研究生: |
杜盈盈 Ying-Ying Du |
---|---|
論文名稱: |
投資者是否對併購案中的企業社會責任公司區別對待? Do Investors React Differently in M&A Deal for CSR Firms? |
指導教授: |
周德瑋
Chou, De-Wai 詹佳縈 Chan, Chia-Ying |
學位類別: |
碩士 Master |
系所名稱: |
管理研究所 Graduate Institute of Management |
論文出版年: | 2013 |
畢業學年度: | 101 |
語文別: | 英文 |
論文頁數: | 36 |
中文關鍵詞: | 企業社會責任 、併購 、宣告效果 |
英文關鍵詞: | Corporate Social Responsibility, Merger and Acquisitions, Announcement Period Return |
論文種類: | 學術論文 |
相關次數: | 點閱:218 下載:24 |
分享至: |
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報 |
履行企業社會責任的公司要求經理人追求多重目標以滿足不同的利益關係人的要求,但公司進行併購活動的目的往往是爲了使公司價值實現最大化。由於企業社會責任公司的多重目標對於併購績效的影響尚未可知,亦無文獻探討過履行企業社會責任與併購績效之間的關係,所以本文檢驗了履行企業社會責任是否會影響主併公司短期宣告效果及長期股價績效。實證結果顯示,企業社會責任公司在宣告期間可以獲得顯著更高的股價報酬;但在長期之後其股價表現則不顯著地低於非企業社會責任公司。短期實證結果支持了本文假說,即履行企業社會責任確實可以充當一個“保險信號”的角色,為主併公司獲取更多利潤;但在主併公司的長期並購績效方面,還需做進一步的探討。
The corporate social responsibility (CSR) firms may have multiple objectives to satisfy different stakeholders, however the purpose of merger and acquisition (M&A) is to maximize the firm value. Since the impact of CSR’s multi-task nature on bidder’s M&A activities is still overlooked and no empirical results have revealed an explicit relationship between these two issues, we examine whether engagement of CSR affect bidding firm’s profitability in M&A deals. Our result suggests that being identified as CSR firms, the acquirers will experience significantly higher abnormal return during the announcement period, while in the long run, they underperform non-CSR acquirers insignificantly. The short-run result supports our hypothesis that CSR engagement can function as an “insurance” signal, but for the long-run result, it seems to deserve more discussion on the CSR bidders’ long-run performance post M&A.
Agrawal, A., Jaffe, J. F., & Mandelker, G. N. (1992). The Post‐merger performance of acquiring firms: A re‐examination of an anomaly. Journal of Finance, 47(4), 1605-1621.
Andrade, G., Mitchell, M., & Stafford, E. (2001). New evidence and perspectives on mergers. Working paper, Harvard Business School.
Aupperle, K. E., Carroll, A. B., & Hatfield, J. D. (1985). An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal, 28(2), 446-463.
Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97(1), 71-86.
Brau, J. C., Couch, R. B., & Sutton, N. K. (2012). The desire to acquire and IPO long-run underperformance. Journal of Financial and Quantitative Analysis, 47(3), 493-510.
Chang, S. (1998). Takeovers of privately held targets, methods of payment, and bidder returns. Journal of Finance, 53(2), 773-784.
Ciambotti, M., Aureli, S., & Demartini, P. (2011). Italy: Demand for social responsibility in mergers and acquisitions. Journal of Corporate Accounting & Finance, 22(6), 45-50.
Cornell, B., & Shapiro, A. C. (1987). Corporate stakeholders and corporate finance. Financial Management, 16(1), 5-14.
Cui, J., Jo, H., & Na, H. (2012). Does Corporate Social Responsibility Reduce Information Asymmetry? Working paper, Leavey School of Business, Santa Clara University, Korea University, Korea.
Faccio, M., McConnell, J. J., & Stolin, D. (2006). Returns to acquirers of listed and unlisted targets. Journal of Financial and Quantitative Analysis, 41(1), 197-220.
Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach (Vol. 1). Boston: Pitman.
Fuller, K., Netter, J., & Stegemoller, M. (2002). What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions. Journal of Finance, 57(4), 1763-1793.
Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425-445.
Hietala, P., Kaplan, S. N., & Robinson, D. T. (2002). What is the price of hubris? Using takeover battles to infer overpayments and synergies (No. w9264). National Bureau of Economic Research.
Jensen, M. (1986). Agency cost of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323-329.
Jensen, M. C. (2001). Value maximization, stakeholder theory, and the corporate objective function. Journal of Applied Corporate Finance, 14(3), 8-21.
Keown, A. J., & Pinkerton, J. M. (1981). Merger announcements and insider trading activity: An empirical investigation. Journal of Finance, 36(4), 855-869.
Kooli, M., Kortas, M., & L'her, J. F. (2003). A new examination of the private company discount: The acquisition approach. Journal of Private Equity, 6(3), 48-55.
Kusewitt, J. B. (1985). An exploratory study of strategic acquisition factors relating to performance. Strategic Management Journal, 6(2), 151-169.
Lerner, L. D., & Fryxell, G. E. (1988). An empirical study of the predictors of corporate social performance: A multi-dimensional analysis. Journal of Business Ethics, 7(12), 951-959.
Marcus, A. A., & Goodman, R. S. (1986). Compliance and performance: Toward a contingency theory (pp. 193-221). Strategic Management Research Center, University of Minnesota.
McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate Social Responsibility and firm financial performance. Academy of Management Journal, 31(4), 854-872.
Minor, D., & Morgan, J. (2011). CSR as reputation insurance: Primum non nocere. California Management Review, 53(3), 40.
Morgan, S. M. (2009). The impact of corporate social responsibility on mergers and acquisitions. Working paper, University Honors College, Oregon State University.
Posnikoff, J. F. (1997). Disinvestment from South Africa: They did well by doing good. Contemporary Economic Policy, 15(1), 76-86.
Raghavendra Rau, P., & Vermaelen, T. (1998). Glamour, value and the post-acquisition performance of acquiring firms. Journal of Financial Economics, 49(2), 223-253.
Renneboog, L., Ter Horst, J., & Zhang, C. (2008). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of Banking & Finance, 32(9), 1723-1742.
Reuer, J. J., Tong, T. W., & Wu, C. W. (2012). A signaling theory of acquisition premiums: evidence from IPO targets. Academy of Management Journal, 55(3), 667-683.
Robinson, M., Kleffner, A., Bertels, S., Street, C., & Arbor, A. (2008). The value of a reputation for corporate social responsibility: Empirical evidence. Working paper, University of Michigan.
Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of Business, 59(2), 197-216.
Rosen, R. J. (2006). Merger momentum and investor sentiment: The stock market reaction to merger announcements. Journal of Business, 79(2), 987-1017.
Shleifer, A., & Vishny, R. W. (2003). Stock market driven acquisitions. Journal of Financial Economics, 70(3), 295-311.
Teoh, S. H., Welch, I., & Wazzan, C. P. (1999). The effect of socially activist investment policies on the financial markets: evidence from the South African boycott. Journal of Business, 72(1), 35-89.
Travlos, N. G. (1987). Corporate takeover bids, methods of payment, and bidding firms' stock returns. Journal of Finance, 42(4), 943-963.
Tsoutsoura, M. (2004). Corporate social responsibility and financial performance. Working paper, Haas School of Business, University of California at Berkeley.
Waddock, S. A., & Graves, S. B. (1997). The corporate social performance. Strategic Management Journal, 8(4), 303-319.
Wright, P., & Ferris, S. P. (1997). Agency conflict and corporate strategy: The effect of divestment on corporate value. Strategic Management Journal, 18(1), 77-83.