Assessing the Impact of ESG Scores on M&A Performance: A Theoretical and Empirical Examination

Author

Nathan Mortkovitch, Saint Mary's College of California

Date of Award

5-2024

Document Type

Dissertation

Degree Name

Doctor of Business Administration (DBA)

First Advisor

Michael Hadani

Abstract

This dissertation examines how ESG scores impact the financial performance of acquiring firms in the post-M&A phase. Anchored in the frameworks of Agency Theory and Signaling Theory, this study develops three hypotheses to assess the influence of ESG scores on post-M&A performance. The empirical investigation utilizes a dataset of over 5,000 M&A observations, applying the Arellano–Bond dynamic panel-data estimation technique. This approach provides compelling statistical evidence on the ramifications of ESG scores on the performance of acquiring firms in the post-M&A period.

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Recommended Citation

Mortkovitch, Nathan, "Assessing the Impact of ESG Scores on M&A Performance: A Theoretical and Empirical Examination" (2024). Executive DBA Dissertations. 4.
https://digitalcommons.stmarys-ca.edu/executive-dba/4