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Esta tese tem como objetivo investigar se os compradores pagam um prémio mais elevado pelos esforços de sustentabilidade ambiental da empresa-alvo nas transações de fusões e aquisições (F&A). No presente trabalho, são utilizados os ratings de emissões, inovação e utilização de recursos para medir os níveis de sustentabilidade. O estudo abrange uma amostra de 1.091 fusões e aquisições entre 1 de janeiro de 2012 e 31 de dezembro de 2022, e aplica modelos de regressão multivariada com mínimos quadrados ordinários para a estimação. Para enquadrar esta investigação, a dissertação baseia-se em três teorias fundamentais: a Teoria da Maximização do valor dos Stakeholders, que sugere que as empresas devem gerir os seus recursos de forma a maximizar o valor para todos os Stakeholders. A teoria dos Shareholders, que enfatiza que a melhoria do valor para os mesmos deve ser o objetivo principal da empresa e por fim, a Teoria da Agência e os respetivos custos relacionados ao compromisso com ESG, que examina como os esforços de sustentabilidade podem alinhar os interesses dos gestores e Shareholder, reduzindo conflitos de agência e custos associados. Os resultados permitem concluir que, enquanto os compradores valorizarem os esforços de sustentabilidade das empresas-alvo em transações de fusões e aquisições, essa valorização é afetada por uma variedade de fatores complexos e diferenciados. Os indicadores de sustentabilidade, como os ratings de emissões, inovação e utilização de recursos, apresentam uma ampla gama de variações, refletindo diferentes níveis de compromisso ambiental entre as empresas. No entanto, a grande dispersão nos prémios de F&A, desde valores significativamente negativos até prémios elevados, sugere uma avaliação diferenciada dos esforços de sustentabilidade no mercado de fusões e aquisições. Além disso, fatores como a relação da empresa com a Industry Relatedness (Indrel), a atitude em relação ao negócio (DealAttitude) e a Concorrência (Rivals) parece afetar a maneira como os esforços de sustentabilidade são avaliados. Isto sugere que fatores competitivos e estratégicos também desempenham um papel importante na determinação dos prémios pagos. Por fim, os resultados mostram que, embora haja uma tendência para a valorização dos esforços de sustentabilidade nas transações de F&A, essa valorização é complexa e afetada por uma variedade de fatores de sustentabilidade e contextos estratégicos específicos das transações.
This thesis aims to investigate whether buyers pay a higher premium for the target company's environmental sustainability efforts in mergers and acquisitions transactions. In this work, emissions, innovation, and resource use ratings are used to measure sustainability levels. The study covers a sample of 1,091 acquisitions between January 1, 2012, and December 31, 2022, and applies multivariate regression models with Ordinary Least Squares for the estimation. To frame this research, the dissertation is based on three fundamental theories: the Stakeholder Value Maximization Theory, which suggests that companies should manage their resources in such a way as to maximize value for all Stakeholders. The Shareholder Theory, which emphasizes that improving shareholder value should be the company's main objective and finally, the Agency Theory and its costs related to ESG commitment, which examines how sustainability efforts can align the interests of managers and Shareholders, reducing agency conflicts and associated costs. The results conclude that, while buyers value the sustainability efforts of target companies in M&A transactions, this valuation is affected by a variety of complex and differentiated factors. Sustainability indicators such as emissions, innovation and resource use ratings show a wide range of variations, reflecting different levels of environmental commitment among companies. However, the wide dispersion in M&A premiums, from significantly negative values to high premiums, suggests a differentiated assessment of sustainability efforts in the M&A market. In addition, factors such as the company's relationship with the Industry Relatedness (Indrel), attitude towards the deal (DealAttitude) and the presence of rivals (Rivals) seem to affect the way sustainability efforts are evaluated. This suggests that competitive and strategic factors also play an important role in determining the premiums paid. Finally, the results show that although there is a tendency for sustainability efforts to be valued in M&A transactions, this valuation is complex and affected by a variety of sustainability factors and transaction-specific strategic contexts.
This thesis aims to investigate whether buyers pay a higher premium for the target company's environmental sustainability efforts in mergers and acquisitions transactions. In this work, emissions, innovation, and resource use ratings are used to measure sustainability levels. The study covers a sample of 1,091 acquisitions between January 1, 2012, and December 31, 2022, and applies multivariate regression models with Ordinary Least Squares for the estimation. To frame this research, the dissertation is based on three fundamental theories: the Stakeholder Value Maximization Theory, which suggests that companies should manage their resources in such a way as to maximize value for all Stakeholders. The Shareholder Theory, which emphasizes that improving shareholder value should be the company's main objective and finally, the Agency Theory and its costs related to ESG commitment, which examines how sustainability efforts can align the interests of managers and Shareholders, reducing agency conflicts and associated costs. The results conclude that, while buyers value the sustainability efforts of target companies in M&A transactions, this valuation is affected by a variety of complex and differentiated factors. Sustainability indicators such as emissions, innovation and resource use ratings show a wide range of variations, reflecting different levels of environmental commitment among companies. However, the wide dispersion in M&A premiums, from significantly negative values to high premiums, suggests a differentiated assessment of sustainability efforts in the M&A market. In addition, factors such as the company's relationship with the Industry Relatedness (Indrel), attitude towards the deal (DealAttitude) and the presence of rivals (Rivals) seem to affect the way sustainability efforts are evaluated. This suggests that competitive and strategic factors also play an important role in determining the premiums paid. Finally, the results show that although there is a tendency for sustainability efforts to be valued in M&A transactions, this valuation is complex and affected by a variety of sustainability factors and transaction-specific strategic contexts.
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Keywords
ESG F&A Prémio de F&A Responsabilidade social empresarial (RSE) M&A M&A premium Corporate social responsability