Title data
Just, Ruben ; Sommer, Friedrich ; Heubeck, Tim ; Meckl, Reinhard:
Sustainability as a stumbling block in closing acquisitions? The joint effect of target and acquirer ESG performance on time to completion.
In: Finance Research Letters.
Vol. 58, Part B
(2023)
.
- 104422.
ISSN 1544-6123
DOI: https://doi.org/10.1016/j.frl.2023.104422
Abstract in another language
Sustainability is currently a major concern in business and society. As environmental, social, and governance (ESG) aspects are also considered in acquisitions, e.g., through time-consuming ESG due diligences, we investigate whether differences in ESG performance delay the closing of acquisitions. Using a sample of global M&A transactions, we measure ESG performance using the Refinitiv Eikon ESG scores and time to completion (TTC) as the number of days between the announcement and closing of a transaction. Our results show that larger differences in ESG performance between acquirer and target lead to shorter TTC when acquirer ESG performance exceeds target ESG performance.
Further data
Item Type: | Article in a journal |
---|---|
Refereed: | Yes |
Keywords: | ESG; M&A; sustainability; time to completion; due diligence |
Institutions of the University: | Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Chair Business Administration IX - International Management/ Intercultural Management > Chair Business Administration IX - International Management/ Intercultural Management - Univ.-Prof. Dr. Reinhard Meckl Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Chair Business Administration XII with a focus on Controlling > Lehrstuhl Betriebswirtschaftslehre XII with a focus on Controlling - Univ.-Prof. Dr. Friedrich Sommer |
Result of work at the UBT: | Yes |
DDC Subjects: | 300 Social sciences > 330 Economics |
Date Deposited: | 08 Sep 2023 07:39 |
Last Modified: | 08 Sep 2023 09:05 |
URI: | https://eref.uni-bayreuth.de/id/eprint/86797 |