國立虎尾科技大學 |

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

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Acquirer's ESG Performance, Value and M&A Abnormal Returns./
作者:	Mantzanas, Christos
面頁冊數:	1 online resource (71 pages)
附註:	Source: Masters Abstracts International, Volume: 85-01.
Contained By:	Masters Abstracts International85-01.
標題:	Finance. -
電子資源:	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:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Acquirer's ESG Performance, Value and M&A Abnormal Returns.
LDR:04634ntm a2200373K 4500 001 1141150
005 20231130111626.5
006 m o d
007 cr mn ---uuuuu
008 250605s2023 xx obm 000 0 eng d
020 $a 9798379868062
035 $a (MiAaPQ)AAI30508938
035 $a (MiAaPQ)Piraeus15314
035 $a AAI30508938
040 $a MiAaPQ $b eng $c MiAaPQ $d NTU
066 $c (S
100 1 $6 880-01 $a Mantzanas, Christos $3 1464779
245 1 0 $a Acquirer's ESG Performance, Value and M&A Abnormal Returns.
264 0 $c 2023
300 $a 1 online resource (71 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
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 Finance. $3 559073
650 4 $a Sustainability. $3 793436
655 7 $a Electronic books. $2 local $3 554714
690 $a 0640
690 $a 0508
710 2 $a University of Piraeus (Greece). $3 1413572
710 2 $a ProQuest Information and Learning Co. $3 1178819
773 0 $t Masters Abstracts International $g 85-01.
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30508938 $z click for full text (PQDT)
880 1 $6 100-01/(S $a Μαντζάνας, Χρήστος.