Target Firm's ESG Engagement and Post–M&A Performance: The Mediating Role of Acquirer's CSR Strategy
研究了2010-2021年100个欧洲并购案例，发现收购ESG表现好的目标公司能提升并购后的盈利能力和降低债务成本，且收购方的CSR战略起中介作用。
ABSTRACT The paper examines whether the environmental, social and governance (ESG) performance of target firms influences both accounting‐based and market‐based corporate financial performance (CFP) within the merger and acquisition (M&A) context and whether this relationship is mediated by the acquirer's corporate social responsibility (CSR) strategy. Focusing on 100 European M&A transactions from 2010–2021, our findings indicate that acquiring ESG‐aware targets improves operational and financial synergies in post–M&A phases, resulting in better long‐term profitability and reduced cost of debt. Furthermore, a formalised CSR strategy of the acquirer mediates this relationship. These findings enrich the M&A‐CSR literature by distinguishing effects on profitability measures from capital markets reactions and, beyond direct effects, by uncovering the mediating role of acquirer's CSR strategy.