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| Title: | 媒體關注度、媒體情緒與公司併購績效之關聯性─以ESG新聞影響為中心
The Association between Media Coverage, Media Sentiment, and Firm Mergers and Acquisitions Performance: Focusing on ESG News Impact |
| Authors: | 陳儀珊
Chen, Yi-Shan |
| Contributors: | 翁嘉祥
Weng, Chia-Hsiang
陳儀珊
Chen, Yi-Shan |
| Keywords: | 媒體關注度
媒體情緒
併購績效
ESG
ESG新聞
能源銀行業
巴黎協定
Media coverage
Media sentiment
M&A performance
ESG
ESG news
Energy industry
Banking industry
Paris Agreement |
| Date: | 2023 |
| Issue Date: | 2023-08-02 13:22:59 (UTC+8) |
| Abstract: | 本文以美國上市公司為研究對象，運用事件研究法探討媒體關注度、媒體情緒與併購績效之關聯性，並著重於ESG新聞報導的影響，以彌補現有文獻對ESG新聞與併購績效關係研究之不足。首先，媒體確實會影響併購績效，在全樣本中，媒體關注度越高、正面媒體報導越多時，公司短期併購績效越好。在不控制公司媒體關注度之情形下，ESG媒體關注度越高，公司也會有更好之短期併購績效。其次，主併公司為能源銀行業時，相較於非能源銀行業，公司ESG媒體關注度越高、正面ESG媒體報導越多時，會有較差之併購績效。再者，分析巴黎協定生效前、後三年併購事件，在不控制公司媒體關注度之情形下，巴黎協定生效後ESG媒體關注度對於公司短期併購績效會有正面影響。另外，ESG媒體報導對於能源銀行業併購績效之影響，會因為併購特徵而有所不同。最後，本文也提供媒體報導對公司併購績效僅限短期影響之證據，可作為公司管理媒體之參考。
This study focuses on US publicly listed companies and utilizes event study methodology to investigate the association between media coverage, media sentiment, and M&A performance. It specifically emphasizes the impact of ESG news, aiming to fill the gaps in existing literature regarding the relationship between ESG news and M&A performance.
First, it is confirmed that the media does influence M&A performance. In the full sample, higher media coverage and more amount of positive news are associated with better short-term M&A performance for companies. Without controlling the company`s media coverage, the higher the ESG media coverage, the better the company`s short-term M&A performance. Second, when the acquiring company are in the energy or banking industry, higher ESG media coverage and more amount of positive ESG news are associated with worse M&A performance, compared to non-energy or non-banking industries.
Next, by analyzing M&A events occurring three years before and after the implementation of the Paris Agreement, after the entry into force of the Paris Agreement, ESG media coverage will have a positive impact on the company`s short-term M&A performance, without controlling the company`s media coverage. Moreover, the influence of ESG media coverage on M&A performance in the energy and banking industry varies depending on the characteristics of the M&A transaction. Finally, this study also provides evidence that media has only a short-term impact on a company`s M&A performance, which can be used as a reference for companies to manage the media. |
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| Description: | 碩士
國立政治大學
會計學系
109353020 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109353020 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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