The Impact of Acquisition Intensity on ESG Performance
基于2002至2023年美国上市公司数据，研究发现收购强度与ESG评分呈显著负相关，尤其体现在治理维度，揭示了激进增长与可持续性之间的权衡。
ABSTRACT This study investigates the impact of Acquisition Intensity on ESG performance using a panel of 1,736 US‐listed companies from 2002 to 2023. Employing a robust OLS framework, we assess both Value‐Based and Volume‐Based Acquisition Intensity against overall ESG scores and their environmental, social, and governance pillars, controlling for firm size, leverage, and capital expenditure. The findings reveal a statistically significant negative relationship between Acquisition Intensity and ESG scores, particularly within the governance pillar. Larger firms tend to achieve higher ESG scores overall, though they underperform on environmental metrics. These results highlight a critical trade‐off between aggressive growth strategies and sustainability, offering timely insights for managers, investors, and regulators navigating ESG priorities in M&A decisions.