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題名:Corporate Social Responsibility, Mergers and Acquisitions, Leverage and Firm Performance: Evidence from Emerging Markets
作者:DOAN TUYET NHIEN
作者(外文):DOAN TUYET NHIEN
校院名稱:大葉大學
系所名稱:管理學院博士班
指導教授:賴奕豪
學位類別:博士
出版日期:2022
主題關鍵詞:併購企業社會責任槓桿企業財務績效Mergers and AcquisitionsCorporate Social ResponsibilityLeverageCorporate Financial Performance
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本文研究新興市場公司在併購狀況下,其併購(M&A)和企業社會責任(CSR)對併購後槓桿和企業財務績效(CFP)的影響。據我們所知,這是第一篇研究使用內生轉換迴歸模型來衡量CSR 和 M&A 對 CSR 和非 CSR (NCSR) 公司CFP 的影響差異性。實證結果指出,NCSR 公司的 CFP 下降,然後在整合過程接近完成時顯著恢復。就CSR 公司而言,其併購後的CFP 逐漸降低,但仍高於NCSR 公司。處置效果的估計結果顯示,CSR 對 NCSR 公司合併後 CFP 的負面影響比對CSR 公司更嚴重。此外,環境類別CSR 和低 CSR 公司合併後 CFP 具有雙向關係。相反的,高 CSR公司傾向於參與治理類別 CSR 活動,這有助於公司增加獲取低成本權益和解決併購後代理問題的機會。CSR 構面與CFP 的關係隨時間變化,且與公司在CSR 上的績效表現有關。透過事件研究法的實證結果亦顯示,併購與 CSR 公司 和 NCSR 公司的 CFP 都呈負相關。然而,如果CSR 公司在併購後不參與CSR 活動,則併購與其CFP 呈正相關。此外,結果指出CSR 提高了由併購獲得財務綜效的可能性,特別是會讓NCSR 公司可藉此以長期債務取得資金。最後,新興市場公司對技術和資本敏感,因此當他們為提高 CFP而進行尋求資源為目的的併購時,往往會保持較高的長期槓桿。
This dissertation investigates the impact of mergers and acquisitions (M&As) and corporate social responsibility (CSR) on post-merger leverage and corporate financial performance (CFP) in the M&A context of emerging markets. To our best
knowledge, it is the first study uses the endogenous switching regression model to measure the differences in the impact of CSR and M&As on CFP and leverage between CSR and non-CSR (NCSR) firms. Results point out that NCSR firms’ CFP decreases, followed by a significant restoration when the integration process nearly completes. In the case of CSR firms, their post-merger CFP gradually reduces, but it is still higher than NCSR firms’ one. Estimates of the treatment effect show that the negative impact of CSR causes NCSR firms’ post-merge CFP more serious than CSR firms’ one. Besides, the negative bilateral effect is for the environmental CSR and low-CSR firms’ post-merger CFP relationship. Inversely, high-CSR firms tend to engage in governance CSR activities, which help the firms probably increase in accessing low-cost equities and resolving post-merger agency problems. The CSR dimensions- CFP relationship changes over time and depends on the CSR-firm level. A great result shows that M&As are negatively related to CFP of both CSR and NCSR firms by the event study methodology. However, M&As are positively associated with CSR-firm CFP if they
would not participate in CSR after M&As. It means that the fact relationship between M&As and CSR-firm CFP is positive. Also, results point out that CSR enhances the probability of gaining financial synergy via M&As, particularly accessing long-term debt of NCSR firms. Finally, emerging-market firms are technology and capital sensitive, so they tend to maintain higher long-term leverage when they do resourceseeking M&As for their CFP improvement.
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