政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/124128
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113822/144841 (79%)
Visitors : 51777352      Online Users : 454
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version
    政大典藏 > College of Commerce > Department of Finance > Theses >  Item 140.119/124128


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/124128


    Title: 併購雙方社會責任於併購溢價效果及交互效果
    Social responsibility in M&A premium effect and interaction effect
    Authors: 荊怡凡
    Ching, Yi-Fan
    Contributors: 李志宏
    Lee, Jie-Haun
    荊怡凡
    Ching, Yi-Fan
    Keywords: 企業社會責任
    企業併購
    併購溢價
    Corporate social responsibility
    Mergers and acquisitions
    Bid premiums
    Date: 2019
    Issue Date: 2019-07-01 10:44:58 (UTC+8)
    Abstract: 本研究利用KLD及SDC的資料進行研究，探討社會責任是否會影響公司的併購決策，並延續了過去的研究發現，被併方的社會責任能透過降低資訊不對稱風險使併購溢價提升，同時確認了主併方的社會責任能利用隱性合約的承諾，提升利害關係人支持進而使併購溢價提高。更進一步地發現了上述兩項效果中存在著交互影響，即隱性合約的效果須在資訊不對稱程度低時才能發揮效果，因此社會責任優良的被併方除了能藉由資訊不對稱降低的效果提升溢價，若買家同為社會責任良好的公司時，溢價能有進一步的提升。

    另外為了確認事後的實際表現是否符合隱性合約的預期，即透過利害關係人的支持提高合併的預期報酬，因此對樣本進行後續的績效追蹤，觀察社會責任較佳的公司是否有如預期地的產生較好的合併後表現，但實證結果未能發現顯著的差異。代表被併方在併購中能藉由社會責任提高溢價進而得到利益，而主併方雖藉由隱性合約預期獲得較好的報酬而提高溢價，但因事後績效並沒有顯著差異，使主併方之社會責任在併購活動中效益仍不明確。
    This study uses KLD and SDC database to investigate whether social responsibility will affect the company`s M&A decisions. We continue previous research findings. Social responsibility of target firm can improve the M&A premium by reducing the risk of information asymmetry. Social responsibility of the bidding firm can use the promise of implicit contracts to improve stakeholder support and increase the M&A premium. We further discover that there are interactions between two effects, that is, the effect of the implicit contract must be effective when the degree of information asymmetry is low. Our study found that if the target firm has good social responsibility, it not only can use the information asymmetry to increase the premium, but also can raise premium further by implicit contracts.

    In addition, in order to confirm whether the actual performance after the M&A meets the expectations of the implicit contract. We conduct performance tracking of the sample to observe whether the company with better social responsibility has better performance as expected. But the empirical results did not reveal significant differences.
    In conclusion, target firm can increase premium through social responsibility and obtain benefits. Bidding firm raises the premium because implicit contract is expected to receive better performance. However, there is no significant difference in performance after the M&A, so thesocial responsibility benefit of Bidding firm in the M&A is still unclear.
    Reference: Aktas, N., de Bodt, E., & Cousin, J.-G. (2011). Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking & Finance, 35(7), 1753-1761.
    Becchetti, L., Ciciretti, R., Hasan, I., & Kobeissi, N. (2012). Corporate social responsibility and shareholder`s value. Journal of Business Research, 65(11), 1628-1635.
    Bekier, B., Oldham. (2001). Why mergers fail. McKinsey Quarterly, 4:6-9.
    Benabou, T. (2010). Individual and Corporate Social Responsibility. Economica, 77(305), 1-19.
    Bereskin, F., Byun, S. K., Officer, M. S., & Oh, J.-M. (2018). The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility. Journal of Financial and Quantitative Analysis, 53(5).
    Betton, S., B. Espen Eckbo and Karin Thorburn. (2008). Corporate Takeovers. In: Handbook of Corporate Finance: Empirical Corporate Finance. Working paper, Vol. 2, Eckbo, B.E. (Ed.), p. 291-430.
    Bruslerie, H. (2013). Crossing takeover premiums and mix of payment: An empirical test of contractual setting in M&A transactions. Journal of Banking & Finance, 37(6), 2106-2123.
    Chen, E., & Gavious, I. (2015). Does CSR have different value implications for different shareholders? Finance Research Letters, 14, 29-35.
    Demsetz, H. L., K. (1985). The Structure of Corporate Ownership: Causes and Consequences. The Journal of Political Economy, 93, 1155-1177.
    Deng, X., Kang, J.-k., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110(1), 87-109.
    Gomes, M., & Marsat, S. (2018). Does CSR impact premiums in M&A transactions? Finance Research Letters, 26, 71-80.
    Gondhalekar, V. B., Raymond Sant, R., & Ferris, S. P. (2004). The price of corporate acquisition: determinants of cash takeover premia. Applied Economics Letters, 11(12), 735-739.
    Graham, J. R. a. G., Jillian and Harvey, Campbell R. and Rajgopal, Shivaram. (2016). Corporate Culture: Evidence from the Field. Columbia Business School Research Paper, No. 16-49.
    Harjoto, M. A. J. (2015). Legal vs Normative CSR Differential Impact on Analyst Dispersion, Stock Return Volatility, Cost of Capital, and Firm Value. Journal of Business Ethics, Volume 128, Issue 1, pp 1–20.
    Hillman, A. J. a. K., G. D. (2001). Shareholder value, stakeholder management, and social issues: what`s the bottom line? Strategic Management Journal, 22: 125-139.
    Jawahar, M. (2001). Stakeholder Theory: An Organizational Life Cycle Approach. The Academy of Management Review, Vol. 26, No. 3.
    Jensen, M. C. (2001). Value maximization, stakeholder theory, and the corporate objective function. Journal of Applied Corporate Finance, 14, 8–21.
    Jo, H., & Na, H. (2012). Does CSR Reduce Firm Risk? Evidence from Controversial Industry Sectors. Journal of Business Ethics, 110(4), 441-456.
    Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.
    Li, Y., Fang, S., & Huan, T.-C. T. C. (2017). Consumer response to discontinuation of corporate social responsibility activities of hotels. International Journal of Hospitality Management, 64, 41-50.
    Lins, K. V., Servaes, H., & Tamayo, A. N. E. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. The Journal of Finance, 72(4), 1785-1824.
    Masulis, R. W., Wang, C., Xie, F. (2007). Corporate governance and acquirer returns. Journal of finance, 62, 1851–1889.
    Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201-228.
    Moeller, T. (2005). Let`s make a deal! How shareholder control impacts merger payoffs. Journal of Financial Economics, 76(1), 167-190.
    Narayanan. (1985). Managerial Incentives for Short-Term Results. The Journal of Finance, Volume40, Issue5.
    Nelling, E. (2009). Corporate social responsibility and financial performance: the “virtuous circle”. Review of Quantitative Finance and Accounting, vol. 32, issue 2, 197-209.
    Rao-Nicholson, R., Salaber, J., & Cao, T. H. (2016). Long-term performance of mergers and acquisitions in ASEAN countries. Research in International Business and Finance, 36, 373-387.
    Sandra Betton, B. E. E. (2000). Toeholds, Bid Jumps, and Expected Payoffs in Takeovers. The Review of Financial Studies, Volume 13, Issue 4, 841–882.
    Schwert, G. W. (1996). Markup Pricing in Mergers and Acquisitions. Journal of Financial Economics, 41(2): 153-192.
    Schwert, G. W. (2000). Hostility in Takeovers: In the Eyes of the Beholder? The Journal of Finance, 55(6): 2599-2640.
    Shiu, Y.-M., & Yang, S.-L. (2017). Does engagement in corporate social responsibility provide strategic insurance-like effects? Strategic Management Journal, 38(2), 455-470.
    Sudarsanam, S. (1996). large shareholders, takeovers and target valuation. Journal of Business Finance & Accounting, 23: 295-314.
    Sun, W., & Cui, K. (2014). Linking corporate social responsibility to firm default risk. European Management Journal, 32(2), 275-287.
    Tehranian, H., Travlos, N. G. and Waegelein, J. F. (1987). The Effect of Long-Term Performance Plans on Corporate Sell-Off-Induced Abnormal Returns. The Journal of Finance, Volume42, Issue4.
    Description: 碩士
    國立政治大學
    財務管理學系
    106357022
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0106357022
    Data Type: thesis
    DOI: 10.6814/NCCU201900083
    Appears in Collections:[Department of Finance] Theses

    Files in This Item:

    File SizeFormat
    702201.pdf1413KbAdobe PDF21View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback