Impact of Mandatory ESG Disclosures on Mergers and Acquisitions (M&A) Activities

dc.contributor.advisorZhang, Qiyu
dc.contributor.authorAlzahrani, Renad
dc.date.accessioned2024-10-30T05:22:00Z
dc.date.issued2024-09
dc.description.abstractThis 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.
dc.format.extent31
dc.identifier.urihttps://hdl.handle.net/20.500.14154/73377
dc.language.isoen
dc.publisherUniversity of Sussex
dc.subjectMandatory ESG disclosure
dc.subjectM&A
dc.subjectCAR
dc.subjectmarket reactions
dc.subjectdownstream acquisitions
dc.subjectupstream acquisitions
dc.subjectpanel regression
dc.subjectsustainability
dc.subjecttransparency
dc.titleImpact of Mandatory ESG Disclosures on Mergers and Acquisitions (M&A) Activities
dc.typeThesis
sdl.degree.departmentDepartment of Accounting and Finance
sdl.degree.disciplineFinance
sdl.degree.grantorUniversity of Sussex
sdl.degree.nameMaster of science in fintech, risk and investment analysis

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