豪斯曼试验
独创性
公司治理
稳健性(进化)
业务
固定效应模型
中国
并购
会计
随机效应模型
计量经济学
经济
面板数据
财务
荟萃分析
医学
生物化学
化学
创造力
政治学
内科学
法学
基因
作者
Md Jahidur Rahman,Jiani Wu
出处
期刊:Managerial Finance
[Emerald (MCB UP)]
日期:2023-08-21
卷期号:50 (1): 179-197
被引量:1
标识
DOI:10.1108/mf-02-2023-0103
摘要
Purpose This study explores the effect of mergers and acquisitions (M&As) on corporations' environmental, social and governance (ESG) performance and values in the Chinese financial market. Design/methodology/approach This study collected data covering 158 Chinese listed companies that have successfully completed at least one M&A activity between 2011 and 2020. Fixed effect and random models based on the Hausman test are adopted to mitigate potential heterogeneity issues in the selection. Findings Results show that acquiring targets with high ESG performance can help increase their own ESG performance, which in turn increases their market values. Heterogeneity and robustness tests also provide consistent results. Findings further confirm the bidirectional correlation between ESG and M&As, and then enrich related literature by suggesting the importance of utilizing M&As as a driver to increase corporate ESG performance. Originality/value This study embodies the practical implications of ESG and M&A. Managers, investors and policymakers can highly benefit from the results through practical applications.
科研通智能强力驱动
Strongly Powered by AbleSci AI