ESG och Företagsförvärv: Vägen till Hållbart Aktieägarvärde?

Abstract

The relationship between ESG scores and financial performance is a debated area with two central theoretical perspectives: the stakeholder theory and the shareholder cost perspective. The introduction of EU´s Corporate Sustainability Reporting Directive which increases requirements and transparency in sustainability reporting, has further highlighted the importance of this topic. This study examines how ESG scores impact cumulative abnormal returns in the context of corporate acquisitions, focusing solely on the acquiring companies. The study is based on 96 observations of Nordic acquisitions between 2018 and 2024. Using an event study and regression analyses, a positive relationship between ESG scores and cumulative abnormal return for Swedish companies is identified. However, the results show that companies with lower ESG scores experience a greater increase in cumulative abnormal return, aligning with the shareholder cost perspective. Furthermore, the study finds that governance (G) has the most significant positive impact on cumulative abnormal returns, while environmental factors (E) have a negative impact, further supporting the shareholder cost perspective. The results also suggest a potential overinvestment issue for companies with high ESG scores. The presence of non-linear relationships in the results further complicates the discussion and suggests that CSRD is needed to force companies to address sustainability issues.