Peer Effect in Merger and Acquisition Activities and Its Impact on Corporate Sustainable Development: Evidence from China
The research aims to investigate the existence of peer effect in mergers and acquisitions and study its impact on corporate sustainable development. It first constructs a peer effect testing model to examine whether there is peer effect in mergers and acquisitions, based on quarterly data in China b...
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| Veröffentlicht in: | Sustainability 2022-04, Vol.14 (7), p.3891 |
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| creator | Gu, Yue Ben, Shenglin Lv, Jiamin |
| description | The research aims to investigate the existence of peer effect in mergers and acquisitions and study its impact on corporate sustainable development. It first constructs a peer effect testing model to examine whether there is peer effect in mergers and acquisitions, based on quarterly data in China between 2005 and 2019. Then, two econometric models are proposed separately to explore the impact of economic policy uncertainty on the merger and acquisition peer effect, as well as how the peer effect affects corporate sustainability. The key findings show that (i) firms tend to imitate their peers’ merger and acquisition behaviors, which means that the peer effect does exist in mergers and acquisitions; (ii) economic policy uncertainty could strengthen the peer effect in mergers and acquisitions; (iii) the peer effect has a negative impact on corporate sustainable development, and the impact is more significant within a relatively short period. Therefore, this study enriches the research of behavior science in mergers and acquisitions, improves the accuracy of peer effect testing and enables both firms and policymakers to mitigate irrational imitation in merger and acquisition deals, thus achieving their sustainable development goals. |
| doi_str_mv | 10.3390/su14073891 |
| format | Article |
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It first constructs a peer effect testing model to examine whether there is peer effect in mergers and acquisitions, based on quarterly data in China between 2005 and 2019. Then, two econometric models are proposed separately to explore the impact of economic policy uncertainty on the merger and acquisition peer effect, as well as how the peer effect affects corporate sustainability. The key findings show that (i) firms tend to imitate their peers’ merger and acquisition behaviors, which means that the peer effect does exist in mergers and acquisitions; (ii) economic policy uncertainty could strengthen the peer effect in mergers and acquisitions; (iii) the peer effect has a negative impact on corporate sustainable development, and the impact is more significant within a relatively short period. Therefore, this study enriches the research of behavior science in mergers and acquisitions, improves the accuracy of peer effect testing and enables both firms and policymakers to mitigate irrational imitation in merger and acquisition deals, thus achieving their sustainable development goals.</description><identifier>ISSN: 2071-1050</identifier><identifier>EISSN: 2071-1050</identifier><identifier>DOI: 10.3390/su14073891</identifier><language>eng</language><publisher>Basel: MDPI AG</publisher><subject>Acquisitions & mergers ; Behavior ; Capital structure ; Data acquisition ; Dividend distributions ; Economic policy ; Hypotheses ; Impact analysis ; Investments ; Literature reviews ; Model testing ; Peers ; R&D ; Research & development ; Social networks ; Sustainability ; Sustainable development ; Uncertainty</subject><ispartof>Sustainability, 2022-04, Vol.14 (7), p.3891</ispartof><rights>2022 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). 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Therefore, this study enriches the research of behavior science in mergers and acquisitions, improves the accuracy of peer effect testing and enables both firms and policymakers to mitigate irrational imitation in merger and acquisition deals, thus achieving their sustainable development goals.</description><subject>Acquisitions & mergers</subject><subject>Behavior</subject><subject>Capital structure</subject><subject>Data acquisition</subject><subject>Dividend distributions</subject><subject>Economic policy</subject><subject>Hypotheses</subject><subject>Impact analysis</subject><subject>Investments</subject><subject>Literature reviews</subject><subject>Model testing</subject><subject>Peers</subject><subject>R&D</subject><subject>Research & development</subject><subject>Social networks</subject><subject>Sustainability</subject><subject>Sustainable development</subject><subject>Uncertainty</subject><issn>2071-1050</issn><issn>2071-1050</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2022</creationdate><recordtype>article</recordtype><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>AZQEC</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><recordid>eNpNUE1LAzEQDaJgqb34CwLehNV8bHa73spatVBRsPclTSea0k22SXah_97UCjqHmce8NzPMQ-iakjvOK3IfepqTkk8reoZGjJQ0o0SQ83_4Ek1C2JIUnNOKFiN0eAfweK41qIiNxa_gP1ND2g2eqX1vgonG2YSjGRKE8EMtYsCLtpNpJpG1853zMgL-6EOUxsr1DvAjDLBzXQs2PuD5YDZgFWDtXYvrr6S5Qhda7gJMfusYrZ7mq_olW749L-rZMlOMiZhppqkWhG8qlQtV5ZWmU1YUjClG85Smgq11TnUpCn18ngilgZclg7wspeJjdHNa23m37yHEZut6b9PFhhV5lVwpOE2q25NKeReCB9103rTSHxpKmqO5zZ-5_BsD3Gub</recordid><startdate>20220401</startdate><enddate>20220401</enddate><creator>Gu, Yue</creator><creator>Ben, Shenglin</creator><creator>Lv, Jiamin</creator><general>MDPI AG</general><scope>AAYXX</scope><scope>CITATION</scope><scope>4U-</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>AZQEC</scope><scope>BENPR</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>PIMPY</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>PRINS</scope><orcidid>https://orcid.org/0000-0001-8443-5084</orcidid></search><sort><creationdate>20220401</creationdate><title>Peer Effect in Merger and Acquisition Activities and Its Impact on Corporate Sustainable Development: Evidence from China</title><author>Gu, Yue ; Ben, Shenglin ; Lv, Jiamin</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c225t-f2f1f503d9c45c949f1826622c2142c2852bf41f756f073805cfe3772e477ac3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2022</creationdate><topic>Acquisitions & mergers</topic><topic>Behavior</topic><topic>Capital structure</topic><topic>Data acquisition</topic><topic>Dividend distributions</topic><topic>Economic policy</topic><topic>Hypotheses</topic><topic>Impact analysis</topic><topic>Investments</topic><topic>Literature reviews</topic><topic>Model testing</topic><topic>Peers</topic><topic>R&D</topic><topic>Research & development</topic><topic>Social networks</topic><topic>Sustainability</topic><topic>Sustainable development</topic><topic>Uncertainty</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Gu, Yue</creatorcontrib><creatorcontrib>Ben, Shenglin</creatorcontrib><creatorcontrib>Lv, Jiamin</creatorcontrib><collection>CrossRef</collection><collection>University Readers</collection><collection>ProQuest Central (Alumni Edition)</collection><collection>ProQuest Central UK/Ireland</collection><collection>ProQuest Central Essentials</collection><collection>ProQuest Central</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>Publicly Available Content Database</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central China</collection><jtitle>Sustainability</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Gu, Yue</au><au>Ben, Shenglin</au><au>Lv, Jiamin</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Peer Effect in Merger and Acquisition Activities and Its Impact on Corporate Sustainable Development: Evidence from China</atitle><jtitle>Sustainability</jtitle><date>2022-04-01</date><risdate>2022</risdate><volume>14</volume><issue>7</issue><spage>3891</spage><pages>3891-</pages><issn>2071-1050</issn><eissn>2071-1050</eissn><abstract>The research aims to investigate the existence of peer effect in mergers and acquisitions and study its impact on corporate sustainable development. It first constructs a peer effect testing model to examine whether there is peer effect in mergers and acquisitions, based on quarterly data in China between 2005 and 2019. Then, two econometric models are proposed separately to explore the impact of economic policy uncertainty on the merger and acquisition peer effect, as well as how the peer effect affects corporate sustainability. The key findings show that (i) firms tend to imitate their peers’ merger and acquisition behaviors, which means that the peer effect does exist in mergers and acquisitions; (ii) economic policy uncertainty could strengthen the peer effect in mergers and acquisitions; (iii) the peer effect has a negative impact on corporate sustainable development, and the impact is more significant within a relatively short period. 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| ispartof | Sustainability, 2022-04, Vol.14 (7), p.3891 |
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| language | eng |
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| source | Elektronische Zeitschriftenbibliothek - Frei zugängliche E-Journals; MDPI - Multidisciplinary Digital Publishing Institute |
| subjects | Acquisitions & mergers Behavior Capital structure Data acquisition Dividend distributions Economic policy Hypotheses Impact analysis Investments Literature reviews Model testing Peers R&D Research & development Social networks Sustainability Sustainable development Uncertainty |
| title | Peer Effect in Merger and Acquisition Activities and Its Impact on Corporate Sustainable Development: Evidence from China |
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