Η εξέταση της μετοχικής απόδοσης των συγχωνεύσεων και εξαγορών υπό το πρίσμα της εταιρικής επίδοσης βάσει κριτηρίων ESG (environmental social governance) στην αγορά του Ηνωμένου Βασιλείου
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Keywords
Συγχωνεύσεις και εξαγορές ; Κριτήρια ESG ; Μη κανονικές αποδόσεις acquirer ; Αθροιστικές μη κανονικές αποδόσεις acquirer ; Αγορά Ηνωμένου Βασιλείου ; Event studyAbstract
Mergers and Acquisitions (M&As) are one of the most used practices of firm development and expansion. The United Kingdom is traditionally the financial center of Europe and that’s the reason why it is one of the countries that have a lot of M&A activity. This research focuses on the examination of M&As and specifically on stock returns in light of corporate performance measured by ESG criteria in a sample of UK listed companies for the period of 2010-2022. Market Index Model was used to calculate the abnormal returns and the cumulative abnormal returns for analyzing 3 event windows. Our results show that in the period around the announcement of takeover bids Acquirers on average produced negative CARs, yet these returns were influenced positively by their performance of ESG scores.