کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5090252 1375623 2011 9 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Do financial markets care about SRI? Evidence from mergers and acquisitions
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Do financial markets care about SRI? Evidence from mergers and acquisitions
چکیده انگلیسی

Mergers and acquisitions offer a framework for shedding new light on the stock market performance of socially responsible investments (SRI). We use Innovest's Intangible Value Assessment (IVA) ratings as a measure of firms' ability to cope with social and environmental risks. The IVA ratings allow us to uncover a positive relation between acquirer gains and the level of the target's social and environmental risk management practices. Our findings suggest that the stock market rewards the acquirer for making socially and environmentally responsible investments. We also document that the environmental and social performance of the acquirer increases following the acquisition of a SRI aware target. These results are consistent with acquirer learning from the target's SRI practices and experiences.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 35, Issue 7, July 2011, Pages 1753-1761
نویسندگان
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