"The sustainable development trend in environmental, social, and govern" by Ruichen Ma
This study investigates how potential target firms' environmental, social, and governance (ESG) performance affects bid premiums during the merger and acquisition (M&A) process. Using a sample of 5658 M&A deals between 2009 to 2020, we provide new evidence that target firms' ESG rating is positively correlated to bid price, particularly when the target firm scores highly on their singular environmental and governance ratings, whereas the targets with high single social ratings alone are not correlated to bid price. Our results also implied that when the target has lower envir...
Source: uow.edu.au