Η απόδοση των συγχωνεύσεων κι εξαγορών υπό το πρίσμα του ESG
KeywordsΣυγχωνεύσεις και εξαγορές ; Μέθοδος ανάλυσης γεγονότων ; Μη κανονικές αποδόσεις ; Βαθμολογία ESG
The objective of this study is to compare the short-term stock returns performance of Acquirers and Targets with a high ESG rating including controversies score with the corresponding sample of companies with a low ESG rating over the last 7 years period (2015-2022) in the US market. More specifically, to detect the short-term performance of Acquirers and Targets we apply the standard event study methodology to estimate Cumulative Average Abnormal Returns (CAARs) over a short-term announcement window, using the Market Model for a final sample of 4.578 completed domestic deals of US acquirers. Moreover, in order to discover the determinants of these Abnormal Returns, we employ a series of variables, which in addition to the ESG score are the method of payment, the time period, and the industrial relatedness (related/unrelated) of the takeover bid.