Exploring the effects of mergers and acquisitions on acquirers' sustainability orientation: Embedding, adding, or losing sustainability

Vastola, Vincenzo; Russo, Angeloantonio

doi:10.1002/bse.2673

Cited by 17 publications

(10 citation statements)

References 42 publications

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“…Vastola and Russo [6] define M&A as progressively intertwined with sustainability objectives and evidence this perception with well-known M&A deals of socially and environmentally advanced organizations. The authors follow a resource-based view of sustainability and an implicit theory of the firm that attributes primacy to shareholders.…”

Section: Xie Et Al [35]mentioning

confidence: 95%

“…Vastola and Russo [6] M&A are strategic means for change and adaptation, providing firms with opportunities to acquire new competencies, assimilate cultures and align with shifts in competitive and institutional environments.…”

Section: González Et Al [2]mentioning

confidence: 99%

“…Companies which conveniently identify and respond to environmental developments may benefit from competitive gains and sustainable development [5]. Recently, it has been summarized [6] that most of the existing studies on M&A are characterized by an implicit firm theory and focus primarily on shareholders. However, considering recent developments of increasing social and environmental concerns, there is a need to investigate the interdependencies between M&A deals and sustainability.…”

Section: Introductionmentioning

confidence: 99%

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Sustainability Framework for Assessment of Mergers and Acquisitions in Energy Sector

Andriuškevičius

Štreimikienė

2022

Energies

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According to Thomson Reuters DataStream database, 22,458 merger and acquisition (M&A) transactions with a deal value exceeding 7016 billion Euros have occurred in the energy worldwide sector during 1995–2020. International M&A enable promotion of sustainable competitive advantages, accelerates industry developments and helps to promote sustainable social and economic development. Our research aims to systemize empirical studies, which would enable assessment of the relationship between M&A transactions and the principles of sustainable development in the energy sector. To do so, SALSA (search, appraisal, synthesis and analysis) methodology with additional snowballing technique (chain-referral sampling) is conducted. The current research contributes to existing knowledge by providing an extensive systematic literature review of the academic publications on sustainable development and M&A deals. This paper may be insightful for practitioners and scholars because it highlights the most relevant lines of research on the topic and provides a synthesis of the interdisciplinary literature. Practical contributions of this paper come from its synthesis of interconnections between sustainable development and M&A deals in the energy sector, because sustainability matters may be reflected during different M&A processes: target selection, deal due diligence, deal valuation and post-acquisition integration.

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Section: Xie Et Al [35]mentioning

confidence: 95%

Section: González Et Al [2]mentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Sustainability Framework for Assessment of Mergers and Acquisitions in Energy Sector

Andriuškevičius

Štreimikienė

2022

Energies

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“…Transparency and diligence Kling & Weitzel, 2011 The operation is carried out with a view to increasing information transparency and following a due diligence process. Ethics and sustainability Caiazza et al, 2021;Vastola & Russo, 2021;González-Torres et al, 2020;Salvi et al, 2018;Lin & Wei, 2006 The operation is carried out to improve corporate sustainability (social, environmental and economic) and ethics. Greater competitive advantage Franck, 1990 The operation is carried out to increase the competitive advantage over competitors, i.e.…”

Section: The First Research Question Of the Study Is As Followsmentioning

confidence: 99%

Culture and sustainable development: The role of merger and acquisition in Italian B Corps

Gazzola

Amelio

Grechi

et al. 2022

Corp Soc Responsibility Env

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The aim of this study is to describe and analyse the relationship between the phenomenon of B Corp and M&A operations carried out by these companies. Italy is the second country at the international level and the first country at the European level to have been particularly active in this direction (Law n.208/2015). Therefore, a questionnaire was developed and sent to the certified Italian B Corps. The medium-long-term vision emerged in particular, and the values that guide these companies are ethics, sustainability and transparency. These are aspects that particularly characterise the ideals, identity and culture of B Corps, which are also involved in social and environmental issues. The research shows how corporate culture influences these companies from a merger and acquisition perspective. Cultural compatibility is important, as it allows the companies to operate according to common or similar visions regarding certain aspects that other companies probably find less important.

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“…The first one conceives due diligence as a tool for forecasting social, environmental, and ethical risks that could impact the company in the future. For instance, Vastola and Russo (2021) analysed due diligence as an essential part of merger and acquisition screening processes to check the sustainability orientation of such targeted companies. The second one, on the other hand, conceives due diligence as an endowment of tools to manage and mitigate sustainability risks (Boiral et al, 2020) through both operational and technical ethical codes charts and principles (Orzes et al, 2018).…”

mentioning

confidence: 99%

Corporate Social Responsibility due diligence among European companies: The results of an interventionist research project with accountability and political implications

Camoletto

Corazza

Pizzi

et al. 2022

Corp Soc Responsibility Env

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For decades, companies found in international protocols and standards an alternative source of normative guidance to operatively implement sustainability policies at an organisational level. The ever-increasing adoption of these multi-faceted policies and guidelines co-occurs with a more proactive and voluntaristic attitude towards CSR implementation by companies. Born as a kind of soft corporate law to reinforce a regulatory answer to sustainability issues, today, CSR due diligence is becoming a central pillar of the transition of the economic system towards a great level of sustainable development. The paper presents the results of an interventionist research carried out by researchers in collaboration with the European Parliament, aimed at developing a normative resolution on the prominent role of CSR due diligence and its accountability. Through the exploration of the different state-of-the-art of European companies on CSR due diligence, findings suggest that there is considerable room for improvement in CSR due diligence that can be reached through a normative intervention. In addition, the paper contributes to the development of the literature on interventionist research carried out by business scholars, focusing on academiaindustry-institutions relations.

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Exploring the effects of mergers and acquisitions on acquirers' sustainability orientation: Embedding, adding, or losing sustainability

Cited by 17 publications

References 42 publications

Sustainability Framework for Assessment of Mergers and Acquisitions in Energy Sector

Sustainability Framework for Assessment of Mergers and Acquisitions in Energy Sector

Culture and sustainable development: The role of merger and acquisition in Italian B Corps

Corporate Social Responsibility due diligence among European companies: The results of an interventionist research project with accountability and political implications

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