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研究生： 黃照軒
Huang, Chao-Hsuan
論文名稱： 企業社會責任相似性是否影響併購溢價?
Does Corporate Social Responsibility Similarity Affect the Premium of Mergers and Acquisitions?
指導教授： 張紹基
Chang, Shao-Chi
學位類別： 碩士
Master
系所名稱： 管理學院 - 國際企業研究所
Institute of International Business
論文出版年： 2020
畢業學年度： 108
語文別： 英文
論文頁數： 33
中文關鍵詞： 企業社會責任 、企業社會責任相似性 、企業併購 、溢價
外文關鍵詞： CSR, CSR similarity, M&A, Premium
相關次數： 點閱：64  下載：0 
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    • 本文研究企業併購時，主被併雙方企業社會責任相似性與併購溢價間的關聯。發現企業社會責任相似性與併購溢價間是負向關聯。此外，本文結果也發現企業社會責任相似性與併購溢價間的負向效果在資本密集產業中的併購時會更為明顯。我的發現與主併企業正面評價主被併企業雙方差異性的觀點相符合。

    In this thesis, I investigate the linkage of CSR similarity between the acquirers and target with the M&A premiums. I find that CSR similarity is negatively associated with the M&A premiums. In addition, my results show that the negative effects of CSR similarity on the M&A premium will be strengthened when the M&A transactions are in the capital-intensive industry. My findings are consistent with the view that acquirers value the dissimilarities in M&A.

    1 Introduction-P.1 2 Literature Review & Hypothesis-P.5 2.1 Literature review-P.5 2.2 Hypothesis developments-P.9 2.2.1 CSR similarity and M&A premiums-P.9 2.2.2 Industry moderator effect on M&A premiums-P.11 3 Research Methods-P.13 3.1 Sample selection-P.13 3.2 Variables and measures-P.15 3.2.1 Dependent variables-P.15 3.2.2 Independent variable-P.15 3.2.3 Moderator-P.16 3.2.4 Control variables-P.17 3.3 Methods-P.19 4 Results-P.21 4.1 Descriptive statistics-P.21 4.1.1 Summary statistics-P.21 4.1.2 Independent sample t-test-P.22 4.1.3 Correlation matrix-P.23 4.2 Empirical results-P.24 4.2.1 CSR similarity and M&A premiums-P.24 4.2.2 Industry moderator effect on M&A premiums-P.27 5 Conclusion-P.29 Reference-P.31

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