Sustainability Incentives and Value Creation in Corporate Acquisitions
企業買収におけるサステナビリティ・インセンティブと価値創造 (AI 翻訳)
Athanasios Tsekeris
🤖 gxceed AI 要約
日本語
本論文は、国際サンプルを用いて、M&AにおけるESG連動型役員報酬の効果を初めて包括的に検証。ESGインセンティブは買収後のESGパフォーマンス向上、グリーンボンド発行の増加、企業価値向上と関連するが、株価には即座に反映されないことを示す。
English
Using an international M&A sample, this paper finds that ESG-linked executive compensation significantly improves post-acquisition environmental, social, and governance performance, increases the likelihood of green bond issuance, and leads to economically meaningful increases in firm value. However, stock market reactions at announcement do not reflect these gains, suggesting investors undervalue long-term benefits.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
本論文は、ESG連動型報酬がM&A後のパフォーマンスや資金調達に与える影響を実証。日本の企業にとっても、SSBJ開示や統合報告書における非財務情報と報酬の連携を検討する上で示唆に富む。
In the global GX context
This paper contributes to the global discourse on sustainability-linked executive compensation and its role in value creation through M&A. It highlights the importance of aligning incentives with long-term ESG goals, relevant for investors, boards, and regulators under TCFD/ISSB frameworks.
👥 読者別の含意
🔬研究者:Empirical evidence on how ESG incentives affect M&A outcomes and financing.
🏢実務担当者:Consider linking executive compensation to ESG metrics to enhance post-acquisition sustainability performance and access green financing.
🏛政策担当者:Regulatory implications for disclosure of ESG-linked compensation and its impact on market efficiency.
📄 Abstract（原文）
Using an extended international sample of domestic and cross‐border mergers and acquisitions (M&A), this paper provides the first comprehensive examination of the role of ESG‐linked executive compensation in the market for corporate control. The findings show that linking executive pay to ESG objectives is associated with significantly stronger post‐acquisition Environmental, Social, and Governance performance. In addition, ESG‐incentivized acquirers are more likely to finance transactions through green bond issuance, highlighting an important channel through which sustainability considerations shape corporate investment and financing decisions. Improved ESG ratings are, in turn, associated with economically meaningful increases in firm value following deal completion, with Environmental and Governance dimensions emerging as key drivers of value creation. However, these value gains are not immediately reflected in stock market reactions at the time of deal announcement, indicating that investors do not fully incorporate the long‐term benefits of ESG‐linked incentives contemporaneously. The findings are robust to multiple approaches addressing selection bias and endogeneity. The paper contributes to the literature on executive compensation, M&A, and sustainability.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/ijfe.70247first seen 2026-06-26 05:48:41
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