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Implications of corporate social responsibility on financial markets’ anticipations in the context of m&a announcements : international evidence from the market for corporate control

  • Over the last decades, Mergers and Acquisitions (M&A) have become key strategic alternatives to organic growth, enabling firms to expand in new geographies, broaden their product or service portfolios, increase their market power or diversify their business activities, for instance. Historically, although M&A deals have occurred in cyclical patterns, the number of transactions as well the total amount invested have followed an increasing trend. For instance, in 2021, the number of M&A deals conducted worldwide even peaked at an absolute record of 63,215 deals, for a total amount of $5,800 billion, comparable to the annual GDP of a country like Japan. Although the literature on M&A is vast and multi-disciplinarian, the performance of such transactions as well as their influencing factors have remained debated issues. This paper-based dissertation investigates the implications of corporate social responsibility (CSR) on financial markets’ anticipations in the context of M&A announcements. The first manuscript (Manuscript A) corresponds to a literature review on the determinants to financial markets’ reactions around M&A announcements. The second manuscript (Manuscript B) investigates the impact of both acquirers- and targets’ CSR engagements as well as their CSR profiles distance on synergetic gains anticipated by financial markets around M&A announcements. The third manuscript (Manuscript C) focuses on the impact of acquiring firms’ CSR engagement on the accuracy of financial markets’ anticipations with regards to the long-term operating performance of M&A deals. The fourth manuscript (Manuscript D) analyses whether acquirers’ CSR performance impacts M&A premia, since the premia offered to target shareholders contain acquiring managements’ anticipations regarding potential synergetic gains and are by the way critical to the deals’ value creation processes.

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Document Type:Doctoral Thesis
Author:Sébastien Jost
Referee:Henning ZülchORCiD, Torsten WulfORCiD
Chairs and Professorships:Chair of Accounting and Auditing
Center:Center for Strategy and Scenario Planning (CSSP)
Full text/ URN:urn:nbn:de:bsz:14-qucosa2-826150
Place of publication:Leipzig
Date of Publication (online):2022/12/19
Page Number:X, 230
Year of first Publication:2022
Date of final exam:2022/11/18
Tag:Antizipationen der Finanzmärkte; Fusionen und Übernahmen; Leistungsdeterminanten; Soziale Verantwortung der Unternehmen; Übernahmeprämien
Corporate social responsiblity; Financial markets anticipations; Mergers & acquisitions; Performance determinants; Takeover premia
Dissertation, HHL Leipzig Graduate School of Managementm 2022
- What determines the financial markets reactions around M&A announcements? : a systematic literature review
- Does CSR proximity impact the synergetic gains generated through M&A deals? : new international evidence
- Does CSR engagement impact the long-term performance predictability of M&A deals? : international evidence 
- Jost, Sébastien, Erben, Saskia, Ottenstein, Philipp, Zülch, Henning. Does corporate social responsibility impact mergers & acquisition premia? : new international evidence. https://doi.org/10.1016/j.frl.2021.102237
Licence (German):License LogoUrheberrechtlich geschützt