財稅差異、ESG績效與併購效率

We investigate the effect of the target's book-tax differences on acquisition efficiency (performance) in the acquisition process. Using international data across 32 countries, the results indicate that larger book-tax differences of the target are associated with lower acquisition efficiency....

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Bibliographic Details
Published in:會計評論 2024-07, p.157-191
Main Authors: 許文馨(Audrey WenHsin Hsu), 劉心才(Sophia Liu)
Format: Article
Language:Chinese
Subjects:
Book-tax differences
ESG
ESG績效
Mergers and acquisitions
Nonfinancial information
TSSCI
企業併購
財稅差異
非財務資訊
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Summary:We investigate the effect of the target's book-tax differences on acquisition efficiency (performance) in the acquisition process. Using international data across 32 countries, the results indicate that larger book-tax differences of the target are associated with lower acquisition efficiency. Besides, we find that the adverse impact of the target's large firm-specific book-tax differences on acquisition efficiency is reduced when the target demonstrates superior environmental, social, and governance (ESG) performance. The interaction effect suggests that ESG performance helps acquirers reduce information asymmetry and risk and facilitates the acquisition process. Overall, our findings suggest that while the acquisition efficiency is adversely affected by the target's firm-specific book-tax differences, ESG performance can help mitigate information asymmetry and the concerns of the acquirer regarding uncertainties associated with the target.
ISSN:1018-1687