Влияние ESG факторов при совершении сделок слияния и поглощения

Финансы и бизнес. 2022. Т. 18. № 1. С. 42–60.

Nazarova V., Айтюкова Ю. М., Токушева Л. Р.

The article analyzes the impact of the ESG rating on the creation of value for shareholders of companies in developing countries (Russia and China are taken for the study). Findings based on a sample from 2007 to 2021 indicate that the ESG rating has a positive impact on the performance of acquiring stocks in both the Russian and Chinese markets. At the same time, for Russia, a negative cumulative excess average return is obtained, while for China, the results for the five-day event window are positive. The observed effects partially agree with the results of previous studies. The resulting averaged values in the short event window demonstrate differences between China and Russia, which may be due to the excessive concentration of large deal initiators in the Russian M&A market.

Keywords: сделки слияния и поглощения, регрессионный анализ, regression analysis, M&A deals, кумулятивная избыточная доходность, рейтинг ESG, ESG rating, cumulative excess returns, shareholder value creation, создание стоимости для акционеров

Publication based on the results of: Business Ethics Management Tools: Measurement of Ethics and Social Responsibility of the Company, Ethics Training in the Company and Self-Regulation of Ethics in the Market (2022)