Saudi Cultural Missions Theses & Dissertations
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Item Restricted Exploring the link between M&A Activity and ESG performance: A Resources-Based View Perspective.(University College London, 2024-08-28) Almadany, Ibrahim; Zhan, Rachel; Hammet, Simmon; Davies, JuliePurpose: This paper aims to analyse the link between ESG performance and M&A activities on the firm’s internal resources with the perspective of the Resources-Based View. Design/methodology: Narrative literature review searched in two databases, SCOPUS and Web of Science, to identify common literature themes and literature gaps Findings: The paper’s findings emphasise the potential value-creating effects of ESG performance in M&A deals. It suggests that well-governed acquirers are expected to fairly reward the target's ESG performance, recognising its potential to contribute to the combined entity's competitive advantage and shareholders' relationships. Furthermore, it highlights the nuanced nature of ESG performance and suggests that the individual components of ESG may have a differential impact on M&A value creation. Limitations: The method of narrative literature review may introduce bias when interpreting and synthesising the findings. Practical Implications: This paper gives a general overview from a firm’s internal resources perspective, which offers stakeholders and investors The healthcare industry's M&A success depends on factors like target selection, deal structure, and integration strategy, with an emphasis on considering ESG performance. The paper suggests that healthcare acquirers should prioritise high-ESG targets, structure deals with cash payments, be disciplined on valuation based on acquirer size, and dedicate resources to responsible target integration to maximise the benefits of consolidation in the healthcare industry. Originality/value: To the best of the author’s knowledge, this is the first paper that explores the link between M&A activities and ESG performance through the lens of the RBV .17 0Item Restricted Impact of Mandatory ESG Disclosures on Mergers and Acquisitions (M&A) Activities(University of Sussex, 2024-09) Alzahrani, Renad; Zhang, QiyuThis dissertation examines the impact of mandatory Environmental, Social, and Governance (ESG) disclosures on mergers and acquisitions (M&A) activities across 33 countries from 1996 to 2023. The research aims to determine whether these disclosures influence cumulative abnormal returns (CAR) and market reactions during M&A announcements. Utilizing a panel dataset and high-dimensional fixed-effects regression models, the dissertation tests two hypotheses: that mandatory ESG disclosures positively affect CAR, and that market reactions differ between downstream and upstream acquisitions. The findings reveal no significant impact of ESG disclosures on CAR or market reactions, indicating limited short-term financial effects. The dissertation suggests further research into regional and cultural factors and the long-term strategic benefits of ESG integration in M&A.45 0Item Restricted Is there an effect of COVID-19 on mergers and acquisitions of companies implementing industry 4.0 through the use of IoTs in Saudi Arabia?(Saudi Digital Library, 2023-02-03) Al Deen, Hytham Jamal; Den Besten, MatthijsThe COVID-19 pandemic had a great effect not only on daily life but also caused a significant catalyst in the global transition to digitization. Although countries had various measures and lockdown procedures, working remotely became the new norm while at the same time the world was battling with the pandemic from a healthcare perspective. This caused significant growth in the technology and healthcare sectors leading to many mergers and acquisitions (M&As) within these sectors. The role of industrial policy across nations was variable and has been greatly dependent on the country’s priorities and market patterns. Simultaneously and even before the pandemic, the world’s transition into industry 4.0 showed a broad industrialization into smart technology which was only catalyzed by the pandemic itself. Because technology was such a focus during this time period, companies already transitioning into industry 4.0 through the use of IoTs in some sectors tremendously benefitted from the pandemic and this was evident in the frequency and size of the mergers and acquisitions occurring in this sector. Methods This qualitative research design is based on a grounded theory approach because the focus of the study is to understand what happened to mergers and acquisitions in Saudi Arabia and what changes occurred. The focus of the interviews is to get a better understanding of how firms were affected by COVID-19, how they saw the acquisition landscape going forward and how their approach to managing acquisitions has changed. Results Data was collected from 10 employees of M&A practitioners (including executives and consultants) different companies within Saudi Arabia and also outside Saudi Arabia for comparison purposes. Initially 13 codes were identified as the key elements that were clear drivers to M&A adoption, then grouped into 4 second order themes: Demand for technological advancement, regulator / regional research, increased digitalization from pandemic, and local and international environmental laws and regulations. Conclusion Based on the results of this study, it cannot be said whether COVID-19 has affected frequency and size of mergers and acquisitions for companies using IoT both in Saudi Arabia and globally. These changes in M&A trends seem to be dependent on the sector as tech and healthcare companies flourished dramatically while other sectors seemed to struggle. This shows that regardless of the resources Saudi Arabia has and its willingness to make such a strong reputation, the lack of cross-border M&As gives a strong indication that this may be due to a lack of industrial policies and focus on ESGs.6 0Item Restricted Takeovers of Publicly Traded Companies in KSA: A Critique of Regulations and Minority Shareholders Protection Rules in the Takeover Context(Saudi Digital Library, 2023-04-12) Alsadhan, Khalid Sami O; Clark, BryanTakeovers are relatively new strategies and are still developing in the Kingdom of Saudi Arabia (KSA), which explains the lack of sufficient studies in this area. This work will attempt to explore the KSA system of takeover from a legal perspective. It is expected that this research will contribute to the body of knowledge in the sphere of takeovers and minority shareholders’ protection in takeovers in KSA and will serve as a major reference point in this area of concern. This thesis will provide a general critique of the takeover system of listed companies in the KSA. It will begin by providing an understanding of the KSA’s corporate governance system and ownership structure. It will then provide an insight into the KSA’s takeover system and the stock market. The thesis will examine the role of authorities that are concerned with takeovers, such as the Capital Market Authority (CMA) and the General Authority for Competition (GAC). The research will question the efficiency of the current KSA regulations in protecting minority shareholders’ and directors’ duties in takeovers. The thesis argues that the existing laws in KSA are not effective in protecting minority shareholders in takeovers, while considering influential factors in the KSA environment,such as the concentrated ownership structure. The research also argues that the regulations governing directors’ roles and duties in takeovers and the litigation actions to hold them accountable are unclear and vague and require reform. The UK takeover system will be used as a benchmark for this thesis in recommending reforms to address these issues and at the same time to fit into the KSA’s legal environment. The primary objective of this research is to suggest reforms to the KSA takeover system of publicly traded companies to improve certain areas that the researcher found to have issues, especially minority shareholders’ protection and directors’ roles and duties. From the researcher’s point of view, the suggested reform would contribute to the promotion of a sound takeover system and, more generally, to the development of the corporate governance system and commercial environment in the KSA.16 0Item Restricted Essays on global corporate bank(2023-01) Saharti, Mohammed; Chuadhry, SajidSyndicated loans are an important source of external finance for a firm’s financing. In 2019, global syndicated loans volume was about 41% of the total funds raised from capital markets, the second-highest source of external finance after bonds. Over the first nine months of 2021, $4 trillionwasdisbursedthroughsyndicatedlending.1 Givenimportanceofsyndicatedloans,wetake a holistic approach and start this thesis with a citation-based comprehensive systematic literature review (SLR) of the syndicated loan market. Therefore, in this this we fill the knowledge gap by first surveying a comprehensive SLR. This helps us in highlighting some areas that need to be explored. Second we study the effect of bank mergers and acquisitions (M&As) on borrowers syndicate structure and the testing of bank–firm relationships. Finally, we explore the impact of environmental, social, and governance (ESG) factors on the cost of capital for firms and the structure of syndicate loans.23 0