The effect of CSR performance on the relationship between the determinants of M&A and market abnormal returns - Evidence from emerging markets
碩士 === 國立中正大學 === 財務金融系研究所 === 104 === Nowadays corporate social responsibility (CSR) has become a hot topic in management. While lots of studies focus on how firms engage in CSR in developed market, this thesis conduct a cross-sectional regression by examining the effect of CSR performance on the r...
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ndltd-TW-104CCU003040152019-05-15T22:42:53Z http://ndltd.ncl.edu.tw/handle/r9zr4u The effect of CSR performance on the relationship between the determinants of M&A and market abnormal returns - Evidence from emerging markets 企業社會責任績效對併購決定因素與市場超額報酬關係的影響 - 以新興市場為實證對象 CHANG,FENG-HSUAN 張豐璿 碩士 國立中正大學 財務金融系研究所 104 Nowadays corporate social responsibility (CSR) has become a hot topic in management. While lots of studies focus on how firms engage in CSR in developed market, this thesis conduct a cross-sectional regression by examining the effect of CSR performance on the relation between acquirer’s cumulative abnormal return (CAR) and various determinants of M&A success in the emerging market. The major findings are: 1) CSR involvement (environment and social ratings) alone do not have significant effect on CAR indicating that investors in emerging market possess possible agency concerns; 2) the larger market capitalism of acquiring firms reflects the lower abnormal market returns around announcement, indicating that investor expect managers from larger firms may do suboptimal decision on M&A investment. However, the size effect disappeared with CSR concerns, indicating that investors in emerging markets would expect large firms with higher degree of CSR involvement in environment issues are not likely to waste their free cash flow to do a suboptimal investment; 3) related transaction releases tunneling concerns in emerging market leading to negative effect of CAR, and that concerns is even stronger when the acquirers put lots efforts on social responsibility activities. However, when acquiring firms are from countries with better legal protection or in financial and high-tech industry with solider supervision, investors would be more likely to believe an acquiring firm with higher degree of CSR involvement may do propping instead of tunneling, and finally leading to positive effect of CAR. YEN,TZE-YU 顏子瑜 2016 學位論文 ; thesis 52 en_US |
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碩士 === 國立中正大學 === 財務金融系研究所 === 104 === Nowadays corporate social responsibility (CSR) has become a hot topic in management. While lots of studies focus on how firms engage in CSR in developed market, this thesis conduct a cross-sectional regression by examining the effect of CSR performance on the relation between acquirer’s cumulative abnormal return (CAR) and various determinants of M&A success in the emerging market.
The major findings are: 1) CSR involvement (environment and social ratings) alone do not have significant effect on CAR indicating that investors in emerging market possess possible agency concerns; 2) the larger market capitalism of acquiring firms reflects the lower abnormal market returns around announcement, indicating that investor expect managers from larger firms may do suboptimal decision on M&A investment. However, the size effect disappeared with CSR concerns, indicating that investors in emerging markets would expect large firms with higher degree of CSR involvement in environment issues are not likely to waste their free cash flow to do a suboptimal investment; 3) related transaction releases tunneling concerns in emerging market leading to negative effect of CAR, and that concerns is even stronger when the acquirers put lots efforts on social responsibility activities. However, when acquiring firms are from countries with better legal protection or in financial and high-tech industry with solider supervision, investors would be more likely to believe an acquiring firm with higher degree of CSR involvement may do propping instead of tunneling, and finally leading to positive effect of CAR.
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YEN,TZE-YU |
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YEN,TZE-YU CHANG,FENG-HSUAN 張豐璿 |
author |
CHANG,FENG-HSUAN 張豐璿 |
spellingShingle |
CHANG,FENG-HSUAN 張豐璿 The effect of CSR performance on the relationship between the determinants of M&A and market abnormal returns - Evidence from emerging markets |
author_sort |
CHANG,FENG-HSUAN |
title |
The effect of CSR performance on the relationship between the determinants of M&A and market abnormal returns - Evidence from emerging markets |
title_short |
The effect of CSR performance on the relationship between the determinants of M&A and market abnormal returns - Evidence from emerging markets |
title_full |
The effect of CSR performance on the relationship between the determinants of M&A and market abnormal returns - Evidence from emerging markets |
title_fullStr |
The effect of CSR performance on the relationship between the determinants of M&A and market abnormal returns - Evidence from emerging markets |
title_full_unstemmed |
The effect of CSR performance on the relationship between the determinants of M&A and market abnormal returns - Evidence from emerging markets |
title_sort |
effect of csr performance on the relationship between the determinants of m&a and market abnormal returns - evidence from emerging markets |
publishDate |
2016 |
url |
http://ndltd.ncl.edu.tw/handle/r9zr4u |
work_keys_str_mv |
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