ESG:s inflytande vid företagsförvärv : En kvantitativ studie om hur ESG-poäng påverkar aktiemarknadens reaktion vid annonsering av företagsförvärv

Through an event study, this research essay examines the stock market's reaction to mergers and acquisitions, focusing on ESG (Environmental, Social and Governance) as a potential value-creating factor. The study analyzes 113 transactions conducted by Swedish publicly traded companies between 2015 and 2023. Despite the intent to create value, many mergers result in failures that instead destroy value. Using regression analysis and an event study method, the hypothesis that higher ESG scores lead to positive abnormal returns for the acquiring company is tested. In recent years, interest in sustainability has grown rapidly, with an increasing focus on integrating ESG considerations into corporate operations and financial reporting. The study finds no statistically significant abnormal returns on the Swedish stock market that can be linked to ESG as a value-creating variable, despite previous research supporting the long-term value-enhancing potential of ESG.