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M&A activity as a driver for better ESG performance

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  • Barros, Victor
  • Verga Matos, Pedro
  • Miranda Sarmento, Joaquim
  • Rino Vieira, Pedro

Abstract

This paper examines whether mergers and acquisitions (M&A) operations impact firms’ performances on triple ESG pillars (environment, social, and governance) using a large panel covering 41 countries and 12 economic sectors between 2002 and 2020. We provide evidence that M&A deals have a positive impact on the ESG score of firms. However, this improvement in the ESG score is not attained immediately, and there is no impact on the ESG score in the year in which the deal is agreed upon. However, an M&A deal appears to be significant in increasing ESG performance when the year following the transaction is considered on its own. Similar results are obtained when considering each of the three pillars – environmental, social, and governance. This paper contributes to both the M&A and sustainability literature by exploring a new topic that addresses the relationship between the two. Policy implications for authorities, regulators, managers, and other stakeholders are also outlined.

Suggested Citation

  • Barros, Victor & Verga Matos, Pedro & Miranda Sarmento, Joaquim & Rino Vieira, Pedro, 2022. "M&A activity as a driver for better ESG performance," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
    • Handle: RePEc:eee:tefoso:v:175:y:2022:i:c:s0040162521007691
    DOI: 10.1016/j.techfore.2021.121338
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    More about this item

    Keywords

    Mergers; Acquisitions; Sustainability; Ratings; ESG;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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