Book-tax Differences, ESG Performance, and Acquisition Efficiency
Other Title
財稅差異、ESG績效與併購效率
Journal
Journal of Accounting Review
Journal Volume
79
Start Page
157
End Page
191
ISSN
10181687
Date Issued
2024-07-01
Author(s)
DOI
10.6552/JOAR.202407_(79).0004
Abstract
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.
本研究探討在併購過程中，目標公司的財稅差異對併購效率（績效）的影響。使用32個國家／地區的國際數據，本研究發現目標公司的財稅差異越大，併購效率越低。此外，研究發現，當目標公司具有更好的環境、社會和治理（簡稱ESG）績效時，目標公司較大的財稅差異對併購效率的不利影響會得到緩解。目標公司的ESG績效有助於減少併購方資訊不對稱的風險，促進併購過程的順利。總的來說，研究顯示，雖然併購效率受到目標公司的財稅差異的不利影響，但目標公司的ESG績效有助於緩解資訊不對稱問題和併購方對於目標公司不確定性的擔憂。
Subjects
Book-tax differences
ESG
Mergers and acquisitions
Nonfinancial information
Type
journal article