What question did this study set out to answer?

This research aims to understand how ESG performance affects premium valuations in mergers and acquisitions.

June 18, 2026Open Access

The influence of ESG scores & metrics on valuation discounts and premiums in M&A

Key Points

This research aims to understand how ESG performance affects premium valuations in mergers and acquisitions.
Analyzed a cross-regional dataset of public M&A transactions from North America and Europe using multivariate OLS regression.
Employed propensity-score matching for robustness analysis against observable selection effects.
Examined the impact of ESG distance between acquiring and target firms on valuation.
No statistically significant evidence for a standalone green premium among examined samples.
Found a significant negative interaction between low ESG status of acquirers and target firms’ ESG status.
Identified a positive relationship between the extent of ESG distance and acquisition premium.

Abstract

Ziel dieser Arbeit war es, zu ermitteln, wie sich die Umwelt-, Sozial- und Governance-Leistung (ESG) auf die Prämien bei Fusionen und Übernahmen (M sie lassen keine Aussage darüber zu, aus der Perspektive welcher Partei die andere Partei über bessere ESG-Kompetenzen verfügt.

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Cite This Study

Nzar Ibrahim Khdhir Khdhir (Thu,) studied this question.

synapsesocial.com/papers/6a338e6e630953a74978f151 https://doi.org/https://doi.org/10.25365/thesis.81215

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