What do acquirers want? the relationship between target's ESG transparency and M&A deal completion [전자자료]
| 000 | 00000nam c2200205 c 4500 | |
| 001 | 000046157117 | |
| 005 | 20230907162949 | |
| 006 | m d | |
| 007 | cr | |
| 008 | 230621s2023 ulkd obmAC 000c eng | |
| 040 | ▼a 211009 ▼c 211009 ▼d 211009 | |
| 085 | 0 | ▼a 0510 ▼2 KDCP |
| 090 | ▼a 0510 ▼b 6B2 ▼c 2386 | |
| 100 | 1 | ▼a 장택상 |
| 245 | 1 0 | ▼a What do acquirers want? the relationship between target's ESG transparency and M&A deal completion ▼h [전자자료] / ▼d Taeksang Jang |
| 246 | 1 1 | ▼a 인수자는 무엇을 원하는가? 피인수기업의 ESG 정보 투명성과 M&A 성공 가능성간의 관계에 대하여 |
| 260 | ▼a Seoul : ▼b Graduate School, Korea University, ▼c 2023 | |
| 300 | ▼a 전자책 1책(iv, 45 p.) : ▼b 도표 | |
| 500 | ▼a 지도교수: 문정빈 | |
| 500 | ▼a 본표제는 표제면 이미지의 표제임 | |
| 500 | ▼a 부록수록 | |
| 502 | 0 | ▼a 학위논문(석사)-- ▼b 고려대학교 대학원, ▼c 경영학과, ▼d 2023. 8 |
| 504 | ▼a 참고문헌: p. 38-44 | |
| 653 | ▼a corporate social responsibility ▼a transaction costs ▼a organizational legitimacy ▼a CSR disclosure ▼a ESG transparency ▼a mergers and acquisitions | |
| 900 | 1 0 | ▼a Jang, Taeksang, ▼e 저 |
| 900 | 1 0 | ▼a 문정빈, ▼g 文丁彬, ▼d 1972-, ▼e 지도교수 ▼0 AUTH(211009)153169 |
| 900 | 1 0 | ▼a Moon, Jungbien, ▼e 지도교수 |
| 945 | ▼a ITMT | |
| 991 | ▼a E-Book(학위논문) ▼w (DCOLL211009)000000276604 |
전자정보
소장정보
| No. | 소장처 | 청구기호 | 등록번호 | 도서상태 | 반납예정일 | 예약 | 서비스 |
|---|---|---|---|---|---|---|---|
| No. 1 | 소장처 중앙도서관/e-Book 컬렉션/ | 청구기호 CT 0510 6B2 2386 | 등록번호 E13001258 | 도서상태 대출불가(열람가능) | 반납예정일 | 예약 | 서비스 |
컨텐츠정보
초록
In this study, we explore the relationship between the ESG transparency of the target and M&A completion likelihood by shedding light on the costs associated with the amount of available ESG information during the public takeover process of an M&A deal. We hypothesize that the ESG transparency of the target decreases the completion likelihood of an M&A deal, suggesting that increasing negotiation costs and information processing costs may create greater difficulties for an acquirer in successfully closing the deal. In addition, we propose that the relationship is moderated by prior acquisition experience of the acquirer and the cultural distance between the acquirer’s home country and the target’s country. We test our hypotheses using 804 M&A deal announcements from 2010 to 2021. We find that ESG transparency of the target decreases the M&A completion likelihood. We also find that the relationship between ESG transparency of the target and M&A completion likelihood is stronger for acquirers with prior acquisition experience and weaker for cross-border acquisitions with greater cultural distance. Furthermore, through our additional analysis, we attempt to advance our understanding of the impact of each pillar of ESG disclosure in M&A deal processes.
목차
ABSTRACT i TABLE OF CONTENTS ii LIST OF TABLES iii LIST OF FIGURES iv CHAPTER 1. INTRODUCTION 1 CHAPTER 2. LITERATURE REVIEW 7 2.1 Information disclosure and transparency 7 2.2 Merger and acquisition process and information asymmetry 7 2.3 Determinants of M&A completion 9 CHAPTER 3. HYPOTHESES DEVELOPMENT 11 3.1 How target’s ESG transparency can impact merger and acquisition process 11 3.2 Moderating effect of acquisition experience 13 3.3 Moderating effect of cultural distance in cross-border acquisitions 15 CHAPTER 4. METHODS 18 4.1 Data and sample 18 4.2 Measures 19 CHAPTER 5. RESULTS 22 5.1 Robustness check and additional analysis 27 CHAPTER 6. DISCUSSION AND CONCLUSION 31 CHAPTER 7. LIMITATION AND FUTURE RESEARCH 35 REFERENCES 38 APPENDICES(or SUPPLEMENTARY MATERIALS) 45 A. Items on Bloomberg’s ESG disclosure score 45
