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• W3186521480 startingPage "102058" @default.
• W3186521480 abstract "In this study, we examine whether carbon risk matters in acquisitions. Using a firm's carbon emissions to proxy for carbon risk, we examine whether an acquirer's level of carbon emissions is related to the decision to engage in acquisitions and achieve subsequent acquisition returns. The results show that firms with higher emissions have an increased likelihood of acquiring foreign targets while, at the same time, having a decreased likelihood of acquiring domestic targets. Acquirers with large carbon footprints seek out targets in foreign countries that have low gross domestic product (GDP) or weak environmental, regulatory, or governance standards. We also examine the relationship between carbon emissions and announcement returns. We find that cross-border acquisition announcement returns are higher when acquirers with high carbon emissions acquire targets in countries with fewer regulations or weaker environmental standards. Focusing on the interplay of corporate social responsibility (CSR) and carbon emissions, we find that investors censure acquirers that promote CSR while also having high carbon emissions, thus resulting in worse abnormal returns. This is particularly the case if the target country is wealthy or has stronger country governance or strong environmental protection. Our findings add insight on the channels through which a focus on reducing carbon risk can add value for shareholders. • We examine whether carbon risk matters in acquisition decisions and performance. • High carbon emitting acquirers buy firms in countries with low GDP. • They also buy firms in countries with weak environmental or governance standards. • Target country characteristics influence acquisition announcement returns. • Investors censure acquirers that promote CSR while having high carbon emissions." @default.
• W3186521480 created "2021-08-02" @default.
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• W3186521480 date "2021-10-01" @default.
• W3186521480 modified "2023-10-13" @default.
• W3186521480 title "Does carbon risk matter for corporate acquisition decisions?" @default.
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• W3186521480 doi "https://doi.org/10.1016/j.jcorpfin.2021.102058" @default.
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