Các cổ đông lớn và hiệu suất ESG của các công ty mục tiêu trong M&A

Jonathan Taglialatela1,2, Roberto Barontini1, Francesco Testa1, Fabio Iraldo1
1Institute of Management, Sant'Anna School of Advanced Studies, Piazza Martiri della Libertà 33, Pisa, Italy
2School of Management, Politecnico di Milano, Milan, Italy

Tóm tắt

Bài báo này khảo sát ảnh hưởng của một số đặc điểm của các cổ đông lớn đến hiệu suất về môi trường và xã hội của các công ty mục tiêu trong các thương vụ M&A. Đầu tiên, bằng cách áp dụng phương pháp đối chứng trên một mẫu lớn các công ty niêm yết, chúng tôi cho thấy sự tồn tại của tác động tích cực của các cổ đông lớn đến hiệu suất ESG của mục tiêu. Sau đó, chúng tôi phát hiện rằng hiệu suất ESG của công ty mục tiêu không khác nhau tùy thuộc vào việc cổ đông lớn là người mua tài chính hay chiến lược. Điều này đi ngược lại với tri thức chung rằng mục tiêu của những người mua tài chính là tối đa hóa lợi nhuận ngắn hạn và do đó có khả năng bỏ qua các dự án bền vững dài hạn. Ngoài ra, các thương vụ mua lại được theo sau bởi sự giảm nợ thường liên quan đến hiệu suất ESG cao hơn đáng kể trong dài hạn. Những kết quả này nhấn mạnh tác động tích cực của các khoản đầu tư vốn cổ phần của các cổ đông lớn đến các thực hành về môi trường và xã hội—cả chiến lược và tài chính. Bằng chứng thực nghiệm mới mẻ này sẽ có giá trị cho các nhà hoạch định chính sách muốn định nghĩa một môi trường thể chế có thể thúc đẩy nhanh chóng các chuyển biến bền vững và cho các nhà đầu tư, quản lý đánh giá các thương vụ M&A.

Từ khóa

#cổ đông lớn #hiệu suất ESG #M&A #mục tiêu môi trường và xã hội #thực hành bền vững

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