Mergers and acquisitions are one of the most researched topics in the financial literature and many research has been done. This thesis aims to analyse the impact of mergers and acquisitions on firms’ performance for the acquired firms and uses the difference-in-differences  (DID) estimation method with variation in treatment timing to achieve the objective. The dataused in this thesis are collected from database of Institute for Mergers, Acquisitions and Alliances (IMAA) for 25 companies that merged between 2005 and 2019 and from the database of Indonesia Stock Exchange for 25 firms that did not undertake the mergers and acquisitions in the same period. The findings of this study indicate that there are statistically not significant effects on Return on Assets (ROA) and Return on Equity (ROE). This suggests that the mergers and acquisitions do not affect the company's financial performance in terms of profitability.

Virginia dairy producers are considering intensive grazing as a profitable and ecologically viable alternative to confinement dairy production. The objective of this study is to compare financial performance for pasture-based dairy farms relative to similar resourced-based confinement farms. Comparisons are based on the recommended financial and profitability measures of performance provided by the Farm Financial Standards Council. Primary and secondary data plus simulation of daily pasture supply and animal demands are used to develop 100 and 200-cow farms with a land base representative of the Ridge and Valley regions of Virginia. Representative farms were developed to explore financial performance based on the intensity of pasture use, from total confinement to seasonal farms using intensive grazing (in which pasture, hay, and energy supplements are the only sources of nutrients for all dairy animals on the farm). Results of the analysis demonstrate that pasture-based seasonal production is more profitable and has a higher level of repayment capacity and financial efficiency than all other production systems in this study. Greater financial performance by the seasonal farms is obtained even though such farms obtain lower average annual milk prices and 10 percent less milk sold per cow than the similar confinement farms. Pasture-based farms that feed a partial total mixed ration during the summer (25 percent of ration dry matter and 45 percent of ration dry matter from pasture) have fewer financial advantages than the seasonal farms. However, their performance exceeds that of the confinement farms and intensive pasture-based farms milking year round. The intensive pasture-based farms milking year round are the poorest financial performers. Additional conclusions for this study are: 1) the 100-cow farms exhibit insufficient financial performance to provide for family living, debt service (at 40 percent debt to equity ratio), and a cushion for events such as droughts or declines in milk prices; and 2) financial performance of the 200-cow dairies is better, yet the added income from a member of the farm having off-farm income will provide a cushion against unforeseen production and financial risks. Follow up research should address the interface of three issues; stocking rates, farm profitability, and environmental compliance. / Ph. D.

Due to widespread bank scandals and failures around the world, there has been renewed interest in the effect of corporate governance on bank performance. The majority of research concerning corporate governance and its effect on bank performance has been undertaken in developed countries and markets, particularly the USA and European Union but relatively little evidence is provided in Sub Saharan Africa, specifically, Ghana. This study investigates the effects of corporate governance on financial performance of Ghanaian universal banking companies during the period 2006- 2014. This study primarily employs relevant governance theories to investigate the relationship between corporate governance and bank performance. Multiple regression panel data analysis and other appropriate methods are the main tools of analysis in this study. The empirical investigation revealed a mixed set of results. The findings showed that board size, board composition, bank size and foreign ownership are positively but insignificantly related to profitability in terms of return on asset and return on equity, while board committees have a positive and statistically significant impact on financial performance which is consistent with the monitoring hypothesis of agency theory which argues that board committees are an important mechanism of corporate governance in Ghana which impact on bank performance. This study contributes to the increasing number of research studies on the link between bank performance and corporate governance. The lacked of clarity, mixed and permanent relationships provided, show that the association the association between bank performance and different corporate governance mechanisms is complex and dynamic optimal governance arrangements may differ from bank to bank in relation to governance characteristics.

This study aims to investigate whether sectorial free allowances and sector emissions have any effect on a firm's stock return under the newly introduced EU ETS (Emission trading system). In doing so, the data have been structured as panel data and are gathered for a sample period of 10 years measuring from 2012-2021, looking at 6 sectors (Aviation, Combustion of fuels, refining of mineral oil, production of cardboard/ paper, production of pig iron and steel and production of bulk chemicals). The main empirical results indicate that free allowances have a positive effect on stock returns while sector emissions are insignificant. When categorizing the firms into low, medium and high emitters the results indicate that the medium category follows the main results, while low emitters are negatively affected by sector emissions with free allowances being non-significant. We observe no effect on either free allowance or sector emissions on firms’ stock returns within the high emitting category. To conclude, we find evidence indicating that free allowances have a positive effect on stock return while sector emissions do not.

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Given that Sweden is one of the most sustainable countries in the world (RobecoSAM, 2018), with a big number of its companies as active participants in CSR, we investigate the impact that these CSR activities could have on CFP with a focus on the Financial sector, using in 26 listed Financial Institutions. As we will find out from the existing literature, the CSR-CFP relationship is neither strictly negative nor positive. If it is positive, then the firm will allocate more resources to CSR to achieve better financial performance, and the firm may fore-go or approach CSR initiatives with caution if they affect CFP negatively. Past researchers have studied this relationship before and found that the reason why financial institutions get involved in socially responsible activities is to gain public trust and justification usually after a public financial scandal. So, we explore this further expecting that if it is indeed a matter of fact that these institutions gain the justification from the public that they so desire when they choose to get involved in socially responsible activities, then it should be that the public trust and justification would translate into improved financial performance. Therefore, the research question that we seek to answer is “Does Corporate Social Responsibility (CSR) have an Impact on Corporate Financial Performance (CFP) in the Listed Swedish Financial Institutions” We examined the relationship between CSR and CFP using 26 Swedish financial institutions that are listed on Nasdaq Nordic stock exchange market (Stockholm) for the period between 2015 and 2019. The Fixed Effects Model regression analysis for panel data was used to test this relationship and we found that when Swedish financial institutions get involved in CSR, their financial performance is neither worsened or improved because of the insignificant ESG coefficients that we found.  Swedish financial institutions' engagement in socially responsible activities does not guarantee an impact on their financial performance.

This study aims to provide insights into the interplay between environmental, social, and governance (ESG) scores and financial outcomes by investigating whether it leads to enhanced financial performance and firm value, partly during the economic crisis constituted by the Global Financial Crisis (GFC) and COVID-19 pandemic. The study uses the theoretical frameworks stakeholder theory, resource-based view (RBV) theory, as well as customer and investor preference theory as an explanatory model for the results conducted by the panel data regression on a dataset of 248 companies derived from the Standard & Poor’s (S&P) 500 index from 2006 to 2023. The study found that ESG performance significantly enhances both return on capital employed (ROCE) and Tobin's Q. A one-unit increase in ESG score leads to a 0.59860 percentage increase in ROCE and a 0.5329 percentage increase in Tobin's Q. It can be established that larger companies exhibit lower financial performance and market valuations, while companies in the lowest ESG score quartile benefit more from ESG improvements. The impact of ESG scores on firm value is more pronounced during the Global Financial Crisis and the COVID-19 pandemic. The empirical findings from this study provide robust evidence supporting the theoretical framework and the growing body of literature suggesting a positive relationship between ESG performance and corporate financial outcomes. The findings offer valuable insights for business leaders, policymakers, and investors on the strategic importance of sustainability initiatives in today's complex business environment.

This study investigates the impact of Environmental, Social, and Governance (ESG) ratings on the risk-adjusted returns of fintech firms across different segments, including fintech banks, paytech, wealth tech, fintech infrastructure, and cryptocurrency firms. Using a sample dataset comprising 104 worldwide fintech firms spanning the period from 2012 to 2022, we employ regression analysis to assess the relationship between ESG ratings and stock returns, considering both overall ESG scores and individual pillar ratings. Our findings reveal unique associations between ESG ratings and risk-adjusted returns, varying across different segments of the fintech industry. While high ESG-rated fintech firms exhibit a negative impact on stock returns, low ESG-rated firms show no significant association. Moreover, the environmental pillar rating demonstrates a negative correlation with risk-adjusted returns, whereas social and governance pillar ratings display a positive relationship. Furthermore, infrastructure fintech firms exhibit adistinct pattern, with overall ESG, social and governance ratings positively associated with stock returns. These results highlight the importance of considering ESG factors in evaluating the financial performance of fintech firms, with implications for investors, policymakers and industry practitioners. The study contributes to the existing literature by providing insights into how ESG considerations influence the risk-return profile of fintech firms, offering valuable guidance for sustainable investment strategies in the rapidly evolving fintech landscape.

SAMMANFATTNING Datum: 2024-05-29 Nivå: Kandidatuppsats i Företagsekonomi, 15 hp Institution: Akademin för Ekonomi, Samhälle och Teknik, Mälardalens Universitet Författare: Elin Appelgren Emma Dahlstrand Titel: Är det lönsamt att vara hållbar? Handledare: Aija Voitkane Nyckelord: Hållbarhet, finansiell prestation, bransch, intressentteorin, CSR Forskningsfråga: Hur skiljer sig sambandet mellan hållbarhetsarbete och finansiell prestation mellan olika branscher? Syfte: Syftet med studien är att undersöka om det finns ett samband mellan ett företags hållbarhetsarbete och dess finansiella prestation. Metod: Studien tillämpar en deduktiv ansats av kvantitativ karaktär. Insamlingen består av inhämtad data från The Sustainability Yearbook samt Morningstar vilket har analyserats med hjälp av regressionsanalyser i IBM SPSS. Slutsats: Studien fann ett negativt samband mellan CSR och ROA, ROE samt P/B. Resultatet påvisar även att branschtillhörigheten har en påverkan på sambandet. / ABSTRACT Date: 2024-05-29 Level: Bachelor thesis in Business Administration, 15 cr Institution: School of Business, Society and Engineering, Mälardalen University Authors: Elin Appelgren Emma Dahlstrand Title: Is it profitable to be sustainable? Supervisor: Aija Voitkane Keywords: Sustainability, financial performance, industry, stakeholder theory, CSR Research question: How does the relationship between sustainability work and financial performance differs between different industries? Purpose: The purpose of the study is to investigate whether there is a connection between a company's sustainability work and its financial performance. Method: The study applies a deductive approach of a quantitative nature. The collection consists of collected data from The Sustainability Yearbook and Morningstar, which has been analyzed using regression analyzes in IBM SPSS. Conclusion: The study found a negative correlation between CSR and ROA, ROE, and P/B. The results also indicate that industry affiliation has an impact on this correlation.

This study investigates how the listed companies in Sri Lanka gain financial benefits from Environmental, Social, and Governance (ESG) reporting. As businesses increasingly adopt ESG reporting to disclose their commitment to sustainability, corporate social responsibility (CSR), and ethical governance, understanding its impact is crucial. However, in developing nations like Sri Lanka, the empirical relationship between ESG reporting and financial performance remains poorly understood. By examining how ESG reporting affects financial performance metrics such as Return on Equity (ROE) and Return on Assets (ROA), this study aims to fill this knowledge gap.Using a quantitative approach, this study analyses the ESG reporting and financial data of a sample of two hundred thirteen listed companies in Colombo Stock Exchange (CSE) Sri Lanka. The secondary data used for the study, was collected from published annual reports of the listed companies and Refinitiv Eikon database for the period from 2021 to 2023. The quantitative analysis includes regression and correlation techniques to assess the relationship between ESG reporting and financial performance. The results show a weak positive relationship between financial performance and ESG reporting, indicating that although ESG reporting practices may improve financial outcomes of the listed companies in Sri Lanka, this relationship is not particularly strong in the Sri Lankan context. By presenting real-world information from the perspective of emerging markets, this study adds to the body of literature on ESG reporting in academia. It emphasizes the value of strong ESG reporting systems and provides investors, politicians, and accounting professionals with useful insights. The study emphasizes the necessity of further investigations into ESG practices with a view to properly identify the consequences of ESG reporting practices for sustainability and value creation in Sri Lanka and beyond.