No. 2024-01ディスカッション・ペーパー

Environmental, social, and governance performance and acquisition and divestment activities: The moderating effect of firm size

要約

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This study examines the impact of environmental, social, and governance (ESG) performance on acquisition and divestment activities within Japanese firms. We find that enhanced ESG performance correlates with a higher likelihood of firms participating in both acquisition and divestment transactions. We also demonstrate that ESG performance positively affects post-acquisition performance yet shows no significant impact on post-divestment outcomes. Additionally, our analysis suggests that the advantage impact of ESG performance on the likelihood of conducting acquisition and divestment activities does not significantly vary between small and medium-sized firms and their larger counterparts. However, improved ESG performance appears to confer a more notable benefit on small- and medium-sized firms in terms of post-divestment performance than their larger firms.

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著者名　　　宋 天禕

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