| 题名 | Can Firms' ESG initiatives deter hostile Takeovers? |
| 作者 | |
| 通讯作者 | Yan, Shuo |
| 发表日期 | 2024-08-01
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| DOI | |
| 发表期刊 | |
| ISSN | 0261-5606
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| EISSN | 1873-0639
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| 卷号 | 146 |
| 摘要 | In this study, we examine the role of acquiree firms' environmental, social, and governance (ESG) performance in affecting hostile takeover threats from acquiring firms. Our results show that firms facing hostile takeover threats increase investment in ESG initiatives. The positive association between hostile takeover threats and firms' ESG investments is stronger for firms domiciled in states with expanded constituency statutes and for firms with fewer antitakeover provisions. Quasi-natural experiments based on the adoption of poison pill statutes further show that firms domiciled in states with such laws tend to exhibit lower levels of ESG investment after (vs. before) the passage of the statutes. In addition, we find that the probability of receiving hostile bids in a given year is lower for firms that increased their ESG investment in previous years, especially firms with a strong threat of ex-ante hostile takeover. Taken together, our findings suggest that firms use ESG investments as an important antitakeover device and that the threat of corporate hostile takeover has unintended effects on firms' ESG investment and ethical business practices. |
| 关键词 | |
| 相关链接 | [来源记录] |
| 收录类别 | |
| 语种 | 英语
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| 学校署名 | 通讯
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| WOS研究方向 | Business & Economics
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| WOS类目 | Business, Finance
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| WOS记录号 | WOS:001325603600001
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| 出版者 | |
| 来源库 | Web of Science
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| 引用统计 | |
| 成果类型 | 期刊论文 |
| 条目标识符 | http://sustech.caswiz.com/handle/2SGJ60CL/842848 |
| 专题 | 南方科技大学 |
| 作者单位 | 1.Anhui Univ Finance & Econ, Hefei Inst Adv Res, Hefei, Peoples R China 2.Southern Univ Sci & Technol, SUSTech Business Sch, Shenzhen, Peoples R China 3.Univ Manitoba, Asper Sch Business, Winnipeg, MB, Canada |
| 第一作者单位 | 南方科技大学 |
| 通讯作者单位 | 南方科技大学 |
| 推荐引用方式 GB/T 7714 |
Tsang, Albert,Yan, Shuo,Zheng, Lingyi. Can Firms' ESG initiatives deter hostile Takeovers?[J]. JOURNAL OF INTERNATIONAL MONEY AND FINANCE,2024,146.
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| APA |
Tsang, Albert,Yan, Shuo,&Zheng, Lingyi.(2024).Can Firms' ESG initiatives deter hostile Takeovers?.JOURNAL OF INTERNATIONAL MONEY AND FINANCE,146.
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| MLA |
Tsang, Albert,et al."Can Firms' ESG initiatives deter hostile Takeovers?".JOURNAL OF INTERNATIONAL MONEY AND FINANCE 146(2024).
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| 条目包含的文件 | 条目无相关文件。 | |||||
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