O impacto das práticas ESG nas fusões e aquisições

Abstract

This thesis aims to investigate whether buyers pay a higher premium for the target company's environmental sustainability efforts in mergers and acquisitions transactions. In this work, emissions, innovation, and resource use ratings are used to measure sustainability levels. The study covers a sample of 1,091 acquisitions between January 1, 2012, and December 31, 2022, and applies multivariate regression models with Ordinary Least Squares for the estimation. To frame this research, the dissertation is based on three fundamental theories: the Stakeholder Value Maximization Theory, which suggests that companies should manage their resources in such a way as to maximize value for all Stakeholders. The Shareholder Theory, which emphasizes that improving shareholder value should be the company's main objective and finally, the Agency Theory and its costs related to ESG commitment, which examines how sustainability efforts can align the interests of managers and Shareholders, reducing agency conflicts and associated costs. The results conclude that, while buyers value the sustainability efforts of target companies in M&A transactions, this valuation is affected by a variety of complex and differentiated factors. Sustainability indicators such as emissions, innovation and resource use ratings show a wide range of variations, reflecting different levels of environmental commitment among companies. However, the wide dispersion in M&A premiums, from significantly negative values to high premiums, suggests a differentiated assessment of sustainability efforts in the M&A market. In addition, factors such as the company's relationship with the Industry Relatedness (Indrel), attitude towards the deal (DealAttitude) and the presence of rivals (Rivals) seem to affect the way sustainability efforts are evaluated. This suggests that competitive and strategic factors also play an important role in determining the premiums paid. Finally, the results show that although there is a tendency for sustainability efforts to be valued in M&A transactions, this valuation is complex and affected by a variety of sustainability factors and transaction-specific strategic contexts.

Date of Award	17 Jul 2024
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Paulo Alves (Supervisor)