών (-28, +28) ως περίοδο παραθύρου συμβάντος, μέτρηση απόδοσης ESG και άλλες μεταβλητές ελέγχου.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Sustainability. $3 793436
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0640
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a University of Piraeus (Greece). $3 1413572
773 0 $t Masters Abstracts International $g 85-01.
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880 1 $6 100-01/(S $a Μαντζάνας, Χρήστος.