CLSBE - Dissertações de Mestrado / Master Dissertations

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The impact of ESG on M&A : an analysis of acquisition premia
Publication . Pinardi, Francesco; Di Giuli, Alberta
This research paper aims to investigate and contribute to the puzzling discussion around the impact of ESG variables on the premia paid by acquiring companies in M&A transactions. To test the aforementioned relationship, different analyses have been conducted. More specifically, the empirical models developed consist in different linear regression models which were fitted by exploring all the different possible relationship combinations between the premia paid and ESG performance. The analysis led to significant results only in the case of simple bivariate analysis, while it produced insignificant results once additional control variables representing companies’ size, operating performance, and capital structure were included in the analysis. Based on the study conducted, it can be concluded that there is no significant relationship between the main variables of interest regardless of the industry categories considered, namely whether the broad market industries spectrum or only capital intensive. These findings are in contrast with the initial hypotheses developed as well as with some previous research, yet they are in line with other academic studies which support the idea that ESG is not a key variable impacting M&A premia and strategic considerations behind deals execution.
2023-06-27Master thesis Open access Show more