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The Implications of Socially Responsible Investments - Taking on the Perspective of M&As

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The Implications of Socially Responsible Investments - Taking on the Perspective of M&As The implications of Socially Responsible Investments - Taking on the perspective of M&As by Isabel Haas & Julia Nytorp May 2018 Master’s Programme in Accounting & Finance [1 year] Supervisor: Peter W. Jönsson Examiner: Mattias Haraldsson Title: The implications of Socially Responsible Investments - Taking on the perspective of M&As Seminar date: 30th of May 2018 Course: Degree Project in Accounting and Finance – BUSN79 Authors: Isabel Haas & Julia Nytorp Advisor: Peter W. Jönsson Key words: ESG-Score, Mergers and Acquisitions (M&As), Post-Deal Performance, Socially Responsible Investment (SRI), Socially Responsible (SR)-Target, SRI Funds Purpose: The aim of the study is to shed light onto the research gap combining Socially Responsible Investments with corporate investments in the form of Mergers and Acquisitions. Thus, it is investigated if a high social responsibility level of the target company has an impact on post-deal performance. In addition, it is investigated which kind of acquirers are investing in high-, medium- or low-classified socially responsible targets. Methodology: This study takes on a quantitative research approach in the form of an event study using an Ordinary Least Squared regression. The research is supported by a manual analysis of the ESG-scores of both acquirers and targets. Theoretical The theoretical perspective combines theory from value creation through perspectives: M&As and theory of SRI fund performance. Empirical M&As of public companies between 01.2003 and 03.2018 involving targets foundation: with listed ESG-scores for the year-end before the acquisition announcement. Conclusions: There is an indication that a high-level SR-target has a negative impact on the post-deal performance of an M&A. This adverse impact appears to be relatively low in monetary terms. Further, it appears to be a trend towards acquisitions of higher-classified SR-targets although, at the moment, investing in equal- or lower-classified SR-targets is more common. ii Abstract: There is an increased interest not only in sustainability but also in becoming socially responsible due to greater awareness as well as pressure from stakeholders. Contradictive results are found on whether Socially Responsible Investments (SRIs) in the area of funds are outperforming conventional funds. Further, in the area of Mergers and Acquisitions (M&As), there is plenty of research identifying characteristics influencing performance. However, research fails to combine the perspectives of both areas in order to generate new insights. This is the purpose of this study which found that an acquisition of a highly Socially Responsible (SR)-Target has a negative effect on Post-Deal Performance, although the impact appears to be relatively small in monetary terms. Despite the adverse reaction on Socially Responsible M&As (SR-M&As), a trend towards acquisitions of higher-rated socially responsible targets can be identified. The study claims that a potential explanation is that the market is unwilling or unable to fully identify and evaluate the complexity of SR-M&As in an efficient way. iii Table of Contents 1. Introduction ................................................................................................................ 1 1.1 Background ................................................................................................................. 1 1.2 Problem Statement ...................................................................................................... 2 1.3 Aim & Purpose ........................................................................................................... 3 1.4 Research Questions ..................................................................................................... 4 1.5 Scope & Delimitations ................................................................................................ 4 2. Theoretical Framework & Hypotheses....................................................................... 6 2.1 Theory ......................................................................................................................... 6 2.1.1 Social Responsibility ........................................................................................... 6 2.1.2 Theories Related to SRIs and M&A Research .................................................... 7 2.2 Literature Review ..................................................................................................... 12 2.2.1 SRI Performance ............................................................................................... 12 2.2.2 M&A Performance ............................................................................................ 16 2.2.3 Combining SRIs and the M&A Context ........................................................... 18 2.3 Hypotheses ................................................................................................................ 19 3. Methodology ............................................................................................................ 21 3.1 Research Strategy ..................................................................................................... 21 3.1.1 Event Study ....................................................................................................... 21 3.1.2 Description of Variables .................................................................................... 24 3.2 Validity ..................................................................................................................... 31 3.2.1 Measurement Validity ....................................................................................... 32 3.3 Reliability & Replicability ........................................................................................ 32 3.3.1 SR-Characteristics of the Acquirers and Targets .............................................. 33 4. Empirical Results ..................................................................................................... 34 4.1 SR-M&A Performance ............................................................................................. 34 4.2 Regression................................................................................................................. 36 4.2.1 Analysis of the Variables .................................................................................. 36 4.2.2 Final Regression ................................................................................................ 41 4.2.3 Supporting Regressions ..................................................................................... 41 4.3 Connecting Social Responsibility, Target Selection and SR-Performance .......... 42 5. Analysis .................................................................................................................... 48 iv 5.1 Analysis of Abnormal Returns ................................................................................. 48 5.2 Analysis of the Control Variables............................................................................. 49 5.3 Hypotheses Analysis and Discussion of the Research Questions ............................ 50 5.3.1 H1 – Impact of Target’s SR-level on Performance ........................................... 50 5.3.2 H2 – Monetary Impact of the Target’s SR-level ............................................... 52 5.3.3 H3 – SR-level Preferences of Acquirers and Development of the Interest ....... 53 5.4 Identification of Potential Trends ............................................................................. 54 6. Conclusion ................................................................................................................ 56 6.2 Contribution and Practical Implications ................................................................... 56 6.1 Suggestions for Future Research .............................................................................. 57 References .......................................................................................................................... 58 7. Appendices ............................................................................................................... 62 APPENDIX A ................................................................................................................. 62 APPENDIX B ................................................................................................................. 63 APPENDIX C ................................................................................................................. 64 APPENDIX D ................................................................................................................. 67 APPENDIX E ................................................................................................................. 68 APPENDIX F ................................................................................................................. 69 APPENDIX G ................................................................................................................. 71 CAR1 .......................................................................................................................... 71 CAR2 .......................................................................................................................... 72 CAR3 .......................................................................................................................... 73 CAR4 .........................................................................................................................
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