Влияние ESG-факторов на премии в M&A-сделках: обзор литературы 2023−2025 гг.

Финансы и бизнес. 2026. Т. 22. № 1. С. 37–61.

Ismailova E.

In recent years, there has been a growing body of research examining how environmental, social, and governance (ESG) indicators affect the terms of mergers and acquisitions (M&A). A particularly relevant issue is the relationship between a company’s ESG profile and the acquisition premium — a markup over the target firm's market value. This review summarizes empirical findings from 2023–2025, covering studies published in top academic journals and high-quality working papers. The studies analyzed the impact of ESG ratings on acquisition premiums, industry and regional patterns, payment method preferences, the role of crises, reputational risks, and the effects of information asymmetry and corporate governance. Theoretical frameworks such as information asymmetry, agency problems, behavioral theories, and theories of synergy and value creation are employed to interpret these relationships. A bibliometric analysis of keywords from recent publications was conducted, revealing thematic clusters and mapping the research structure of ESG and M&A. The review finds that ESG’s influence on M&A premiums is mixed: effects range from positive to negative to statistically insignificant, depending on deal context and methodology. Nonetheless, general trends emerge: a strong ESG profile often alters acquisition strategies, influencing deal terms (premium, payment method, timing) and post-merger performance. By updating the theoretical and empirical understanding of this topic, the article contributes to the integration of sustainability and corporate responsibility into the value dynamics of the market for corporate control.

Keywords: корпоративное управление, corporate governance, устойчивое развитие, информационная асимметрия, acquisition premium, sustainable development, information asymmetry, ESG, ESG, сделки M&A, M&A transactions, премия при поглощении